|04-07-2010, 02:41 PM||#1 (permalink)|
Join Date: Jun 2007
The Collectibles Business can land you in the PENTHOUSE
Cabbage Patch Magnate Buys Madoff's Penthouse
Published: Wednesday, 7 Apr 2010 | 9:48 AM ET
The businessman behind Cabbage Patch dolls and his wife have snatched up Bernard Madoff's Upper East Side penthouse.
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 CEO at 4Kids Entertainment, 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.
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.