Peter and Marion Madoff’s Palm Beach home sells for $5.5 million

PALM BEACH, Fla. - Peter and Marion Madoff’s Palm Beach mansion sold Friday for $5.5 million, according to a deed recorded in Palm Beach County records Monday.

The home at 200 Algoma Road was originally listed for $6.5 million in January. The price was later lowered to $5.9 million _ a 9 percent drop.

The buyer is listed in the deed as a trust.

The five-bedroom, five-bathroom house, which was listed by Sotheby’s International Realty, has a pool, gardens and fountains. It lists a $50,000 homestead tax exemption.

Peter Madoff is Bernie Madoff’s brother. He bought the home with wife, Marion, in 2001 for $3.7 million. The home was put solely in 64-year-old Marion’s name in 2006.

The Palm Beach County Property Appraiser lists its current total market value at $3.6 million.