New owner of Peter Madoff's luxury apartment - a lawyer from Chicago.

[ by Melanie Gretchen ]

Bernie Madoff's brother Peter, wasting no time preparing for his ultimate move to federal prison, is moving down – literally and figuratively.  He sold off his luxury apartment on Park Avenue and is moving into a Battery Park City apartment with his wife.  [C-I Note:  Peter's first of several steps down on the social ladder.] 

Soon, his new 1-bedroom unit in lower Manhattan will seem luxurious compared to the federal prison layout he'll experience for the next 10 years – the sentence handed down after he pled guilty to fraud in June.

What Peter's Wife Gets Out of the Deal. So, having sold the 6th floor luxury property for $4.6 million, what will Peter's wife get?  Nothing.  The $4.6 million for the couple's 2-bedroom Park Avenue residence, which Madoff bought in 2004, will go directly to federal marshals. 

However, before we express concern for Mrs. Peter Madoff, it may be safe that she's been well provided for by her husband.  Let's face it – no one has ever accounted for the billions in missing investor funds, so one might safely presume a portion of that loot was placed somewhere accessible to Mrs. Madoff.  Of course, that's only a presumption – no one at Compliance Insights has any first hand knowledge.

Perhaps the only winner is the lawyer from Chicago, who successfully bid on Madoff's apartment.  Hope he can pass the Co-Op board interview.

For further details, go to [NY Post, 1/5/13].