Madoff Beach House Sells Big Time

The Madoff's Montauk beach house has sold. For $8.75 million. That's above the asking price! What is it people love so much about Bernie Madoff memorabilia?

The realtor told ABC the bidding was "fast and furious." Yea yea, beachfront in Montauk and everything but still: does this mean that Madoff's infamy actually adds to the value of this stuff? Because we could just as soon see that going the other way! But this is nonviolent infamy, which is almost equivalent to plain old fame. If Madoff had, you know, murdered seven children in the basement here, it might not result in a price bump.

If the rest of the Madoff houses up for sale right now also go higher than the asking prices, Madoff memorabilia mania will be a certified trend. If some do and some don't, it'll just be the vagaries of the unpredictable real estate market.

And if the rest all go below listing value then maybe this Montauk realtor is just a lowballer.
[Pic: AP]