Brooklyn-born Billionaire Ira Rennert, 80, is accused of
looting one of his companies out of $118 million in the late 1990s — or more
than $600 million now, including interest — forcing the business into
bankruptcy and using the funds to build a 100,000-square-foot compound ‘Hamptons
estate’.
The 62,000-square-foot main house has 29 bedrooms, 39
bathrooms, a 164-seat theater and a 100 car garage. The main house is adjacent
to a 10,000-square-foot “playhouse” with two bowling alleys, a squash court and
billiards room, amongst other amenities.
The sorry details of the fate of MagCorp, a polluting
magnesium producer that went bankrupt in 2001, would be unlikely to generate
quite so much interest on their own.
Rennert is the founder of Renco Group, a private holding
company that Vanity Fair once called “the biggest private polluter in America.”
Forbes put Rennert’s net worth at $6.3 billion.
Rennert’s lawyers say MagCorp failed due to the
recession, but was in fine shape when it floated bonds that financed millions
in dividends that went to Rennert.
Source:Fiscal Times
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