The billionaire who promised $1 million to the first person to bare all in front of President Obama will give a payout to the unemployed painter who took up the challenge.

Alki David, heir to a shipping fortune, is calling it a "generous consolation prize." Others might call it "shrinkage."

David will give Juan Rodriguez, who has three children younger than 3, enough cash to cover six months' rent for his apartment in Staten Island, N.Y., an attorney for Rodriguez said. David will also pay some of the cost of medical treatment for Rodriguez's sick sister, according to reports.

David's challenge was designed to promote a website he owns. When Obama delivered a speech Sunday at a rally in Germantown, Rodriguez stripped naked in the crowd, with the website's name scrawled across his chest. He then shouted the name of the website six times before weaving through the throng wearing nothing but black sneakers.

After a brief sprint, Rodriguez was arrested, charged with indecency, and jailed for 26 hours at Police Headquarters. He said he expected to win his million the next day.

But the billionaire hedged. David said he wanted to review footage to make certain that Rodriguez had been within eyesight - and earshot - of the president.

Rodriguez told The Inquirer that he had met all the stipulations and had the tape to prove it.

Then David required that the White House confirm that Obama witnessed the event. The White House had no comment.

On Thursday, David issued this statement:

"Mr. Rodriguez agreed that he was not able to complete all the criteria of the challenge.

"But he came so very close, and his personal story about why he decided to take such a risk for his family moved me to provide him with a generous consolation prize."

Reached by phone Thursday afternoon, Rodriguez said he was surprised to hear he had not completed "all the criteria of the challenge."

"I didn't admit anything," he said. But David "did compensate me. We made an agreement."

Rodriguez, 24, said he could not discuss the terms because of a nondisclosure agreement. David, originally from Britain and now living in Beverly Hills, did not return several requests for comment.

Was the deal fair?

"I'm not going to bust his chops," Rodriguez said.

Will he do it once more, go the Full Monty for the full jackpot? On Thursday, newspapers in New York City were reporting David's announcement that Rodriguez would strike again - in front of a different head of state.

When told of those reports, Rodriguez was dumbstruck.

After a tortured silence, he said, "I don't know where that information is coming from." Then he hung up.