Ira Rennert’s Hamptons estate valued at $500M

Lawsuit against billionaire claims he used company funds to build the 29-bedroom estate

New York /
Feb.February 25, 2015 09:10 AM

Billionaire Ira Rennert’s Hamptons mansion would be valued at $500 million in today’s market and would be the most valuable estate on the fanciest stretch of Long Island.

Rennert allegedly used money from his magnesium empire MagCorp — which went bankrupt in 2001 and was named one of Utah’s largest polluters by federal authorities — to build his 29-bedroom, 39-bathroom mansion in Sagaponack, according to a lawsuit against him cited by Crain’s The house is one of the largest private homes in the country and could be the most expensive estate in the Hamptons, according to the website.

Judi Desiderio, the chief executive officer of Town & Country Real Estate in East Hampton, valued the land of the mansion at $200 million, according to the website. Rennert bought the land for $10 million in 1997.

Rennert’s property includes a 100-car garage and a 164-seat theater. The property was valued at $170 million in 2004, Crain’s reported.

Rennert, is being sued for allegedly taking money from his magnesium empire MagCorp and ignoring significant environmental pollution. It’s unclear if Rennert and other executives knew about the environmental impact while receiving $118 million in dividend payments, according to the website. [Crain’s]Claire Moses


Related Articles

arrow_forward_ios
A photo illustration of the Ram's Head Inn at 107 South Ram Island Drive in Shelter Island Heights (LoopNet, iStock)
On the dock-et: Shelter Island inn owner sues town
On the dock-et: Shelter Island inn owner sues town
Saunders & Associates' Andrew Saunders and Fortune International Group's Edgardo Defortuna (Saunders & Associates, Fortune International Group, iStock)
Saunders & Associates, Fortune International launch referral program
Saunders & Associates, Fortune International launch referral program
Julia Koch and 840 Meadow Lane in Southampton (Getty Images, Tim Davis/Corcoran)
Julia Koch revealed as buyer of dated $70M Southampton estate
Julia Koch revealed as buyer of dated $70M Southampton estate
Friends of Bay Street Chairman Adam Potter and rendering of new affordable housing and commercial space (LinkedIn, BHC Architects, Illustration by Kevin Cifuentes for The Real Deal)
Affordable housing project proposed for Sag Harbor
Affordable housing project proposed for Sag Harbor
Sophocles Zoullas and 275 Ox Pasture Road in Southampton (Getty Images, Harald Grant Real Estate, iStock)
‘Tenacre’ estate is only 3 acres, but lists for $25M
‘Tenacre’ estate is only 3 acres, but lists for $25M
Outside investors see big opportunities in North Fork hotels
Outside investors see big opportunities in North Fork hotels
Outside investors see big opportunities in North Fork hotels
Gurney’s Montauk on Long Island (Gurney's Resorts)
Hamptons hotel prices up 51% from 2019
Hamptons hotel prices up 51% from 2019
Nest Seekers' J.B. Andreassi and Michael Fulfree (Nest Seekers)
“Selling the Hamptons” slated for another season of deals
“Selling the Hamptons” slated for another season of deals
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...