Turns out Bernie Madoff really did know a thing or two about a good investment...

Back in 1980, Madoff purchased a 1.5 acre plot of land at 216 Old Montauk Highway for just $250,000.

Years later, following the reveal of his ponzi scheme, the government seized the property and eventually sold it in 2009 for $9.41 million.

Last April, the property was listed again - this time for a whopping $22.5 million.

I mean, talk about an ROI!

After many months on the market, beachfront 3 bedroom, 3 bathroom home is now currently under contract for $16.5 million.

So, curious to take a look around?

[Photos via Corcoran]

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