Madonna Buys $40 Million New York City Townhouse

The Material Girl is jumping into the Big Apple's real estate market.

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Housing crisis or not, Madonna is apparently jumping into the Big Apple's real estate market. The Material Girl has signed a roughly $40 million contract for a four-story townhouse on New York's Upper East Side, the New York Post reports.

That's some $5 million less than the original asking priceā€¦

But her new home in what brokers call the "Far East" does not appear to be all that much of a bargain.

No residence in that area "has ever sold for $20 million, let alone $30 million -- or ever will again," said one broker who asked not to be identified.