The trustee recovering money for Bernard Madoff's burned investors has reached a $7.2 billion settlement with the estate of a Florida philanthropist and businessman who had been the single-largest beneficiary of the fraud.

The settlement with the estate of Jeffry Picower was detailed in court papers filed Friday in Manhattan.

Court-appointed trustee Irving Picard was among officials holding a news conference to discuss the settlement.

Picower who drowned after suffering a heart attack in the swimming pool of his Palm Beach, Fla., mansion on Oct. 25, 2009.