You can accuse megastar songstress Madonna of a lot of things (self promotion and egomania just to name a few), but nobody can say that she's not a savvy businesswoman. She purchased an 8-bedroom mansion in Bridgehampton for $4.9M. Now, we acknowledge that this is steep, but given the area, it's actually not that bad. So far, so good. Here comes the kicker of the story, the Town of Southampton and Suffolk County bought the parcel next to Madge's estate for a whopping $10M. And what did the Material Girl do? She bought that same piece of land for $2.2M. What??? Does she have some sort of super real estate attorney? That answer is obviously yes. But, why are people up in arms about this now? Let's review.
The Post reported that the land is only to be used as, "production for commercial purposes of agricultural products." Let's be honest, we're not expecting to see the first lady of pop music in overalls tending to crops. Nor, is she hiring a fleet of farmers to actually work the land. Nope! All Madge has to do is sell approximately 50 trees a year and pull in around $10K over the span of 2 years. And, the tax breaks she's getting are insane.
Let's work this out. Her neighbors are paying nearly $7K an acre, and according to the Post, the queen of blond ambition will have to pony up, "less than $300 thanks to state agricultural breaks." She's not winning any popularity contests in Bridgehampton, but to be fair, we can't figure out why the town would sell her such valuable land below market value. Isn't it obvious that she just wants to keep her privacy? Yeah, she might have duped the town, but why in the Hell would people actually believe that Madonna would embrace farm life? We'd love to hear what you think…
· Madonna's farm fraud. [NYP]