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News reports have consistently cited a “market value” of $3.3 million since the story of the executive’s alleged $50 billion Ponzi scheme broke on Dec. 11. According to the East Hampton Town Assessors Office, the 1.2-acre parcel was last assessed in 1983 at $2.7 million.

“The value right now is based on the assessment, and this is not market value,” Jeanne Nielsen, a town assessor, said. “I’m sure it’s worth much more than that; this is a magnificent waterfront property.”

see complete EHStar story here

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