madoff-in-montauk1

Sailing from their late August Madoff yacht-off, the feds have moved on to Montauk to set sights on the convicted fraudster’s rather tacky beach retreat. The 3,014 square-foot home isn’t among the Ponzi-schemers biggest assets and won’t go far to repay the billions lost in the felon’s decades-long investment raping, but authorities are hopeful the beachfront home (which comes with a great party story for the prospective buyer) will net $8 million in an upcoming auction. CNBC reports that the Madoff’s owned the home for 27 years before U.S. Marshals seized it on July 1. Authorities have inventoried the home, duck decoys and all, and will direct proceeds from its sale to help pay some of the victim’s restitution tab. [via luxist, pics via cnbc]