We've all heard about Bernie Madoff's Ponzi scheme. Now, his sister in-law is selling her 7,300 square-foot Palm Beach, Florida home for $6.5 million according to AOL Real Estate. Seems like the price of the house is a little high according to a real estate agent. The house isn't on the ocean or on the intracoastal, so it's priced very high. Houses in Palm Beach can reach $47.5 million, so even though the price is well below that, it's still high based on the location. Mrs. Madoff bought the house in 2001 for $3.8 million with her husband Peter Madoff who was senior managing director and chief compliance officer for the Bernie L. Madoff Investment Securities. The ownership of the house was transferred to Marion in 2006, probably in an attempt to block it from being seized. Based on the court case files against Mrs. Madoff, BLMIS funds were used to buy the property which means it can be potentially sold to repay some of the victims of the Madoff fraud.
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