Expect Florida’s Homestead Law to be thoroughly examined over this.
Federal prosecutors may be unable to seize Bernie & Ruth Madoff’s $9 million Palm Beach mansion because the state constitution protects homesteads from a forced sale by creditors, Post reporters Sonja Isgar and Charles Elmore write today.
Ruth Madoff was turned down once for an exemption because her New York City penthouse was homesteaded in that state. After dropping the New York exemption, she applied again in September, three months before her husband’s arrest.
She was granted the Florida exemption on Jan. 12.