Madoff's punishment stripped him and his wife of nearly all their wealth, including their Long Island Beach Getaway.

The 3000-square foot, 4 bedroom house was seized by federal authorities in July.

The house is set on 1 point 2 acres. It not only has a pool, but also sits 150 feet of the beach, so it comes with great ocean views.

The living room has vaulted ceilings, exposed beams and a stone fireplace.

However, even though Madoff lived a life of wealth, the house's furniture, appliances and fixtures seem to date to the 1980s.

A tour guide told the Associated Press the three-bath beach house is "simple, stylish, and understated."

Furniture, accessories and everything else in the house has tags with identification numbers. It's evidence of appraisal for auction.

Even though the house will be listed for 8.75 million, real estate site Zillow estimates the value closer to $4 million. That's still a small amount compared to the billions Madoff owes to investors.

The house is the first of three once owned by Madoff that the government is selling.