Mansion Global

Former Home of “Madoff of Beverly Hills,” Gets a Discount

Following second price reduction, $3 million has now been cut off the listing

Save

The former home of Ezri Namvar

Ben Bacal Estates/YouTube
The former home of Ezri Namvar
Ben Bacal Estates/YouTube

The former home of Ezri Namvar, otherwise known as the "Madoff of Beverly Hills," has now had $3 million chopped from its original price tag.

The Brentwood, California mansion—which was asking $20.9 million when it hit the market in June—is now $17.9 million, per the listing.

The Brentwood, California mansion—which was asking $20.9 million when it hit the market in June—is now $17.9 million, per the listing.

This is the home’s second price cut in less than two months, according to Zillow.

In 2010, the home went into foreclosure  when Mr. Namvar was unable to make payments on the property and let it fall into despair, according to reports.

City records show the home is now owned by Vandad LLC, who in 2012 paid $7.1 million for it. If the house sells for its current ask, the owners will make a 152% profit.

Built in 1993, the 10,299-square-foot house has eight bedrooms, 12 bathrooms, three kitchens —a chef's kitchen with Italian cabinetry, a catering kitchen and a basement kitchen—a formal foyer with 21-foot ceilings and a skylight, an elevator, a 3D theater and a game room. The master suite has a fireplace, a sitting room, a massage room, a sauna and terrace overlooking the grounds.

Plus there’s a tennis court, a pool and a putting green.

More:NBA Star Nick Young Sells California Home at a Loss

Mr. Namvar was accused by investors of creating a Ponzi scheme, like Bernie Madoff’s, that lost as much as $500 million. In 2011, he was found guilty of four wire fraud charges and was sentenced to seven years in federal prison.

Mr. Madoff is currently serving a 150-year sentence, for masterminding a Ponzi scheme that is considered the largest financial fraud in U.S. history.

Listing agent Ben Bacal of Rodeo Realty could not be reached for comment.