There's been lots of depressing news about the state of the Hamptons real estate market in recent weeks. Today, however, there's a bit of good news to report: Calvin Klein has finally started demolishing Dragon's Head, the tacky 50,000-square-foot castle in Southampton that he bought a few years ago. A smaller—but much trendier—minimalist mansion will soon rise from the rubble. And if Calvin remains bullish about the future, shouldn't you be, too? Of course you should. [Newsday, previously]

Good news: Sarah Palin's Neiman Marcus shopping spree was legal, the FEC declared. Which is good, 'cuz Tripp and Trig are growing boys and someone's gonna have to shell out for their toddler tracksuits. [ADN]

While many people were happy to hear Monday that a prestigious Martin Luther King movie was in the works, two of the civil rights leader's children weren't so pleased. Martin Luther King III and Bernice King claim that their brother, Dexter King, sold their father's life rights without consulting them.

In your warming Wednesday media column: Steve Forbes is in your pocket, insulting your bosses in your competitor's paper may damage your career, somebody fucking finally does not write an Obama book, and much more!:

Law-enforcement officials have been slamming Craigslist's prostitute ads for years. CEO Jim Buckmaster's response has been benign: We don't profit from the ads, we're very nice and friendly with the cops, etc. No more. Push Buckmaster too hard, and he will cut you, as South Carolina just learned.

It's a big day for Harvey Weinstein: Quentin Tarantino's Inglourious Basterds had its first public screening today at Cannes. The movie is shaping up as a make-or-break proposition for the Weinstein Co., which can't shake rumors that it's insolvent. The Wrap suggests that it's too late anyway.

The controversial plan to ban cars from Herald and Times squares takes effect on Sunday. But there's some good news to take your mind off the giant traffic jams that will inevitably be created by the initiative: The city has announced a series of exciting events this summer, including a "simulcast of the Tony Awards in Broadway Plaza" and "lunchtime concerts by buskers in Times Square." That should totally make up for it, shouldn't it? [AMNY]

Need a job, lovely lady? No, no, it's not prostitution, I swear. You just go out with a guy as his "wingwoman" and steer other girls towards him, and fend off other guys trying to horn in on his chicks. Not wanting to fuck him yourself should be easy!:

You guys? I think I have to confess something here right at the start. No offense to my beloved O.C. harpies and my bankable New York climbers, but the New Jersey broads might be my favorite of all the Housewives.

Media minutiae feud alert! The combatants: Selena Roberts, former star NYT sports reporter now at Sports Illustrated; and her former paper. Did the Times try, and fail, to take her down, journalistically? Details! [UPDATED]:

So the GOP "strategy" was to have vaguely well-regarded party members attack hated Dems like Pelosi, as Newt is doing. It was not to have their most hated representative attack the very popular president.

• Portfolio isn't over and done with, after all: An affiliate of Condé Nast—based in Charlotte, weirdly—plans to revive the magazine's website. [NYO]
• Josh Marshall has accepted Maureen Dowd's apology for swiping some of his copy; and Dowd's new column today is Marshall-free, thankfully. [TPM, NYT]
• Upfronts 2009: What the CW and CBS have in store for the fall. [THR, THR]
• Is Jann Wenner looking to poach Condé Nast honcho David Carey? [NYM]
• Times executive editor Bill Keller says Google is the paper's "frenemy." [NYO]
• CNBC's Jeff Macke had a meltdown on the air yesterday. [Gawker]

Working on Michael Bloomberg's reelection campaign might just be the best job in town. He's got lots of money to spend, of course. (He's already shelled out more than $18 million since Jan. 12 despite little in the way of competition.) And then there are those rides aboard his jet, where expensive wine and sushi is always on the menu. He's paying his campaign staff pretty well, too, as Jason Horowitz discovered. And he's generous about looking beyond what others might consider unfortunate career blemishes. Take Bradley Tusk, the mayor's 35-year-old campaign manager, for example. Tusk once worked for Chuck Schumer's communications office and for Mayor Bloomberg at City Hall. But then he took a job as deputy governor of Illinois under now-disgraced Rod Blagojevich, and then left to join Lehman Brothers as a senior vice president. (We all know how that one turned out.) But Tusk has bounced back nicely. He's now making $27,500 a month to run Bloomberg's campaign. And he's not the only one doing well. A roundup of some of Bloomberg key campaign staffers—and their salaries—below.

[Today media that isn't the Today Show got a tour of the Statue of Liberty's crown in advance of its July 4 reopening; image via Getty]

The Way We Live Now: Moaning, creatively. Artists are poor. More so! But credit cards are now a responsible financial option. I think we've solved all of our problems!

Last year, Rudy Giuliani's son Andrew filed a lawsuit against Duke University after the school kicked him off the golf team. Andrew claimed that Duke's golf coach had made up a series of allegations in order to force him off the team and had turned his classmates against him. The school (and the coach) countered by saying Giuliani had been dumped for "a variety of boorish acts, including assaulting a teammate, defying coaches, and violating 'both the rules and the spirit of the game of golf.'" (In other words, he behaved much the same way you'd expect given his equally boorish dad.) A judge finally weighed in yesterday and dismissed the lawsuit—but not before slipping in a series of references to Caddyshack in the process. Andrew shouldn't have any trouble putting this legal defeat behind him. As the Smoking Gun points out, "Giuliani graduated this month from Duke, so he's got that going for him."

ABC News caught up with Ruth Madoff the other day when she appeared downtown to pay a visit to her imprisoned husband. Shockingly, she was not in the mood to chat about whether she had anything to do with the scheme, or whether she has any regrets about what happened. But it is nice to see her lifestyle seems to have suffered a bit of a blow. After issuing the reporter a stern "Fuck you!" she hops into a taxi, instead of her customary chauffeur-driven Town Car. [ABC News via Dealbreaker]

May 19 @ 12pm I just saw James Van der Beek at Kinkos. He was faxing some documents at the fax machine next to mine. Plain white tee shirt, signature hair — he looked pretty good.

In LA they have lots of gangs. How to determine if a child will grow up to be a vicious gangbanger? The city—with scientific help—has developed a test! Find out your future, below:

Rachel Maddow is gay, a fact that she's rendered uninteresting, unremarkable, and normal by casually dropping details about her private life on her show, as she did again last night.