Cabbage Patch king buying Madoff penthouse
A balcony view from outside the penthoue that once belonged to Bernard and Ruth Madoff. (2009) Credit: AP
The businessman behind Cabbage Patch dolls and his wife have snatched up Bernard Madoff's Upper East Side penthouse, the New York Post is reporting.
Patsy Kahn says her husband, Al, "was worried about the karma." But she fell in love with the view of the Manhattan skyline from the 64th Street penthouse.
Al Kahn is chairman and chief executive at 4Kids Entertainment Inc., a licensing company whose properties have included Pokemon and Teenage Mutant Ninja Turtles. He is also credited with helping to make Cabbage Patch dolls a phenomenon in the 1980s.
The home was on the market for $8.9 million. It reportedly sold for about $8 million.
The Kahns’ current apartment, in the Time Warner Center, is on the market for $3 million. They expect to decorate their new digs with their folk art collection and quirky antiques, the Post reported.
Madoff swindled investors of $65 billion in a Ponzi scheme. The financier is serving a 150-year prison sentence. Proceeds from the sale, minus the broker's commission, will reimburse his victims.
