According to the Financial Times, it would be listed for around $500 million today. In a rare public appearance, Rennert described his mega-mansion as "old age and loneliness insurance." A local architect who approved the project praised its "restrained classic design." NEW YORK (Reuters) - Billionaire Ira Rennert has filed a $214 million malpractice lawsuit against his former law firm, after a jury found him liable for looting his magnesium company to build a. According to Crains and Southamptons news site 27East, the playhouse contains a basketball court and a two-lane bowling alley. [24], Ira Rennert ranks #771 on Forbes magazine's list of the world's billionaires. ''I don't want him to say anything that will get us kicked off the guest list,'' she said, laughing. It is now a catering hall. The town also passed legislation requiring anyone building a dwelling on a parcel of 15 or more acres in an agricultural district to obtain site plan approval from the towns Planning Board. [9] Harbinger sold the business to Severstal, a steelmaker based in Russia.[10]. Every aspect of the construction from the electrical to the steel frame to the mechanicals is commercial in nature, he said. Born in Brooklyn in 1934, Rennert began his career, after. 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. When neighbors complained last year about his adding 4,000 tons of sand to raise the height of the dune that runs for about 1,000 feet between his mansion and the public beach, the town found that he had the requisite permits for that, too. Another US unit of Renco also faced environmental issues in Herculaneum, Missouri and has made substantial improvements. The modern-day difference in Sagaponack seems to be that the massive structure and its six to seven outbuildings (depending on who is courting) have aroused intense suspicions in the community that the eventual use of the house will be for a conference center or some other institution. Randy Winn is a managing director at Standard & Poor and also manages their IQ business.Ira gifted an apartment to his two daughters, Tamara and Yohina, worth USD 30 million. Tamara Winn is the daughter of Ira. 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. They speculated that it might used as a hideaway for one particularly high-profile friend of the Rennerts -- Benjamin Netanyahu, the former Israeli prime minister and the current finance minister. [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. 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. Rennert ranks. The business mogul, who Forbes says is worth $5.9 billion, was recently in court defending. However, he was recently in court defending the funding of his Sagaponack estate. In 1998, the EPA placed Renco Group business holdings 10th on the nation's largest polluter list primarily because of emissions from US Magnesium in Utah (formerly MagCorp). And thanks to our friend Jeff Cully at EEFAS for supplying the gorgeous aerial photos and video footage of the property. He received a Bachelor of Arts/Science from Brooklyn College and a Master of Business Administration from New York University. Ira Rennert is the billionaire founder of Renco Group 1, who is best known for the palatial property he had built in the Hamptons, New York. Overview: Ira Rennert is an American junk bond trader and CEO of Renco investment group. Time To Learn The Ropes, Do Not Sell or Share My Personal Information, Limit the Use of My Sensitive Personal Information. TRD Staff | January 10, 2018 06:05PM. Many of the issues surrounding the construction of this Long Island Estate were that, technically, no laws had been broken. It's also one of the most valuable. Renco's holdings include a stake in military truckmaker AM General, lead and. Its environmental improvements and recent track record have been substantial and include a reduction of emissions by 90% since 2000 (97% since 1989). It is now known as the Harrison Conference Center, which with later additions now has 198 bathroom suites. 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. On a recent Saturday afternoon, a woman named Gia -- she refused to give her last name -- was supervising two girls operating a lemonade stand across Daniels Lane from the Rennert estate. More than 100,000 sq ft in total, it will be twice the size of. 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. The reason his neighbors were ticked off with those plans? The Cost Of Battery Production Tax Credits Provided In The IRA, A Limited Return Of The Stretch IRA? [30] George W. Vanderbilt's estate in Asheville, N.C., completed in 1895 and appropriately named Biltmore, claims to be the largest private house in the United States. Ira Leon Rennert or simply Ira Rennert is an American investor and business magnate. That's what neighbors do. Rennert, 78, is currently listed as #189 on the Forbes Billionaire list and #59 in the U.S. [1] He graduated from Brooklyn College in 1954, and earned his master's degree from New York University's Stern School of Business in 1956,[2] where he later was on the Board of Overseers. The deal reportedly cost close to US$1 billion. A Pocket Guide to Environmental Bad Guys, (New York: Thunder's Mouth Press). 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. ''Thank God I own half the house. Be alert for the times when there's a higher payoff from converting an IRA . The PlayStation 2 crash pad is really the Bridgehampton estate of "Hercules" actor Kevin Sorbo, whose $8 million East End home was broken into last year. Rennert and his wife Ingeborg have made many charitable donations to various organizations. Ingeborg, a former airline ticket agent, is a convert to Judaism and serves as the Director of Lincoln Center for the Performing Arts, Inc. [6] In 1998, Renco Steel Holdings Inc. was created to serve as a holding company for WCI. In 1998, they were sufficiently enraged by the idea of a house five times larger than their own to complain repeatedly to the Town of Southampton. He would not say how much the mansion cost to build. It is the largest privately owned house in America It is purportedly the largest privately owned and occupied house in America, and is estimated to be the world's most expensive . In those days, you didnt have income taxes. Said Orin S. Finkle of Great Neck, who researches old estates. Is A Roth IRA Conversion The Right Strategy For You? Based on these taxes, the home is currently valued at $198 million,[27] making it the most valuable home in the United States. 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. In 1996, Renco established Renco Metals, Inc. as a holding company for Magnesium Corp. and issued $150 million in bonds. In addition to the colossal main mansion, the Fair Field site contains a playhouse and two big houses with a pool. In the end, the addition was never built. to build it, and in late February he was ordered to pay back at least $118 million in damages. Long Island has other huge houses, of course. ''We could have had 20 houses built on a property that size, but we only have one,'' she added, ''so we have to come to terms with it.''. 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. Renco Group is an American New York City-based holding company controlled by Ira Rennert that invests in other companies across a range of industries. The holding company then sold $120 million in junk bonds, this time paying an additional $100 million dividend to Renco. In 1956, after completing his MBA, he started his carrier as an analyst at Wall Street. Mar 17, 2015, 12:20 PM. Rennert has a 114,000-square-foot Hamptons estate with an assessed value of $262 million. Mr. Rennert said that he already had some pet charities on the South Fork but that because he is an Orthodox Jew who observes the Sabbath from sundown Friday to sundown Saturday, it might be difficult for him and his family to attend weekend benefits. Spread across 62 acres in an exclusive part of Long Island outside New York, chez Rennert will be America's largest private home. Rennert was born on May 31, 1934 in Brooklyn New York. The holding company then sold $120 million in junk bonds, this moment paying an additional $100 million dividend to Renco. As if this mansion wasn't large enough, Soros recently added a 19-room addition that spreads over another 19 acres of . Then he wondered aloud if the brownies would ever make it past the guardhouse. [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. ''It's a whopper, but it's just a house,'' he said. Rennert's parents were Jewish immigrants from Poland and Romania. '', But Sandy Gross, who lives in Water Mill but bikes and swims in adjacent Sagaponack, said of the mansion: ''It's obscene and so excessive. The entrepreneur is respected not only in business circles, but also in academia. As Rennert seems to have very few visitors, its not clear who he plays with. Rennert served as a partner at Rubin, Rennert & Co. in 1962. The Sagaponack Homeowners Association and several nearby neighbors have hired John F. Shea III of the Twomey, Latham, Shea & Kelley law firm in Riverhead to represent them in arguments before Southamptons Board of Zoning and Appeals. The 1931, 28-unit building is also home to billionaire Ira Rennert, who made his fortune by using junk bonds to buy bankrupt companies. The Rennerts are known to have donated to Rabbi Aharon Bina's new yeshiva in Israel, Yeshivat Netiv Aryeh, and are additionally honored with a plaque as well as their family upon entrance into the building. Along the way, he paid substantial dividends out of the business to himself. Ira is a board member of the New York Business School and holds a master's degree, which he received . In a series of junk bond issues since 1995, Renco's subsidiaries have borrowed an estimated $1.1 billion and transferred $322 million (29 percent) to Renco Group, according to documents filed with the U.S. Securities and Exchange Commission (SEC). 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. as well as other partner offers and accept our, epresentatives of a now-defunct mining business he used to own claimed he. (For what it's worth, we think it makes more sense to have more bedrooms than bathrooms.). Renco received substantial negative publicity regarding its ownership and the environmental problems in La Oroya. [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. The extension was never built. [40] The house outraged locals, who claimed Rennert originally planned to use it as a spa, a hotel, or a religious retreat. The Rennert Entrepreneurial Institute (REI) is one of the core programs offered to students at Sy Syms School of Business. He said he had no intention of using the mansion as a religious retreat or a resort and would not ever sell it. This structure is also being redesigned. [21] A 2002 study showed more than half of the children living within a quarter mile of the smelter had high blood-lead levels. There are accusations that Rennert used funds to pay for the construction of his massive Sagaponack estate. 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. He also served as a partner at Rubin, Rennert & Co.[4] before launching his own business, I. L. Rennert & Co., in 1962. A Brooklyn native and former credit analyst, he began building his fortune by investing in junk bonds in the 1980s. [7], One Renco subsidiary, magnesium producer US Magnesium (USM), is accused of polluting the Great Salt Lake in Utah. 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 . 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