Ira Rennert, 80, was hit with $118million fine by Manhattan court Jurors found he siphoned off cash in breach of shareholders' trust Creditors claimed he used it to build lavish home in the Hamptons (For what it's worth, we think it makes more sense to have more bedrooms than bathrooms.). Ira Leon Rennert (born May 31, 1934) is an American investor and businessman. Ira Rennert Age: 75. [9] Harbinger sold the business to Severstal, a steelmaker based in Russia.[10]. Presently he controls nation's largest industrial empire and his net worth is USD 6.5 Billion. Ira Rennert. Tamara Winn is the daughter of Ira. You could basically stage a Broadway production at this place. . Mr. Rennert and. He received a Bachelor of Arts/Science from Brooklyn College and a Master of Business Administration from New York University. Hearings before the board concluded in September, but its still reviewing documents. Ira Rennert is a self made billionaire and his worth is USD 3.9 billion as of Jan 2017. The billionaire stayed keenly focused during the proceedings. Not everyone is happy. Representatives of a now-defunct mining business he used to own claimed he looted the company to build it, and in late February he was ordered to pay back at least $118 million in damages. [19] The energy improvements in US Magnesium's manufacturing process have also caused a net reduction of 100,000 tons per year of carbon dioxide emissions. ''I guess it's just chateau envy.''. [citation needed] Since 1998 most Renco financings have been bank debt. Ira Rennert is a self made billionaire and his worth is USD 3.9 billion as of Jan 2017. By clicking Sign up, you agree to receive marketing emails from Insider Rennerts garage for the estate can hold up to 100 cars. A Manhattan jury has found billionaire Ira Rennert liable for looting millions from a magnesium company he controlled -- money he allegedly used to pay for his $250 million residential compound. www .rencogroup .net. Located in Sagaponack, NY, the massive waterfront compound was built on 63 acres of land in 2003. I meant frum jews . However, her board criticized the gatehouse as being reminiscent of an entrance to a military academy. That's the distance between the bases on a baseball diamond. Media related to Ira Rennert at Wikimedia Commons. Even all that paled in comparison to the Castle Gould estate in Sands Point built by Howard Gould, son of Jay Gould, who made his fortune in railroads and on Wall Street. (Wikipedia) Junk bond billionaire Ira Rennert, whom investors have sued for using company funds to build his giant Hamptons estate, will have to pay back more than $200 million in damages, Crain's . Based on these taxes, the home is currently valued at $198 million,[27] making it the most valuable home in the United States. Randy Winn is a managing director at Standard & Poor and also manages their IQ business. Ira Rennert and his wife, Ingeborg, have three children and are grandparents. Altogether, the buildings cover more than 110,000 square feet. In Glen Cove, Charles Pratt, one of the founders of the Standard Oil Company and the founder of the Pratt Institute, purchased 800 acres that later became a family compound encompassing 82 buildings that included 21 residences. ''For a year, people were telling us they would miss us,'' she said. Reflects change since 5 pm ET of prior trading day. Fair Fields follows in the tradition of others built around the turn of the last Century by tycoons such as the Pratts, Goulds and Whitneys, and Otto H. Kahn. They also weren't pleased when he tried to build his own 10,000-square-foot private museum on the estate. I dont even object to the square footage, one neighbor told 27East. Rennert carried on building anyway and moved into his new home in 2004. It's one of the biggest houses in the United States, boasting: $500 million value 29 bedrooms, 39 bathrooms & 3 dining rooms 63 acres of Hamptons beachfront [25], Ultimately, Doe Run Peru was a bad investment for Renco on many counts. (Reuters) - A federal appeals court said billionaire Ira Rennert must pay a $213.2 million judgment after a jury found him liable for looting his now-defunct magnesium company to build one of. [19] US Magnesium was the recipient of a 2004 Climate Protection Award from the EPA[20] and won an MEP award in 2006 for Environmental Consciousness. Mr. Vonnegut did not return calls to his summer residence on Sagg Main Street, but his wife, the writer Jill Krementz, did. They are involved in real estate business and were in news for selling and purchasing grand mansions. Guggenheims son, Harry F., whose third wife Alicia Patterson founded Newsday, built his 20,000-square-foot residence called Falaise in 2913 on 90 acres that were subdivided from his fathers 262-acre estate. The confusion could stem from whether you're counting the rooms in all buildings on the property, or just the main house. Oheka tops Fair Field by 50,000 square feet at 109,000 square feet of the main residence, its only the second-largest structure as a private residence in the United States, outranked only by the 174,000-square-foot Biltmore House built by George Vanderbilt in Asheville, In 1895. In 1989, Renco acquired the U.S.s largestmagnesiummanufacturer inUtah. The Cost Of Battery Production Tax Credits Provided In The IRA, A Limited Return Of The Stretch IRA? Harry Mumford, one of Mr. Rennert's closest neighbors, spends summers with his wife, Julia, in a tiny cottage just across Daniels Lane. Representatives of a now-defunct mining business he used to own claimed he looted the company to realize his vision. He is #55 on the Forbes 400. The smelter was sold to Doe Run in 1997 primarily because the Peruvian government passed a law that required environmental improvement at the business. ''It doesn't bother me in the least. He previously was Editor-in-Chief of . The business mogul, who Forbes says is worth $5.9 billion, was recently in court defending. Ira Rennert mega-mansion at Sagaponack NY Capitol Intel Group/BBN www.capitolintelgroup.com 4.28K subscribers Subscribe 37 9.2K views 3 years ago SAGAPONACK Renco Group owner and founder Ira. They have three children: *Tamara Rennert Winn *Yonina Rennert Davidson *Ari Rennert Tamara Winn is the daughter of Ira. The U-shaped mansion, covered in what appears to be buff-colored stucco, has two courtyards, each with a fountain, and is surrounded by English-style formal gardens, an orangery, guardhouses at the entrances and its own power plant. Ingeborg, a former airline ticket agent, is a convert to Judaism and serves as the Director of Lincoln Center for the Performing Arts, Inc. In case any readers were wondering, constructing a 62,000 square foot mansion and all these amenities wasnt cheap, costing around US$110 million: the property as a whole was valued at around $249 million on completion. and religious views are listed as unknown. Rennert's wife and children are named as the donors of The Jonas Mendel (Yonah Menachem Ben Mendel) Rennert Memorial Chapel at the Center for Jewish History. The holding company then sold $120 million in junk bonds, this moment paying an additional $100 million dividend to Renco. The EPA published its proposal to place the US Magnesium facility on the National Priorities List (NPL, a "Superfund site" under CERCLA) in the Federal Register on September 3, 2008. The company later became WCI Steel Inc., and Ira Rennert was able to ultimately sell bonds totaling USD 300 million, paying USD 108 million of the proceeds as a dividend to Renco. In the introduction, Mr. MacKay, whose co-editors were Anthony K. Baker & Carol A Traynor noted that the reaction of native Long Islanders to the onslaught of the rich seems to have ranged from anger and resistance to bewilderment.. Long Island has other huge houses, of course. Spread across 62 acres in an exclusive part of Long Island outside New York, chez Rennert will be America's largest private home. Their argument is that someone can build anything they want, and you cant do anything about that until they use it illegally, Mr. Shea said. Rennert took his graduation degree from Brooklyn . When Rennets first announced the construction of his estate in the 90s, neighbors said they found the plan audacious, according to New York Magazine, and fought the plans tooth and nail. They seemed particularly ticked off over Rennets plans to build a 10,000-square-foot private museum on his state to house his $500 million art collection. He has contributed money to John McCain, Rudy Giuliani and other candidates.[31]. A Pocket Guide to Environmental Bad Guys, (New York: Thunder's Mouth Press). Doe Run Company. Renco bought a Warren steel company in Ohio from its bankrupt parent. I stumbledupon it ;) I am going, Life is a gift. Looking to lower your 2022 taxes? They also donated hundreds of Torah scrolls to communities in Israel. It occurred again in 1963, and as a result, his license was revoked on November 29, 1964, effectively banning him from the securities industry. He reportedly donated funds to help restore the Western Wall in Jerusalem. Is any community complaining about having a Bayard Cutting Arboretum, a Coe Estate, or a Harrison Conference Center in their midst? Said Mr. Tohill, the lawyer for Mr. Rennert. ''He was pretty surprised when I told him it was just a house. Ira Rennert is a self made billionaire and his worth is USD 3.9 billion as of Jan 2017. Overview: Ira Rennert is an American junk bond trader and CEO of Renco investment group. Opponents of the Sagaponack house say that the institutional uses of the great houses of the past, now that the mansions have outlived their viability as a private residence, bolsters their arguments that Fair Field is headed in the same direction only in this case, right from the start. According to Crain's, Rennert's mansion spans 62,000 square feet, which is equivalent to nearly an acre and a half of land. After Fair Fields was constructed, however, the town of Southampton passed a new zoning ordinance restricting residential dwellings to a maximum of 20,000 square feet of residential space, excluding basements. Along the way, he paid substantial dividends out of the business to himself. My client has repeatedly told people who will listen that this is his private residence and that he has the right to build it.. The environmental problems were not solved despite huge investment by Renco, and Renco never made any financial profit from its investment. For some neighbors, the rise of Fair Field signaled the end of their resistance to the project. Diane Louvel, who lives a short bicycle ride away in Wainscott, was sitting with two friends in front of the Sag General Store on a recent Saturday afternoon. Rennert ranks. The number of disputes the reclusive Rennert has had with neighbors has actually helped to gather more information about his house: for instance, a complaint about the path of his private helicopter led to a large number of aerial photos being taken: these revealed that the house has 12 chimneys, which would seem to suggest 12 different fireplaces, although hopefully not twelve different chimney sweeps too. Hanna serves as Lincoln Centers director for the performing arts, inc. She said they were staying put. According to Crain's, Rennert's mansion spans 62,000 square feet, which is equivalent to nearly an acre and a . A federal appeals court said billionaire Ira Rennert must pay a $213.2 million judgment after a jury found him liable for looting his now-defunct magnesium company to build one of the country's. https://www.nytimes.com/2004/07/04/nyregion/at-home-in-versailles-on-the-atlantic.html. The building reportedly has 29 bedrooms, 39 bathrooms, its own power plant, three swimming pools, a Synagogue, two courtyards, an orangery, a 164-seat home theater, a basketball court, and a bowling alley. Another US unit of Renco also faced environmental issues in Herculaneum, Missouri and has made substantial improvements. In 2015 a court ruled that Rennert was liable for improperly diverting money from his business to pay for a lavish home in Southampton, New York.Source: Forbes.com, The helicopter is apparently so powerful that it is shaking the walls of nearby homes and causing considerable noise pollution. The duo sold their 2,745-square-foot condo atthe Chatham, just little blocks southeast of the edifice they now call home, for$6.85 million. This post could not be written any better! Locals in Herculaneum claimed their children were suffering from lead poisoning traceable to toxic emissions coming from Renco's Doe Run lead smelting plant, which had been in operations locally since 1892. The house faces the Atlantic Ocean and its grounds measure 63 acres (250,000m2). On August 17, 2010, a 10th Circuit Court of Appeals ruling overturned a District Court judge's October 17, 2007, decision that the U.S. Magnesium facility in Rowley, Utah was not illegally disposing five wastes. The company later became WCI Steel Inc., and Ira Rennert was able to ultimately sell bonds totaling USD 300 million, paying USD 108 million of the proceeds as a dividend to Renco.In 1998, Renco Steel Holdings Inc. was created to provide as a holding company for WCI. [citation needed], Rennert's strategy for building Renco was to acquire all the shares of struggling companies and to finance the acquisition by issuing junk bonds. The differences between Roth 401(k)s and Roth IRAs recently were changed significantly. Ira is now single. In 2015 a court ruled that Rennert was liable for improperly diverting money from his business to pay for a lavish home in Southampton, New York. [21] A 2002 study showed more than half of the children living within a quarter mile of the smelter had high blood-lead levels. Its environmental improvements and recent track record have been substantial and include a reduction of emissions by 90% since 2000 (97% since 1989). A rendering shows a very long, mostly two-story structure. [verification needed] In June of 2021 Renco Group purchased Renfro Brands, Renfro Brands is a leading designer, manufacturer, and marketer of quality socks and legwear products. Junk bond billionaire Ira Rennert has a massive house in the Hamptons. Background and education. All Rights Reserved To Luxtionary 2021. The mansion also contains its very own 164-seat theatre, large enough to stage even a Broadway production if they wished to play to an audience of one. Ira Rennert was ordered by the court to pay $213.2 million for a case against him by Lee Buchwald of Magnesium Corporation of America (MagCorp), reports 27east. They demanded nearly $1 billion in fines, alleging MagCorp (a Renco Metals Inc. subsidiary) dumped toxic waste in ditches and ponds on the Great Salt Lake. 2023 Forbes Media LLC. My clients architects and engineers have designed what my client wanted to have: a large house, Mr. Tohill said. Ira Leon Rennert or simply Ira Rennert is an American investor and business magnate. Ira has many family members and associates who include Yonina Davidson, Ingeborg Rennert, Tamara Winn, Ari Rennert and Erynne Rennert. In fact, by the standards of Oheka, a French chateau-style castle designed by Delano & Aldrich and completed in 1917 by Kahn, the financier, on 443 acres near Cold Spring Harbor, Fair Field is no big deal. Ira Rennert basically is a self made investor. There were some renovations done in order to comply with the needs the couple needed. [24], Ira Rennert ranks #771 on Forbes magazine's list of the world's billionaires. Tamara Winn is the daughter of Ira. That is what anyone involved in the real estate sector will tell you. I certainly enjoyed reading it, Right here is the perfect webpage for anybody who really wants, This text is worth everyone's attention. They hired consultants to assess the potential impact of the Rennert mansion on the neighborhood, and they sued to stop the town from issuing building permits. At this point, US Magnesium is the only magnesium producer in the United States. There are accusations that Rennert used funds to pay for the construction of his massive Sagaponack estate. [16] MagCorp maintained it was exempt from the federal Resource Conservation and Recovery Act, which requires companies to monitor certain kinds of hazardous waste. Renco continues to operate the business under the name US Magnesium. Rennert, 80, who has a personal fortune of $6.3 billion, according to Forbes, sat two rows behind his counsel. World's Most Expensive Home. This makes it even easier to become a ROTH IRA millionaire and benefit from all that tax-free retirement income. The home is worth $248 million, according to the Fiscal Times, and would be listed for about $500 million today, one real estate broker told Crain's. His purchase of AM General in 1992 was bought with a down payment of just $10 million. The business mogul, who Forbes says is worth $5.9 billion, was recently in court defending the funding of his Sagaponack estate. Many of the issues surrounding the construction of this Long Island Estate were that, technically, no laws had been broken. Mr. Rennert said he had good reason to maintain his anonymity: ''I have a wife and children I need to protect.'' In 1989, Renco acquired the U.S.s largest, to assist LTV emerge from bankruptcy. By most reports, Fair Field has 29 bedrooms and 39 bathrooms, but Zillow, which collects real estate data using public records, counts 21 bedrooms and 18 bathrooms. Long before the arrival of Martha Stewart, Ira Rennert, and Lizzie Grubman, the far shores of Long Island represented a certain lifestyle. Rennert served as a partner at Rubin, Rennert & Co. in 1962. The 72-room, 25-bathroom Oheka had its own 18-hole golf course, a racetrack, and an airstrip. Today's Social Security column addresses questions about the effect of rolling a public pension over into an IRA, survivor's benefits and the earnings test and how military credits can be applied to benefit amounts. Save my name, email, and website in this browser for the next time I comment. The Lowinger family has helped build many yeshivos . Ironically, Ms. Wang just left that 14-room apartment in favor of her family's old duplex at 740 Park; maybe Ms . Howdy! Families in attendance included Nina and Mitchell Davidson, Erynne and Ari Rennert, Nazee and Joe Moinian, Lisa Marie and Phillip Falcone, Caroline Schmidt and Craig Barnett, Pernilla and David Avital, Christine and William Campbell, Alyssa and William Friedland, Joshua Gruss, Elaine and Richard Hirsch, Erica and Michael Karsch, Julie and Morry In 2013, he requested permission to add a Pilates studio and, yes, another bathroom, to one of his pool houses. The media may have slightly overstated the number of bedrooms and bathrooms. ''Bondholders would like to tear him into many small pieces,'' Forbes said, adding that investors lost about $700 million on the $1.5 billion in bonds his companies issued from 1992 to 1998. The Rennerts also helped to fund the construction of The Western Wall Heritage Foundation in Jerusalem (the visitor's center is called The Ingeborg and Ira Leon Rennert Hall of Light). The Rennert Entrepreneurial Institute (REI) is one of the core programs offered to students at Sy Syms School of Business. '', Donald Sachar, a citizens' advisory committee member, called the house ''an elephant in our living room, horribly intrusive. He can't sell it out from under me. [16] Magcorp declared Chapter 11 bankruptcy shortly after the lawsuit began and a federal judge allowed Rennert to restructure MagCorpnow U.S. Magnesiumwhich exempted it from previous legal liability. [citation needed] In 1994, Fluor Corp. of Los Angeles sold the Doe Run Company to Renco, with the latter paying $52 million in cash, and approximately $60 million in debt payable over an eight-year period. Discover The Best Leather Phone Case for Every Style. Rennert's parents were immigrants from Poland and Romania. Oh, and there's also a billiards room, two tenniscourts,andtwo squash courts. Whatever problems investors may have had, Mr. Rennert has been generous to Jewish and Israeli causes, bestowing the Rennert name on a women's Torah study program in Israel and endowing a chair in Judaic studies at Barnard College. Ira Rennert - Family, Family Tree - Celebrity Family. According to Curbed, Rennert owns $500 million worth of art. He is also known as a generous supporter of Jewish causes. Ira Leon Rennert ranks 29th among "the World's Richest Jews", according to the Jerusalem Post. And thanks to our friend Jeff Cully at EEFAS for supplying the gorgeous aerial photos and video footage of the property. Billionaire investor Ira Rennert probably gives great holiday gifts. If you're metals-and-minerals billionaire Ira Rennert, you decide it's time to install a new 10,000-sq-ft private museum on your property to house all those crayon landscapes, hand-outline. 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