U.S. District Judge Denny Chin entered the preliminary order of forfeiture the same day. It requires Maddoff hand over all real estate, investments, cars and boats.
According to court documents, prosecutors reserve the right to pursue more than $170 billion in criminal forfeiture. That number represents the total amount of money that could be connected to the fraud, not the amount lost or stolen. Additionally, nothing in the order prevents other departments or entities from seeking to recover additional funds.
The agreement allows prosecutors to sell off homes in Manhattan, Montauk and Palm Beach, Fla., the total worth close to $22 million. Madoff must also forfeit all insured or salable personal property inside the properties.
The government also settled claims against Madoff's wife. Under the arrangement, Ruth Madoff will surrender interest in all property, including more than $80 million worth, which she claims is hers, prosecutors said. The order leaves her $2.5 million in assets.
Madoff, 71, will be sentenced Monday after pleading guilty in March to charges that his exclusive investment advisory business was actually a massive Ponzi scheme. He faces life in prison for orchestrating what may be the largest financial swindle in history.