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French Poised To Seize Ruth Madoff's Chateau
By
Jen Chung
Published Mar 24, 2009
Modified Mar 24, 2009
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By
Jen Chung
Published Mar 24, 2009
Modified Mar 24, 2009
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If she's not being chased out of Food Emporium, Ruth Madoff has to deal with French officials trying to seize her chateau in Cap d'Antibes (cue sad trombone)! An attorney for Irving Picard, the trustee that is locating assets of disgraced financier Bernard Madoff, revealed the detail about the French chateau; Picard's attorney David Sheehan warned in court yesterday, "Next week the French are going to grab the chateau."
Additionally, Picard found another $75 million, which means Madoff's assets total over $1 billion. Apparently this $75 million was found in Gibraltar and Picard has asked for permission to pursue the assets. Picard previously said he found $946 million in assets that could potentially pay victims of Madoff's longtime, wide-reaching Ponzi scheme. Sheehan was trying to convince the judge to give Picard "stock power of attorney" so he can quickly seize the assets.
As for Chateau des Pins Villa, Madoff's lawyer Ira Lee Sorkin said, "We are relinquishing any rights to it." The estate, which reportedly has an "unobstructed view of the Mediterranean" is worth $1 million and has about $900,000 worth of furnishings inside. And perhaps the only winner (besides lawyers) in the Madoff scandal: This guy who used Madoff's inmate number to win $1,500 in lottery winnings.
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Bernard Madoff
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Jen Chung
Jen Chung is a former WNYC and Gothamist editor.
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Gothamist is funded by sponsors and member donations
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