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
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
40 Meadow Lane, Southampton
New Hamptons sales and listings promise ocean views… and eternal life
New Hamptons sales and listings promise ocean views… and eternal life
 Jay Bialsky and 2 West Water Street in Sag Harbor (Getty, renderings via Bespoke Real Estate)
The drama behind Jay Bialsky’s $25M listing in Sag Harbor
The drama behind Jay Bialsky’s $25M listing in Sag Harbor
75 & 81 East Lake Dr. Unit 3 (Mary Lappin Marmorowski/Elliman)
A home on Lake Montauk for just $500K? Here’s why
A home on Lake Montauk for just $500K? Here’s why
The $69 million estate (Lena Yaremenko)
East Hampton estate hits market for first time in 75 years, asks $69M
East Hampton estate hits market for first time in 75 years, asks $69M
A rendering of 12 Eileen’s Path, East Hampton (Corcoran)
Think buying in the Hamptons is tough? Try building
Think buying in the Hamptons is tough? Try building
North Fork home inventory can’t meet demand
North Fork home inventory can’t meet demand
North Fork home inventory can’t meet demand
Retailers rush to open in the Hamptons
Retailers rush to open in the Hamptons
Retailers rush to open in the Hamptons
arrow_forward_ios

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

Loading...