Mrs. Madoff Heading to Palm Beach
While her husband is entering a decidedly less lavish living arrangement, it appears that Ruth Madoff is getting ready to live the Palm Beach life in her $9.4 million spread in Florida — a state known for property laws that protect owners from losing their homes even when other assets are seized.
Meanwhile, ABC reports that sons Andrew and Mark, the family’s junior set, are also under official scrutiny and may have to pay back $30 million they borrowed from Papa Madoff over the past four years.
WAIT, BEFORE YOU GO…
Bloomberg via Gawker:
Ruth Madoff applied for and received a homestead exemption for property taxes, said Dorothy Jacks, assistant property appraiser for Palm Beach County. The Florida constitution protects homeowners who have obtained the exemption and seizing the property may be difficult, said Danaya Wright, a law professor at the University of Florida in Gainesville.
The U.S. government said this week it plans to seize assets including the Madoffs’ $7 million Manhattan apartment and the Palm Beach home. Bernard Madoff, 70, was jailed March 12 after admitting to masterminding the biggest Ponzi scheme in history. The exemption Ruth Madoff received may be an effort to protect the property from creditors, said Jack McCabe, founder of McCabe Research & Consulting LLC in Deerfield Beach, Florida.
“The two big drawing cards to Florida were sunshine and affordability,” McCabe said. “Now it’s for sunshine and the protection of your primary mansion.”
If you're reading this, you probably already know that non-profit, independent journalism is under threat worldwide. Independent news sites are overshadowed by larger heavily funded mainstream media that inundate us with hype and noise that barely scratch the surface. We believe that our readers deserve to know the full story. Truthdig writers bravely dig beneath the headlines to give you thought-provoking, investigative reporting and analysis that tells you what’s really happening and who’s rolling up their sleeves to do something about it.
Like you, we believe a well-informed public that doesn’t have blind faith in the status quo can help change the world. Your contribution of as little as $5 monthly or $35 annually will make you a groundbreaking member and lays the foundation of our work.