It looks like the other shoe has finally dropped.
A few weeks ago, footwear mogul Steve Madden relinquished his two-unit combo at the Trump Palace to his ex, Wendy Madden for $9.5 million.
If you were concerned as to Mr. Madden’s lodging status, it appears that he will be retaining ownership of the 20-foot-wide Italianate brownstone they owned on the Upper East Side. Per public record, the deed has been transferred from shared ownership by the couple to just Mr. Madden, who has paid his ex a total of $3.95 million to retain the townhouse at 175 East 73rd Street, which are apparently still divided into separate co-ops units.
The pair had bought up each of the units in the brownstone, which had previously been turned into a co-op over the years, until they finally owned the entire property; they purchased the final unit at the end of 2012.
Perhaps the 6,040-square-foot home has some sentimental value for Mr. Madden, seeing as he moved there after leaving his 31-month jail sentence for securities fraud and money laundering, having been convicted of participating in Stratton Oakmont’s “pump-and-dump” scheme, as later portrayed in The Wolf of Wall Street. Jail time wasn’t all bad, though–it is where his future ex-wife accepted his marriage proposal.
Then again, his decision to hold onto the property might have less to do with sentiment and more to do with the fact that he couldn’t find a buyer—the townhouse was last listed for $8.5 million in 2014 with Jared Seligman at Douglas Elliman, before being taken off the market. He’ll be staying in pretty close proximity to the former Mrs. Madden, whose Trump Palace condo is just a few blocks away. We don’t pretend to know the tenor of their post-divorce dealings, but either way, we’ve been told it’s good practice to keep both friends and enemies close by.