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October 20, 2014

U.S. Marshals Service Boasts Diverse Seized Real Estate Portfolio

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U.S. Marshals Service Boasts Diverse Seized Real Estate Portfolio

The United States Marshals Service has accumulated a diverse real estate portfolio of properties that it has seized from prosecuting crimes. It is charged with securing, sprucing up, and selling these properties after they are seized. The properties may range from small single-family homes to multimillion-dollar estates. 

“They sell mansions in the sky, walk-ups in Manhattan, and modest houses on Staten Island. They seem to have a little something for everybody,” The New York Times reports. “The marshals also seem to have some real dumps, like a windowless, two-car garage in the East Bronx, covered in spray paint. It is on the market for $87,900, but you might not know it, because the ‘for sale’ sign has been stolen several times.”

Since January 2012, the Marshals Service in the Southern District of New York has sold 28 properties that have totaled $43.5 million.

“When a person is convicted of most federal crimes, like money laundering, drug trafficking, or identify theft, the United States Attorney’s asset forfeiture unit confiscates all property that was used to further that crime or that was purchased with its proceeds,” The New York Times reports.

The U.S. Marshals Service has seized some high-end properties over the years. Most recently, the Marshals Service has been trying to sell a $4.495 million Long Island estate that once belonged to convicted Ponzi schemer Peter B. Madoff, chief compliance officer at the firm owned by his brother, Bernard L. Madoff. 

Source: “Seized Properties for Sale, But Shapes and Sizes Vary,” The New York Times (June 3, 2013)

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