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Martha Stewart's Posh Tribeca Penthouse Finally Off the Market

After two years on the real estate market, Martha Stewart's beautiful Tribeca penthouse finally sold this week for $8.6 million, a cool two-and-a-half times what Martha paid for the condo in 1999.

Alexis Stewart, the media mogul's daughter, initially listed Martha's "Ice House" for $12.95 million in 2009. This weekend Tribeca begins its film festival, an annual event started in 2002 to bring attention and financial support to areas in lower Manhattan I wrote over at The Washington Examiner:

A lot has happened in Tribeca since 1999 -- lower Manhattan suffered after the 2001 9/11 attack, but in 2006 Forbes ranked Tribeca's 10013 zip code as New York City's most expensive.

And a lot has happened for Martha Stewart since 1999. After the media magnate was convicted of insider trading in 2004 she spent five months in a West Virginia federal prison camp. Despite speculation that this would be the end of Martha's "omnimedia" empire, the entrepreneur (and former model) bounced back ahead of projections.

New York City has one of the lowest own:rent ratios in the country; congrats to the new Tribeca residents, and congrats to Martha Stewart for focusing on her homes outside of the city! For you real estate buffs, here's that Tribeca floorplan: