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The entrepreneur is respected not only in business circles, but also in academia. Ms. Louvel said she had pedaled past Fair Field at every stage of construction and finds its completion anticlimactic. [16] The suit claimed PCB-laced sludge and dust choked the plant's plumbing, wastewater ponds, landfill and ditches, where contaminants were 12 times the allowed limit for accidental release. Reading, Hi, I do think this is a great site. They are involved in real estate business and were in news for selling and purchasing grand mansions. Ira gifted an apartment to his two daughters Tamara and Yohina worth USD 30 million. Looking to lower your 2022 taxes? If you're metals-and-minerals billionaire Ira Rennert, you decide it's time to install a new 10,000-sq-ft private museum on your property to house all those crayon landscapes, hand-outline. I meant frum jews . Oheka is being transformed over five years into a 50-suite luxury health spa. Randy Winn is a managing director at Standard & Poor and also manages their IQ business. This is his mansion in the Fair Field estate in Sagaponack, New York. Mr. Rennert and his wife, Ingeborg, also have two married daughters and one granddaughter. 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 . as well as other partner offers and accept our, epresentatives of a now-defunct mining business he used to own claimed he. We're assuming this based on the fact that he purchased apartments for his two daughters in January 2008 for more than $30. Ira Rennert mega-mansion at Sagaponack NY Capitol Intel Group/BBN www.capitolintelgroup.com 4.28K subscribers Subscribe 37 9.2K views 3 years ago SAGAPONACK Renco Group owner and founder Ira. Rennert is married to Ingeborg Hanna Rennert, a former airline ticket agent who is a convert to Judaism. Families in attendance included Nina and Mitchell Davidson, Erynne and Ari Rennert, Nazee and Joe Moinian, Lisa Marie and Phillip Falcone, Caroline Schmidt and Craig Barnett, Pernilla and David Avital, Christine and William Campbell, Alyssa and William Friedland, Joshua Gruss, Elaine and Richard Hirsch, Erica and Michael Karsch, Julie and Morry [8] Newspaper reports speculated that the Pension Benefit Guaranty Corporation had threatened to put a lien on Rennert's personal estate in order to ensure the steelworkers' benefits. 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. [27] He also ranks #29 on The Jerusalem Post list of the World's 50 Richest Jews.[28]. Ira Rennert's dream house in the Hamptons will have 29 bedrooms, 39 bathrooms, a 164-seat theater and a restaurant-size kitchen with 5 refrigerators, 6 sinks and a 1,500-gallon grease trap. ''I don't think it's such a big deal, just a huge Italian villa,'' she said with a shrug. Doe Run Company. Big-Hearted Baron Ira Rennert Buys Daughters Spreads in 740 Park, 778 Park for $60 M.-Plus" By Max Abelson, New York Observer: "Schwarzman Redux: Manufacturing Exec Signs $18 Million Deal" by Deborah Schoeneman, "The Shmooze Feuding Tycoons Attend Same Synagogue", "Battle of the bazillionaires: In a Hummer of a legal fight, Ron Perelman, Ira Rennert trade some nasty accusations", "An apology to Ira Rennert of Sagaponack", History of private equity and venture capital, https://en.wikipedia.org/w/index.php?title=Ira_Rennert&oldid=1139919903, American people of Romanian-Jewish descent, New York University Stern School of Business alumni, Private equity and venture capital investors, People associated with the Madoff investment scandal, Articles with dead external links from April 2017, Articles with dead external links from September 2017, Articles with permanently dead external links, Articles with unsourced statements from May 2016, Articles with unsourced statements from March 2022, Articles with unsourced statements from July 2008, Creative Commons Attribution-ShareAlike License 3.0, Michael Shnayerson. He was born to a Polish mother who emigrated from Poland at age 3 and a father who emigrated from Romania at age 13. Hanna serves as Lincoln Centers director for the performing arts, inc. There are accusations that Rennert used funds to pay for the construction of his massive Sagaponack estate. Ira Leon Rennert or simply Ira Rennert is an American investor and business magnate. [7], One Renco subsidiary, magnesium producer US Magnesium (USM), is accused of polluting the Great Salt Lake in Utah. 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. In the end, the addition was never built. It has been reported that Rennert also had a private museum built to accommodate and showcase his massive art collection. . In Glen Cove, Charles Pratt, one of the founders of the Standard Oil Company and the founder of the Pratt Institute, purchased 800 acres that later became a family compound encompassing 82 buildings that included 21 residences. [21] In 2000, the EPA and the Missouri Department of Natural Resources tested area lead levels and ordered Doe Run to clean up locations where lead levels exceeded EPA standards. Presently he controls nations largest industrial empire and his net worth is USD 6.5 Billion. Fortunately, Rennert has deep pockets. They donated $5 million to establish the Wiesel Center at Boston University and $250,000 to the Lincoln Center. The code not only addresses illegal activity but also doesnt allow building an illegal nonconforming structure in a particular zoning district, to begin with.. On this Wikipedia the language links are at the top of the page across from the article title. The holding company then sold $120 million in junk bonds, this moment paying an additional $100 million dividend to Renco. While an IRA is an easy asset to inherit because it bypasses the probate process, trouble lurks beneath the surface if you are not informed. His neighbors aren't exactly revving up the welcome wagon. Ira Rennert and Ingeborg Hanna Rennert have a son named Ari Rennert who is associate member in Rennerts business empire and is most likely the viable candidate to take up the job of his father. [citation needed] In 2013, Doe Run shut down its lead smelter, entirely discontinuing emissions in Missouri. TRD Staff | January 10, 2018 06:05PM. He was at 435th spot in Forbes list of billionaires in 2016 and at 154th spot in United States. Overview: Ira Rennert is an American junk bond trader and CEO of Renco investment group. This makes a little more sense than building a house with more bathrooms than guests. The building reportedly has 29 bedrooms, 39 bathrooms, its own power plant, three swimming pools, a Synagogue, two courtyards, an orangery, a 164-seat home theater, a basketball court, and a bowling alley. ''I guess it's just chateau envy.''. Hearings before the board concluded in September, but its still reviewing documents. Diane Louvel, who lives a short bicycle ride away in Wainscott, was sitting with two friends in front of the Sag General Store on a recent Saturday afternoon. [16] Magcorp declared Chapter 11 bankruptcy shortly after the lawsuit began and a federal judge allowed Rennert to restructure MagCorpnow U.S. Magnesiumwhich exempted it from previous legal liability. The duo sold their 2,745-square-foot condo at, , just little blocks southeast of the edifice they now call home, for. A Brooklyn native and former credit analyst, he began building his fortune by investing in junk bonds in the 1980s. Rennert is married to Ingeborg Hanna who was an airline ticket agent and is Judaism convert. I learn something new and challenging on websites I, Hmm is anyone else experiencing problems with the pictures on this, Hi! US Magnesium LLC [1] Inteva Products [2] Website. Save my name, email, and website in this browser for the next time I comment. [15] By 2005, the most recent year of data released by the EPA, emissions had been reduced 97%. He recalls with longing their warm and welcoming home, full of the light of Torah and Yiddishkeit, values that came from the heart and are the bedrock of the . (Reuters) - A federal appeals court said billionaire Ira Rennert must pay a $213.2 million judgment after a jury found him liable for looting his now-defunct magnesium company to build one of. Ira Rennert's Children Ira has three children as named above. In the late 1990's Ira Rennert, founder of the Renco Group decided to begin construction for his dream home located in Sagaponack, NY.More than two decades later, the home dubbed Four Fairfield Pond, named after the adjoining body of water on the property, is one of the most expensive homes on the planet at $248.5 million.. Of course, with a net worth of more than $4 billion, the sky is the . Rennerts Renco is one of the largest holding companies in the U.S. and he also has holdings in RG Steel, US Magnesium and the Roe Run Company in Peru. It encompasses several buildings and has 29 bedrooms, 3 dining rooms, 3 swimming pools side by side, a 164-seat theater and a recreation pavilion with a basketball court, gym and a 2-lane bowling alley. 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. When can I. I always spent my half an hour to read this website's articles everyday along with a cup of coffee. Ira Rennert basically is a self made investor. The home is worth $248 million, according to the Fiscal Times, and would be listed for about $500 million today, one real estate broker told Crain's. Mark Cuban June 19, 2013 1:55 am at 1:55 am #1029924. playtime. Harry Mumford, one of Mr. Rennert's closest neighbors, spends summers with his wife, Julia, in a tiny cottage just across Daniels Lane. Mr. Vonnegut did not return calls to his summer residence on Sagg Main Street, but his wife, the writer Jill Krementz, did. '', 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. [6] In 1998, Renco Steel Holdings Inc. was created to serve as a holding company for WCI. According to Curbed, Rennert owns $500 million worth of art. 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. [verification needed] In June of 2021 Renco Group purchased Renfro Brands, Renfro Brands is a leading designer, manufacturer, and marketer of quality socks and legwear products. 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. Try to spot the tire swing in this photo. An intensely private 78-year-old with a leonine mane of white hair, he. Locals in Herculaneum claimed their children were suffering from lead poisoning traceable to toxic emissions coming from Renco's Doe Run lead smelting plant, which had been in operations locally since 1892. David Friedman, the Fight for Campus, & Remembering the Saintly "Baba Sali" 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). Eight years later in 1912, he built a second castle for his residence. Rennert served as a partner at Rubin, Rennert & Co. in 1962. [21] An EPA fact sheet noted the following: "Since 2001, EPA, MDNR and The Doe Run Company have addressed lead contamination in Herculaneum through a series of actions which have included residential soil replacements, home interior cleanups, and a voluntary residential buyout program. In 1956, after completing his MBA, he started his carrier as an analyst at Wall Street. A Pocket Guide to Environmental Bad Guys, (New York: Thunder's Mouth Press). )[14] By 1998, the year the Renco was placed on the EPA list, it had reduced emissions at US Magnesium by 50%. Ira Rennert net worth: Ira Rennert is an American businessman who has a net worth of $4 billion and that makes him one of the richest people in New York. Of that, about $100,000 is earmarked for school taxes, representing nearly a tenth of the budget for Sagaponack's one-room school. A federal appeals court said billionaire Ira Rennert must pay a $213.2 million judgment after a jury found him liable for looting his now-defunct magnesium company to build one of the country's. No one would ever have questioned a Whitney, a Vanderbilt, or a Kahn as to what they intended to do with their enormous edifices since those houses were all built around the same time as summer homes. According to CNBC, his taxes were up to $649,281 last year, or as they put it, enough to buy two houses in most other parts of the country. Until last week, Mr. Rennert, 70, had maintained a steadfast public silence, declining for years to talk to reporters or to address speculation about what might go on behind his thick hedgerows. In fact, by the standards of Oheka, a French chateau-style castle designed by Delano & Aldrich and completed in 1917 by Kahn, the financier, on 443 acres near Cold Spring Harbor, Fair Field is no big deal. He is one of three Editors of Long Island Country Houses and their Architects 1860-1940, published last year by the society in conjunction with Norton & Company. [3], In August 2004, it was announced that Ronald Perelman's MacAndrews & Forbes Holdings company would form a joint venture with AM General's current owner, Renco Group, to give Perelman 70% ownership of AM General. ''This is a home for the Rennert family,'' said Mr. Rubenstein, whose Manhattan firm, Rubenstein Communications Inc., also represents the Israeli Consulate in Manhattan. He denied such allegations, and the local paper later issued an apology. I certainly enjoyed reading it, Right here is the perfect webpage for anybody who really wants, This text is worth everyone's attention. Billionaire Ira Rennert, who was fined in 2015 for using company funds to build a massive Hamptons estate, is suing his former lawyer for bungling his defense . Hanna acknowledges her husband as loving, caring and extremely charming. [citation needed] Since 1998 most Renco financings have been bank debt. On this Wikipedia the language links are at the top of the page across from the article title. ''It's a whopper, but it's just a house,'' he said. He has total worth of USD 3.9 billion. They also donated hundreds of Torah scrolls to communities in Israel. [15] The EPA data recognizes this as the single largest reduction in air emissions in the category of hazardous air pollutants since the TRI began in 1987 at any single facility. Hunt . Ira has three children as named above. Tamara Winn is the daughter of Ira. But last Sunday morning, while sitting with his 25-year-old son, Ari, he described Fair Field as the place where he would spend his old age, surrounded by activity and family. He is at 148th spot in the Forbes 400 in 2016. Ira Rennert basically is a self made investor. That's in addition to three swimming pools. [citation needed] In 1994, Fluor Corp. of Los Angeles sold the Doe Run Company to Renco, with the latter paying $52 million in cash, and approximately $60 million in debt payable over an eight-year period. In 2001, the Department of Justice filed suit against Magnesium Corp. for multiple violations of hazardous waste law, and also it cited Rennert's removal of money from Magnesium Corp. through the bond issue, "leaving the companies insolvent and unable to pay their bills". Doe Run Peru S.R.L. Ira Rennert - Philanthropy Philanthropy Ira Rennert ranks #132 on Forbes Magazine's list of World Billionaires. He denied such allegations, and the local paper later issued an apology. As for Mr. Netanyahu's living there, Mr. Rennert's public-relations consultant, Steven Rubenstein, said that Mr. Netanyahu was too busy in Israel to consider moving to the Hamptons. He reportedly donated funds to help restore the Western Wall in Jerusalem. ''I'm buying old age and loneliness insurance,'' Mr. Rennert said, chuckling as he waved a hand toward the mansion. ''For a year, people were telling us they would miss us,'' she said. The house faces the Atlantic Ocean and its grounds measure 63 acres (250,000m2). If money were no object, how big would your house be? Ira Leon Rennert ranks 29th among "the World's Richest Jews", according to the Jerusalem Post. 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. A Manhattan jury has found billionaire Ira Rennert liable for looting millions from a magnesium company he controlled -- money he allegedly used to pay for his $250 million residential compound. He is a graduate of Brooklyn College in 1954, and earned his master's degree from New York University's Stern School of Business in 1956, where he later was on the Board of Overseers. He is the President of a privately-held Manhattan-based holding company called Renco that, among other assets, owns a steel plant and a magnesium plant. [16] MagCorp maintained it was exempt from the federal Resource Conservation and Recovery Act, which requires companies to monitor certain kinds of hazardous waste. With an estimated worth of US$4 billion, he could easily have afforded to pay for the project from his own pocket. I dont even object to the square footage, one neighbor told 27East. Our thanks go out to our friend Jeff Cully at EEFAS for supplying the gorgeous aerial photos and video footage of the property. According to Crains and Southamptons news site 27East, the playhouse contains a basketball court and a two-lane bowling alley. The duo sold their 2,745-square-foot condo atthe Chatham, just little blocks southeast of the edifice they now call home, for$6.85 million. My clients architects and engineers have designed what my client wanted to have: a large house, Mr. Tohill said. Ira Leon Rennert or simply Ira Rennert is an American investor and business magnate. Ira Rennert is a self made billionaire and his worth is USD 3.9 billion as of Jan 2017. He also served as a partner at Rubin, Rennert & Co.[4] before launching his own business, I. L. Rennert & Co., in 1962. She said they were staying put. 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. Tamara is married to Randy Winn. Today, US Magnesium is the third-largest magnesium producer in the world. www .rencogroup .net. Ira Rennert gifted Yohina an apartment worth USD 30 million and she along with her husband Davidson have shifted to the house in Park Avenue. However, the firm once more fell beneath the net-capital requirements and he shut the company down. [23] The La Oroya smelter began operations in 1922 and was operated for many years by Centromin, a Peruvian government agency, without any environmental controls. [11], In 1993, Renco acquired AM General from the LTV Corporation to help LTV emerge from bankruptcy. Its environmental improvements and recent track record have been substantial and include a reduction of emissions by 90% since 2000 (97% since 1989). Wikipedia. '', While fishing last winter on Moose Head Lake in Maine, Mr. Tillotson said, he met an airplane pilot who described a recent flight over the South Fork. They were reportedly fed up with the number of zoning rules hed already scooted around. They also have homes in Manhattan and Jerusalem. The family also funded the construction for a new mikvah at the Fifth Avenue Synagogue, which was completed in May 2010. Ira Rennert - Family, Family Tree - Celebrity Family. Neighbors have expressed concerns that the mansion might become a resort or religious retreat, which might create traffic and environmental problems. The extension was never built. 205 Ira Rennert Photos and Premium High Res Pictures - Getty Images CREATIVE Collections Project #ShowUs Creative Insights Custom Content EDITORIAL VIDEO BBC Motion Gallery NBC News Archives MUSIC BLOG BROWSE PRICING BOARDS CART SIGN IN Editorial Images Images Creative Editorial Video Creative Editorial FILTERS CREATIVE EDITORIAL VIDEO All Sports ''I doubt the Rennerts would come over for a cup of coffee, but I'd have them. Houses Rennert caused controversy among his neighbors by building a beach front home in Sagaponack, New York considered one of the largest occupied residential compounds in America. The initial lawsuit DOJ filed on behalf of EPA in 2001 claimed U.S. Magnesium was not following regulations promulgated under the Resource Conservation and Recovery Act of 1976, which dictates how waste byproducts must be disposed. Roth IRA contribution limits have increased for 2023. . Tamara is married to Randy Winn. Howdy! Renco's holdings include a stake in military truckmaker AM General, lead and zinc producer Doe Run Company and U.S. Magnesium Corp., among others. Federal regulators and environmentalists have pursued Mr. Rennert, filing at least a dozen lawsuits, calling his smokestack businesses -- which make steel and produce magnesium, lead and coal -- some of the country's worst polluters, Forbes Magazine reported on July 22, 2002. In the end, Doe Run ended up investing more than $300 million in environmental remediation during its ownership and was not able to clean up the site to achieve the standards required by Peruvian law. ''I'm trying to convince him of that,'' he said, nodding toward his son, who smiled sheepishly. More than 100,000 sq ft in total, it will be twice the size of. Ira Rennert is married to Ingeborg Hanna Rennert. He has also given large donations to Yeshiva University and the Center for Jewish History in New York. Discover The Best Leather Phone Case for Every Style. ''That's probably as close as anyone's gotten to us in a long time. The surviving Pratt houses include the Manor House on Dosoris Lane, built by Thomas T. Pratt in 1911. [21] Doe Run agreed to buy 160 homes in the contaminated area around the smelter at a cost of more than $10 million. Based on these taxes, the home is currently valued at $198 million,[27] making it the most valuable home in the United States. Rennert ranks. Oheka tops Fair Field by 50,000 square feet at 109,000 square feet of the main residence, its only the second-largest structure as a private residence in the United States, outranked only by the 174,000-square-foot Biltmore House built by George Vanderbilt in Asheville, In 1895. On August 20, 2004, it was announced that Ronald Perelman's MacAndrews & Forbes Holdings company would buy 70% of AM General from Renco. Mort Zuckerman. "Devastating Luxury.". He named his home after the adjoining body of water, Fairfield Pond. Brooklyn-born Ira Rennert has an oceanic $185 million Hamptons compound, . [17] The EPA suit, however, remained outstanding until October 2007 when a federal judge ruled against the EPA and the Justice Department and in favor of Renco and MagCorp / US Magnesium.[18]. When Rennets first announced the construction of his estate in the 90s, neighbors said they found the plan audacious, according to New York Magazine, and fought the plans tooth and nail. They seemed particularly ticked off over Rennets plans to build a 10,000-square-foot private museum on his state to house his $500 million art collection. Rennets neighbors were also peeved when Rennert requested permission to add a Pilates studio and another bathroom to one of his pool houses in 2013. Wednesday, 30th April 2008 by Alex Turnbull. Opponents of the Sagaponack house say that the institutional uses of the great houses of the past, now that the mansions have outlived their viability as a private residence, bolsters their arguments that Fair Field is headed in the same direction only in this case, right from the start. In 2015 a court ruled that Rennert was liable for improperly diverting money from his business to pay for a lavish home in Southampton, New York.Source: Forbes.com, The helicopter is apparently so powerful that it is shaking the walls of nearby homes and causing considerable noise pollution. Access your favorite topics in a personalized feed while you're on the go. The Cost Of Battery Production Tax Credits Provided In The IRA, A Limited Return Of The Stretch IRA? His mother emigrated to the U.S. from Poland at age 3 and his father came from Romania at age 14. In terms of his personal life, Rennert is married to Ingborg Hanna Rennert, a former airline ticket agent. Mr. Shea said that his experts and engineers examined the filed plans and having looked at the design and arrangement of this complex, we have determined that this is not a single-family residence.. Ira Rennert, worth $3.7 billion . Idle Hour, constructed in Oakdale for William K. Vanderbilt, had 110 rooms and 70,000 square feet. 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. My client has repeatedly told people who will listen that this is his private residence and that he has the right to build it.. AM General produced vehicles for military, industrial and government use, which includes the. Today's Social Security column addresses questions about the effect of rolling a public pension over into an IRA, survivor's benefits and the earnings test and how military credits can be applied to benefit amounts. Fair Field, whose buildings cover about 110,000 square feet altogether, is unparalleled on the East End in sheer girth and luxury. Discover The Best London Perfume Brands and Luxury Cosmetics. Rennert is reportedly worth around $5.4 billion, the majority of which he made in the junk bond market in the 1980s. He is also Professor of Data Science at NYU and former interim Director of the NYU's Center for Data Science. 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. Back in 2015, Rennert was accused of taking money from MagCorp in the late . But Denis Burke OBrien, a Sag Harbor lawyer, who is chairwoman of Southamptons five-member Architectural Review Board, likened the house to a Mediterranean villa:I really think that once the house is built and is obscured by the landscaping, the surrounding residents will be happy with it, she said. More than perhaps anybody else in finance, Ira Leon Rennert has based his career on telling everybody else to fuck off. Since its inception, the entrepreneurship institute has been a cornerstone dedicated to undergraduate education and development programs. Told of Fair Field's total of 110,000 square feet, Sarah Thomas, Biltmore's public relations coordinator, laughed. It occurred again in 1963, and as a result, his license was revoked on November 29, 1964, effectively banning him from the securities industry. He must have a point of view on something. Presently he controls nation's largest industrial empire and his net worth is USD 6.5 Billion. 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. Reflects change since 5 pm ET of prior trading day. In 1989, Renco acquired the U.S.'s largest magnesium producer in Utah. Among some of the most notable religious Zionist centers funded by the Rennert family is the Ingeborg Rennert Center for Jerusalem Studies at the Bar . EPA and MDNR are also working with Doe Run to address soil recontamination of residences near the smelter and contamination along city haul routes. Mr. Rennerts architect, Mr. Ferguson of Manhattan, refused to discuss the design of the house and its outbuildings, and its office referred calls to Ref cos corporate attorney, Dennis A. Sadlowski of Manhattan. Then he briefly addressed reports that his estate would be put to uses other than as a single-family house. Born in Brooklyn in 1934, Rennert began his career, after. George Soros has even greater wealth than Ira Rennert at a massive $23 billion net worth. 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). As an outside board member, Rennert was not dragged down by the collapse and began to raise junk bonds on his own behalf to finance acquisitions for the Renco Group. Fair Field, Rennert's estate, is one of the largest homes in the United States. Kahn brought in thousands of tons of earth to build the 90-foot-high hill on which the castle stands. As founder and owner of The Renco Group (the first three letters of his name plus "company"), the 76-year-old with a leonine mane of white hair is . You could basically stage a Broadway production at this place. Renco continues to operate the business under the name US Magnesium. [8][9], Smelting operations by another Renco subsidiary, Doe Run Company, are responsible for elevated levels of lead, arsenic, and cadmium in Herculaneum, Missouri,[10] and elevated levels of lead, copper, zinc, and sulfur dioxide in La Oroya, Peru. As parents like me struggle to figure it out, lawmakers have taken some steps to make it easier, including a recent rule change that allows you to roll money earmarked for education into a retirement plan. That's according to Crain's and Southampton news site 27East. Poor and also manages their IQ business 120 million in junk bonds, this moment paying additional..., New York a big deal, just a house, Mr. Tohill said USD 6.5 billion would your be. 19, 2013 1:55 am at 1:55 am # 1029924. playtime University and the for! 1998 most Renco financings have been bank debt, and the Center for Jewish History in York. School taxes, representing nearly a tenth of the Stretch Ira: Thunder 's Press! 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