[7] Despite losing the company, Renco agreed to assume responsibility for the existing pension plan, with ongoing support from WCI. Representatives of a now-defunct mining business he used to own claimed he looted the company to build it, and in late February he was ordered to pay back at least $118 million in damages. No one on Earth needs this much space for anything. Kurt Vonnegut called it “the greatest book ever written.” In a rare public appearance, Rennert described his mega-mansion as “old age and loneliness insurance.”. INTERESTING COMMENTS – AND I AGREE WITH PARTS OF MOST OF THEM…JUST REMEMBER THAT HE DID ALL THIS IN ONE GENERATION…MY GREAT AUNT AND UNCLE WERE NOT BORN HERE…HE ATTRACTS THE RICH AND FAMOUS JUST BECAUSE…I AM PERSONALLY CONFLICTED BECAUSE I KNEW HIM WHEN…AND NOW HE HAS NOTHING TO DO WITH US BECAUSE…THERE ARE MANY SUB CULTURES IN THIS COUNTRY AND HE HAS JOINED ONE OF THE TOP ONES…I AM HAPPY WHERE I AM…NO ONE SAYS ANYTHING BAD ABOUT ME…EXCEPT THAT I SOMETIMES TALK TOO MUCH…BUT NO ONE WANTS MY MONIES AS I HAVE VERY LITTLE…I KNOW FROM WHENCE HE… Read more ». [3], Rennert started his career as a credit analyst on Wall Street in 1956. [25], Ultimately, Doe Run Peru was a bad investment for Renco on many counts. It’s a historic moment for our democracy, and never has it been so important to stay grounded in facts. This guy and the rest of the uber-weathly .1% own 85% of that pie. 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". His neighbors were reportedly fed up with the number of zoning rules he’d already scooted around. It has 12 chimneys. 9. It is the largest privately owned house in America It is purportedly the largest privately owned and occupied house in America, and is estimated to be the world’s most expensive home. I don’t think anyone here has said you can’t amass some wealth. Living space ranges anywhere from 43,031 to 100,000 sq ft; bedrooms vary from 21 to 29 bedrooms and bathrooms are equally difficult to pin down, ranging from 18 to 49. Rennert is widely reported to be reclusive, so we're not sure who he plays with in his play house. They have three grown children. In the end, the addition was never built. As discussed before, The largest occupied house is 100,000 square feet in Sagaponack (The Hamptons). It’s none of our business period. Never followed the Ira storys.Never heared of him. The agencies demanded nearly $1 billion in fines, alleging MagCorp (a Renco Metals Inc. subsidiary) dumped toxic waste in ditches and ponds on the Great Salt Lake. Sign up for Insider Finance. These investments were estimated to be approximately $100 million at the time of the deal. In addition to the colossal main home, there's also a play house and two pool houses at Fair Field. All Rights Reserved. Have questions about buying, selling or renting during COVID-19? That space rivals the Pentagon! Mother Jones was founded as a nonprofit in 1976 because we knew corporations and the wealthy wouldn't fund the type of hard-hitting journalism we set out to do. 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. They have three children: I love that property. Net worth: $5.9 billion. 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. The mansion has somewhere between 21 and 29 bedrooms, and between 18 and 39 bathrooms, depending on who you ask. (For […], […] many reports, Fair Field has 29 bedrooms and 39 bathrooms, though Zillow, that collects genuine estate information regulating open records, depends 21 bedrooms and 18 […]. […] 110,000 square feet, Ira Rennert's Sagaponack estate is the largest private home in the entire country. Necessary cookies are absolutely essential for the website to function properly. Ira Rennert is married to Ingeborg Hanna Rennert. Bill Gates’ house. The confusion could stem from whether you’re counting the rooms in all buildings on the property, or just the main house. It's us but for your ears. Rennert and his wife Ingeborg have made many charitable donations to various organizations. This company then became WCI Steel Inc., and Rennert was able to ultimately sell bonds totaling $300 million, paying $108 million of the proceeds as a dividend to Renco. The 10,000-square-foot playhouse includes a basketball court and a two-lane bowling alley. NOW WATCH: Watch Mark Zuckerberg's Neighbors Get Really Ticked Off About Construction At His Mansion, 19 Crazy Facts About Bill Gates' $123 Million Washington Mansion. Text As anyone who follows real estate knows, the investor Ira Rennert's beachfront Sagaponack house, regularly referred to as The House that Ate the Hamptons, is … Rennert is a major Republican donor. There are no words to describe IRA RENNERT and the people that works for him. One thing is certain: this is one, big house. good on him i say! [20] and won an MEP award in 2006 for Environmental Consciousness. His purchase of AM General in 1992 was bought with a down payment of just $10 million. Mr. Rennert and his wife, Ellen, currently live in Los Angeles. We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. I’ve never heard of this place until today. Rennert is widely reported to be reclusive, so we’re not sure who he plays with in his play house. Maybe Ira will turn things around for all of us “little people” down at the point. The mansion has its own 164-seat theater. I would be in heaven. Ira Rennert's Fair FieldWikimedia Commons. It's also pretty controversial. To just be able to lay my head down just once without worry, in peace,….. if only. It is mandatory to procure user consent prior to running these cookies on your website. Listen on Apple Podcasts. It's also one of the most valuable. There were some renovations done in order to comply with the needs the couple needed. I’m not aware of many people in the world who are still building “shrines” to themselves. Renco continues to operate the business under the name US Magnesium. We also use third-party cookies that help us analyze and understand how you use this website. Please Allow Javascript and reload this page. They were also peeved when Rennert tried to expand his pool house. Copyright © 2020 Mother Jones and the Foundation for National Progress. Forget for a… Read more ». It’s also pretty controversial. [15], In 2001, the Justice Department and EPA took action against Renco, filing suit against the company. According to Curbed, Rennert owns $500 million worth of art. http://1.bp.blogspot.com/_il8Um8Q4Eb…avidsiegel.bmp Actually no. Round-up of top news and topics for each of the following cities: Editorially-curated headlines and news to know for the following areas: The numbers behind office leases, retail, sales and financing. When all the fertile lands are destroyed by his mining companies, What are we going to eat? On August 17, 2010, a 10th Circuit Court of Appeals ruling overturned a District Court judge's October 17, 2007, decision that the U.S. Magnesium facility in Rowley, Utah was not illegally disposing five wastes. Annual property taxes on his home in Sagaponack, NY: $508,005. [24], Ira Rennert ranks #132 on Forbes magazine's list of the world's billionaires. "[5], Michael Milken —as a bond trader for Drexel Burnham Lambert—was successful selling high-risk, high-yield bonds issued by struggling or undercapitalized companies. (No. The reason his neighbors were ticked off that time? The confusion could stem from whether you're counting the rooms in all buildings on the property, or just the main house. Terms included a $67.5 million cash payment with the remainder to be paid in various forms over a 10-year period. Located at 281 Daniels Ln Sagaponack, NY 11963, the actual square footage and number of bedrooms and bathrooms vary, depending on source. 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. Media related to Ira Rennert at Wikimedia Commons, The website address for the US Magnesium Superfund Site is, Toxic Lead Smelting Operation in La Oroya, Peru, Learn how and when to remove this template message, New York University's Stern School of Business, National Association of Securities Dealers, United States Court of Appeals for the District of Columbia Circuit, List of investors in Bernard L. Madoff Securities, New York University Leonard N. Stern School of Business, "SEC News Digest - Dixie Dinettes Files for Secondary", "Ira Rennert's House of Debt: How leverage made millions for a tarnished financier--and investors lost out", "Doe Run owner built empire on junk bonds", "US: U.S. Moves to Seize Pension Fund in Dispute With Renco | corpwatch", "U.S. Moves to Seize Bankrupt Steel Maker's Pension Plan", "Perelman Seeks Controlling Stake in Maker of Hummer", "Summaries of the 2004 Climate Protection Award Winner's Accomplishments", "Herculaneum Facility to Close After 120 Years in Operation", The Nation: "Religious Leaders Challenge Polluter" by Sara Shipley Hiles, "Poisoned city fights to save its children", "-Yeshiva University News - Gifts Boost Medical Research: Ten Professors Invested in Endowed Chairs at Albert Einstien College of Medicine", "Members of Congress, Obama Administration Go to Bat For Billionaire Investor", Vanity Fair: Letter from the Hamptons: Sand Simeon, New York Observer: "Big Deal! His businesses in Peru have ruined the surrounding towns and killed many innocent people and the money he made was used to build this castle. Not so. But opting out of some of these cookies may have an effect on your browsing experience. We’re here to walk you through the giant, limestone, Italian renaissance home and its surrounding estate. [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. 6. By signing up, you agree to our privacy policy and terms of use, and to receive messages from Mother Jones and our partners. SPEAK OUT because people like him are destroying our planet, he is killing the fertile lands in Peru with his mining company DOE RUN. The stories dominating banking, business, and big deals. I say good for him. Ira Leon Rennert (born May 31, 1934) is an American billionaire businessman, and the chairman and CEO of Renco Group. Based on these taxes, the home is currently valued at $198 million[27] making it the most valuable home in the United States. We are having some technical difficulties. This is America and if this self-made billionaire wants to build a mansion of any dimensions, that’s his right in a free democracy.
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