Cabbage Patch Kid King Snaps Up Madoff Penthouse

by Deidre Woollard (RSS feed)
Feb 9th 2010 at 4:01AM

Two down one to go. As we first heard a couple of weeks ago, Ponzi schemer Bernie Madoff's New York City penthouse, the place where he spent months under house arrest, has finally been sold. The NY Post has the scoop on the buyer. It's Al Kahn, the CEO of 4Kids Entertainment. You may not know the name but you know his brands which include Cabbage Patch Kids, Teenage Mutant Ninja Turtles and Pokemon as well as the American Kennel Club and the Cat Fanciers' Association. The sale price hasn't been revealed but the apartment was most recently listed at $8.9 million, $1 million off the original price. As with Madoff's Montauk house, which sold for $9.41 million last year, proceeds will benefit those swindled by Madoff.

One property remains, Madoff's Palm Beach, Florida house. A quick peek at Corcoran's listing reveals that the house has had another price cut. Just a couple of weeks ago it was listed at $7.9 million but is now listed for $7.25 million.

Gallery: Bernie Madoff in Montauk