Ira Rennert’s Hamptons estate valued at $500M

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

TRD 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
Robert Futterman charged with DUI in Hamptons car crash

Robert Futterman charged with DUI in Hamptons car crash

Robert Futterman charged with DUI in Hamptons car crash
Rihanna has joined in the mayhem that is the Hamptons rental market. She’s reportedly looking to buy, but first wants to rent. (Getty, iStock)

Rihanna is on the hunt for a Hamptons getaway. And she “doesn’t have a budget”

Rihanna is on the hunt for a Hamptons getaway. And she “doesn’t have a budget”
Marriott CEO Arne Sorenson (center) with StayMarquis co-founders Alex Goldstein and Bryan Fedner (Credit: StayMarquis)

Marriott jumps into Hamptons rental market

Marriott jumps into Hamptons rental market
317 Murray Place (Credit: Bespoke Real Estate)

Southampton compound trades for $58M

Southampton compound trades for $58M
Hamptons market so tight, even landlords seek rentals

Hamptons market so tight, even landlords seek rentals

Hamptons market so tight, even landlords seek rentals
Tonight on TRD Talks Live: Heavyweight brokers on the Hamptons frenzy

Tonight on TRD Talks Live: Heavyweight brokers on the Hamptons frenzy

Tonight on TRD Talks Live: Heavyweight brokers on the Hamptons frenzy
Barry Rosenstein and his Hamptons home (Credit: Aurora Rose/Patrick McMullan via Getty Images, Bespoke Real Estate) 

Hedge funder sells Hamptons home for $37M

Hedge funder sells Hamptons home for $37M
26 Windmill Lane (Credit: Douglas Elliman)

Hamptons compound sells for $45M in area’s biggest sale of the year

Hamptons compound sells for $45M in area’s biggest sale of the year
arrow_forward_ios

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

Loading...