REALTOR® Magazine-Daily News-Madoff's Manhattan Penthouse Under Contract

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Daily Real Estate News | February 8, 2010 | Madoff's Manhattan Penthouse Under Contract
The CEO of 4Kids Entertainment, Alfred R. Kahn, has put Bernard Madoff’s Manhattan penthouse under contract. Anne Corey and Serena Boardman of Sotheby’s International Realty have the listing.

The contracted price wasn’t disclosed, but the property was originally listed in September for $9.9 million and was later cut to $8.9 million. Kahn is the executive behind such hits as the Cabbage Patch Kids and Pokemon.

The U.S. government seized three of Madoff’s properties and is selling them to reimburse victims of his $65 billion Ponzi scheme.

His beach house in Montauk, N.Y., sold recently for $9.41 million, about 6 percent above asking price. His Palm Beach, Fla., mansion remains on the market, listed by Jim McCann and Burt Minkoff of Corcoran Group. The asking price is $7.25 million, down from $8.5 million in September.

Source: Associated Press, Juliet Chung (02/05/2010)