Bernard Madoff's Penthouse sold

February 10, 2010 - New York

By Juliet Chung from The Wall Street Journal Asia

Toy magnate Alfred R. Kahn has bought Bernard Madoff's Manhattan penthouse, according to a person familiar with the deal.

Mr. Kahn is the chairman and chief executive of 4Kids Entertainment, the New York company behind such hits as Cabbage Patch Kids and Pokemon.

Pending board approval, he would own the 4,000 square foot duplex cooperative apartment on the 11^th and 12^th floors of 133 E. 64^th Street.

The duplex apartment was originally listed for $9.9 million; the price was later cut by $1 million.

The apartment is one of three Madoff properties the government seized and is selling to help reimburse victims of his fraud.

The Madoff beach home in Montauk, N.Y., sold in the fall for $9.41 million, nearly 6% above its asking price.

The couple's nearly 8,800-square-foot Palm Beach, Fla., home remains on the market with an asking price of $7.25 million, down from $8.5 million in September.

This article has been republished from Wall Street Journal

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