A few have found their way into private hands. There's a group called the Army Aviation Heritage Foundation (website http://www.armyav.org/) that operates a group of them in flight demonstrations. They brought one into Redstone Arsenal earlier this year to show off - prettiest AH-1 I ever saw. The black US Army color scheme they've chosen is really nice. You'll also see one or two pop up now and then in movies - there's another operator who's got one or two he operates for films.
Last I heard, there are still a bunch out there waiting to be adopted. I worked in the Cobra PM years ago, and wouldn't mind one in my back yard either. They are easier to operate than an Apache, and much, much less expensive.
Dan
On the bench:
Not much right now, just getting started again.