Published: Oct 14, 2010 4:34 PM EDT
Updated: Oct 14, 2010 1:34 PM EDT

PALM BEACH, Fla. (AP) - The waterfront Palm Beach house formerly owned by convicted Ponzi schemer Bernard Madoff is under contract to be sold after more than a year on the market.

A unidentified California couple agreed to buy the 8,800-square-foot house for an undisclosed amount, The Palm Beach Post reported Thursday. The house's most recent asking price was $6.5 million but likely sold for less. Closing is set for Friday.

Federal officials seized the home, along with Madoff's other properties and assets in New York and elsewhere. Proceeds from sales of the assets are going to benefit victims of Madoff's scam.

The 72-year-old Madoff is serving a 150-year federal prison sentence.