Obama pardons Ian Schrager

Miami /
Jan.January 18, 2017 01:30 PM

From the New York website: It’s the end of an era in more ways than one. The outgoing president this week pardoned developer Ian Schrager over a 1980s tax evasion conviction.

In 1980, Schrager was sentenced for tax fraud over Studio 54, the famous nightclub he co-founded with partner Steve Rubell. He served 20 months in prison, another five years on probation and had to cough up $20,000 in fines.

“Your crime is one of tremendous arrogance,” the judge told Schrager and Rubell at the time. “You fail to appreciate the true nature of the seriousness of a tax charge.”

Schrager is one of 273 people pardoned by President Barack Obama this week — a list that also includes whistleblower Chelsea Manning. He heads the Ian Schrager Company, which has developed a number of hotels since 2005 and partnered with Mariott on a boutique hotel line. The firm is currently building the West Village condo project 160 Leroy Street.

Schrager isn’t the only developer who ran into trouble over his taxes. Last year, Aby Rosen paid $7 million to settle tax evasion charges.  And in September, Manhattan District Attorney Cyrus Vance Jr. indicted Michael Shvo on charges of evading $1.4 million in tax charges. [NYP]Konrad Putzier


Related Articles

arrow_forward_ios
Clockwise from left: A rendering of Water Street Tampa, Ian Schrager, Jeff Vinik, Patrick Mahomes, rendering of Tampa Edition, Bill Gates and Tom Brady (Photos via Getty; Water Street Tampa/Photo Illustration by Kevin Rebong for The Real Deal)
Development boom in Super Bowl city: Tampa reaches for its real estate moment
Development boom in Super Bowl city: Tampa reaches for its real estate moment
National Cheat Sheet: Kushner-founded RE start up Cadre signs with Goldman Sachs, why Newmark’s IPO fails to impress & more
National Cheat Sheet: Kushner-founded RE start up Cadre signs with Goldman Sachs, why Newmark’s IPO fails to impress & more
National Cheat Sheet: Kushner-founded RE start up Cadre signs with Goldman Sachs, why Newmark’s IPO fails to impress & more
National Cheat Sheet: Inside commercial real estate’s data wars, new leaders named at Elliman and Related … & more
National Cheat Sheet: Inside commercial real estate’s data wars, new leaders named at Elliman and Related … & more
National Cheat Sheet: Inside commercial real estate’s data wars, new leaders named at Elliman and Related … & more
84943186
Obama spokesman denies rumors the former president is buying a $27M estate from Caroline Kennedy
Obama spokesman denies rumors the former president is buying a $27M estate from Caroline Kennedy
“Trump wasn’t a lot of fun” at Studio 54, former owner says
“Trump wasn’t a lot of fun” at Studio 54, former owner says
“Trump wasn’t a lot of fun” at Studio 54, former owner says
Ian Schrager once gave away a Basquiat
Ian Schrager once gave away a Basquiat
Ian Schrager once gave away a Basquiat
Inside the Obamas new $8M mansion
Inside the Obamas new $8M mansion
Inside the Obamas new $8M mansion
The first rendering of the Obama Presidential Library is here
The first rendering of the Obama Presidential Library is here
The first rendering of the Obama Presidential Library is here
arrow_forward_ios

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

Loading...