The reason his neighbors were ticked off with those plans? Mort Zuckerman. The holding company then sold $120 million in junk bonds, this moment paying an additional $100 million dividend to Renco. Together they have three children, Tamara Yonina and Ari. He is at 148, spot in the Forbes 400 in 2016. 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 . More than perhaps anybody else in finance, Ira Leon Rennert has based his career on telling everybody else to fuck off. The lawsuit failed, but the town has since passed a law limiting houses to 20,000 square feet. . ''I'm buying old age and loneliness insurance,'' Mr. Rennert said, chuckling as he waved a hand toward the mansion. Ira Leon Rennert or simply Ira Rennert is an American investor and business magnate. If you are fascinated by Ira Rennert House or any luxurious properties or simply want to find out more, please check our lifestyle section, share your comments with us below, and dont forget to subscribe to the last word on luxury from around the world. Ira Rennert and Ingeborg Hanna Rennert have a son named Ari Rennert who is associate member in Rennerts business empire and is most likely the viable candidate to take up the job of his father. Another US unit of Renco also faced environmental issues in Herculaneum, Missouri and has made substantial improvements. 1040 Fifth Avenue #9 Glenn Dubin It is now known as the Harrison Conference Center, which with later additions now has 198 bathroom suites. Ira is a board member of the New York Business School and holds a master's degree, which he received . In 1996, Renco established Renco Metals, Inc. as a holding company for Magnesium Corp. and issued $150 million in bonds. In 2013, he requested permission to add a Pilates studio and, yes, another bathroom, to one of his pool houses. The house outraged locals, who claimed Rennert originally planned to use it as a spa, a hotel, or a religious retreat. Tamara is married to Randy Winn. Kurt Vonnegut, the novelist, once famously announced that if Mr. Rennert were permitted to build, he would pack his bags and leave Sagaponack. It has been reported that Rennert also had a private museum built to accommodate and showcase his massive art collection. In 1989, Renco acquired the U.S.s largest, to assist LTV emerge from bankruptcy. As part of the sale to Renco, Centromin agreed to pay to remediate pre-existing (pre-1997) environmental problems and Doe Run Peru agreed to make substantial environmental investments. Its main mansion has 250 rooms covering 175,000 square feet. FOSTER PROVOST is Ira Rennert Professor of Entrepreneurship and Information Systems and Director, Fubon Center, Data Analytics & AI, at the Stern School of Business at New York University. James Ridgeway and Jeffrey St. Clair. "[5], Michael Milkenas a bond trader for Drexel Burnham Lambertwas successful in selling high-risk, high-yield bonds issued by struggling or undercapitalized companies. He is #55 on the Forbes 400. Removing minerals from the water of the Great Salt Lake, Magnesium Corp. uses chemicals to refine the magnesium used in products ranging from bombs to bicycles. The confusion could stem from whether you're counting the rooms in all buildings on the property, or just the main house. Ira has many family members and associates who include Yonina Davidson, Ingeborg Rennert, Tamara Winn, Ari Rennert and Erynne Rennert. This is his mansion in the Fair Field estate in Sagaponack, New York. [6] Backed by blue-chip mutual funds and hedge funds such as John Hancock Funds LLC and Putnam Investment Management LLC, Rennert now didn't have to invest much of his own money. According to Crains and Southamptons news site 27East, the playhouse contains a basketball court and a two-lane bowling alley. The National Priorities List (NPL) is a list of places, commonly known as "superfund sites," considered national priorities for environmental remediation because of known or threatened releases of hazardous substances.USM filed its petition for review of the listing in the United States Court of Appeals for the District of Columbia Circuit on November 5, 2009. He is also known as a generous supporter of Jewish causes. It encompasses several buildings and has 29 bedrooms, 3 dining rooms, 3 swimming pools side by side, a 164-seat theater and a recreation pavilion with a basketball court, gym and a 2-lane bowling alley. George Soros has even greater wealth than Ira Rennert at a massive $23 billion net worth. As founder and owner of The Renco Group (the first three letters of his name plus "company"), the 76-year-old with a leonine mane of white hair is . In addition to the colossal main mansion, the Fair Field site contains a playhouse and two big houses with a pool. Ira Rennert gifted Yohina an apartment worth USD 30 million and she along with her husband Davidson have shifted to the house in Park Avenue. Thank you for publishing this awesome article. ''For a year, people were telling us they would miss us,'' she said. Tamara Winn is the daughter of Ira. Ira Rennert is the founder of the Renco Group, an industrial empire with estimated annual revenues of $5 billion.Rencos holdings include a stake in military truckmaker AM General, lead and zinc producer Doe Run Company and U.S. Magnesium Corp., among others.Source: Forbes.com, Rennert caused controversy among his neighbors by building a beachfront home in Sagaponack, New York, considered one of the largest occupied residential compounds in the United States. Access your favorite topics in a personalized feed while you're on the go. Wednesday, 30th April 2008 by Alex Turnbull. Not everyone is happy. Renco bought a Warren steel company in Ohio from its bankrupt parent,LTV Steel Co., worth $140 million. He is married and has three children. I meant frum jews . This structure is also being redesigned. to build it, and in late February he was ordered to pay back at least $118 million in damages. But one group couldn't be happier: the local tax collectors. Rennert is reportedly worth around $5.4 billion, the majority of which he made in the junk bond market in the 1980s. My client has repeatedly told people who will listen that this is his private residence and that he has the right to build it.. Net worth: $5.3 billion. That's according to Crain's and Southampton news site 27East. He was born to a Polish mother who emigrated from Poland at age 3 and a father who emigrated from Romania at age 13. [citation needed], In 1988, Renco bought a Warren (Ohio) steel company from its bankrupt parent, LTV Steel Co., for a price tag of $140 million. Media related to Ira Rennert at Wikimedia Commons. 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. He received a Bachelor of Arts/Science from Brooklyn College and a Master of Business Administration from New York University. "The Renco Group Completes Acquisition of Delphi's Global Interiors and Closures Businesses", "Perelman Seeks Controlling Stake in Maker of Hummer", Worlds Most Renowned Sock Manufacturing Company, Renfro Brands, Acquired by The Renco Group, Poisoned city fights to save its children, "EPA: U.S.MAGNESIUM WASTES ENDANGER WORKERS, FAMILIES, BIRDS", "EPA proposal to list the US Magnesium site on the National Priorities List, with support from the Utah Department of Environmental Quality", "National Briefing | Midwest: Missouri: High Levels Of Lead In Children", "Poisoned city fights to save its children", The Blacksmith Institute - World's Worst Polluted Places - La Oroya, Peru, https://en.wikipedia.org/w/index.php?title=Renco_Group&oldid=1127666515, Financial services companies established in 1986, Investment companies of the United States, Wikipedia articles needing factual verification from April 2018, Creative Commons Attribution-ShareAlike License 3.0, This page was last edited on 16 December 2022, at 00:33. Its property taxes in 2007 were $397,559.00. RG Steel Corp. (defunct) Unarco Material Handling, Inc. 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. Hanna serves as the director of Lincoln centre for the performing arts, Inc. ''He was pretty surprised when I told him it was just a house. Mr. Shea said that his experts and engineers examined the filed plans and having looked at the design and arrangement of this complex, we have determined that this is not a single-family residence.. ''I don't think it's such a big deal, just a huge Italian villa,'' she said with a shrug. In 1998, Renco Steel Holdings Inc. was created to provide as a holding company for WCI. He said he had no intention of using the mansion as a religious retreat or a resort and would not ever sell it. EPA and MDNR continue to work with Doe Run to address stabilization, erosion control, flood protection, stormwater collection and treatment, and wetland mitigation related to the slag pile area at the site. They were also peeved when Rennert tried to expand his pool house. They are involved in real estate business and were in news for selling and purchasing grand mansions. "Its a question of principle.". According to Crain's, Rennert's mansion spans 62,000 square feet, which is equivalent to nearly an acre and a half of land. 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. Save my name, email, and website in this browser for the next time I comment. I certainly enjoyed reading it, Right here is the perfect webpage for anybody who really wants, This text is worth everyone's attention. 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. Mar 17, 2015, 12:20 PM. We're here to walk you through the giant, limestone, Italian renaissance home and its surrounding estate. In its issue of Feb. 17, 2003, Business Week said that Mr. Rennert earned his first $500 million selling high-yield junk bonds in the 1990's and used that fortune to finance an private industrial empire held under the umbrella of his Renco Group. We say thats wrong. In 1956, after completing his MBA, he started his carrier as an analyst at Wall Street. Maybe I'll deliver a plate a brownies.''. Since its inception, the entrepreneurship institute has been a cornerstone dedicated to undergraduate education and development programs. 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. [26] A study by St. Louis University scientists found that 97 percent of children in La Oroya suffer from mental and physical deficiencies related to their exposure to polluted air. The gorgeous beaches, painterly light, and swanky estates . Randy Winn is a managing director at Standard & Poor and also manages their IQ business. 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. Ira Leon Rennert (born May 31, 1934) is an American billionaire businessman, and the chairman and CEO of Renco Group. He also ranks #29 on the Jerusalem Post's list of the World's 50 Richest Jews. The initial lawsuit DOJ filed on behalf of EPA in 2001 claimed U.S. Magnesium was not following regulations promulgated under the Resource Conservation and Recovery Act of 1976, which dictates how waste byproducts must be disposed. Looking to lower your 2022 taxes? '', Other neighbors are resigned. Ira Rennert Age: 75. Located in Sagaponack, NY, the massive waterfront compound was built on 63 acres of land in 2003. Renco continues to operate the business under the name US Magnesium. [citation needed], At the time of the bankruptcy, if the pension plan had been terminated, the Pension Benefit Guaranty Corporation calculated a $117 million shortfall. All Rights Reserved To Luxtionary 2021. It occurred again in 1963, and as a result, his license was revoked on November 29, 1964, effectively banning him from the securities industry. , LTV Steel Co., worth $ 140 million use it as a religious retreat or a religious retreat managing... 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