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Pic caption: * MADONNA BUYS $40 MILLION NEW YORK HOME - REPORTS. MADONNA is defying the effects of the global recession - she has reportedly splashed out $40 million (£22.7 million) on a new home in New York's posh Upper East Side. The superstar has signed a contract to buy a four-story Georgian-style townhouse for $5 million (£3.4 million) less than the original asking price, reports the New York Post. The mansion features 13 bedrooms and 14 bathrooms, a two-car garage, a 3,000-square-foot garden, nine fireplaces, an elevator and a wine cellar with a grotto. But the lavish house is not yet ready for the Material Girl singer to move in - she's reportedly planning extensive renovations, including security upgrades on the property. London-based Madonna has been rumoured to be considering returning to New York full-time ever since she finalised her divorce from British director Guy Ritchie in January (09). The couple share eight-year-old son Rocco, and three-year-old adopted Malawian son David Banda. The singer also has daughter Lourdes, 12, from a previous relationship. (JMA/PYN/IG). . . Atmosphere. Upper East Side Georgian-style townhouse reportedly bought by Madonna. New York City, USA - 14.04.09