Madonna is defying the effects of the global recession -- she has reportedly splashed out $40 million on a new home in New York City's posh Upper East Side.
The superstar has signed a contract to buy a four-story Georgian-style townhouse for $5 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 to move in -- she's reportedly planning extensive renovations, including security upgrades on the property.
London-based Madonna has been rumored to be considering returning to New York full-time ever since she finalized her divorce from British director
Guy Ritchie in January. The couple share 8-year-old son Rocco and 3-year-old adopted Malawian son David Banda. The singer also has daughter Lourdes, 12, from a previous relationship.
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