Thanks for the marvelous posting! He previously was Editor-in-Chief of . [3], Rennert started his career as a credit analyst on Wall Street in 1956. Kahn brought in thousands of tons of earth to build the 90-foot-high hill on which the castle stands. Just like WCI, the company paid Renco $90 million in dividends by the year end. At this point, US Magnesium is the only magnesium producer in the United States. "Enough already," said. (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. David Friedman, the Fight for Campus, & Remembering the Saintly "Baba Sali" Nail Designs To Make Your Valentines Day Extra Special. But one group couldn't be happier: the local tax collectors. According to Crains and Southamptons news site 27East, the playhouse contains a basketball court and a two-lane bowling alley. Ira Leon Rennert or simply Ira Rennert is an American investor and business magnate. In addition to the colossal main home, there's also a play house and two pool houses at Fair Field. Anthony B. Tohill of Riverhead, the lawyer representing Mr. Rennert, said the commercial nature of the construction, including the steel frame, was a way of addressing state fire codes that would otherwise have required self-closing doors and compartmentalization of rooms. Rennert's parents were immigrants from Poland and Romania. According to Crain's, Rennert's mansion spans 62,000 square feet, which is equivalent to nearly an acre and a . ''I doubt the Rennerts would come over for a cup of coffee, but I'd have them. Their argument is that someone can build anything they want, and you cant do anything about that until they use it illegally, Mr. Shea said. Randy Winn is a managing director at Standard & Poor and also manages their IQ business. The differences between Roth 401(k)s and Roth IRAs recently were changed significantly. In addition to the colossal main mansion, the Fair Field site contains a playhouse and two big houses with a pool. According to engineers retained by the Sagaponack Homeowners Association, systems include a 5,000-gallon drinking water tank and an 8,000-gallon tank. The Rennert Family Grand Prizes, made possible by the generous support of the Rennert Family Foundation, Ira Rennert (MBA '56) and Ari Rennert (BS '01), were presented in each category: Technology Venture Competition: The $75,000 Prize was awarded to Baton. 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. 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. [12], The Renco Group's environmental record in the U.S. related to Doe Run provides a good example of this development. 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 1956, after completing his MBA, he started his carrier as an analyst at Wall Street. Rennert informed the Fuld family of his intent through a trusted emissary . Wearing track pants and running shoes, his tanned face framed by a leonine mane of white hair, Mr. Rennert sidestepped a question about the sort of relationship he expected to have with his neighbors. 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). He also served as a partner at Rubin, Rennert & Co.[4] before launching his own business, I. L. Rennert & Co., in 1962. He denied such allegations, and the local paper later issued an apology. 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 . Edward Borg attends Ira and Ingeborg Rennert Benefit For Southampton Hospital at Rennert Estate on June 4, 2009 in East Hampton, New York. And thanks to our friend Jeff Cully at EEFAS for supplying the gorgeous aerial photos and video footage of the property. . It's arrogant. Eight years later in 1912, he built a second castle for his residence. . Rennert was born on May 31, 1934 in Brooklyn New York. At 110,000 square feet (63 acres), the site for his new home Fair Field generated some controversy as residents of the nearby town of Southampton complained about the projects impact on their town. Whatever problems investors may have had, Mr. Rennert has been generous to Jewish and Israeli causes, bestowing the Rennert name on a women's Torah study program in Israel and endowing a chair in Judaic studies at Barnard College. They hired consultants to assess the potential impact of the Rennert mansion on the neighborhood, and they sued to stop the town from issuing building permits. [32] She serves as the Director of Lincoln Center for the Performing Arts, Inc.[33] They have three children: Rennert is a member of the Fifth Avenue Synagogue, an Orthodox synagogue[38] where he is also honorary chairman.[39]. Ira is now single. [19] The energy improvements in US Magnesium's manufacturing process have also caused a net reduction of 100,000 tons per year of carbon dioxide emissions. Neighbors have expressed concerns that the mansion might become a resort or religious retreat, which might create traffic and environmental problems. 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. He is also known as a generous supporter of Jewish causes. Reading, Hi, I do think this is a great site. Ira Leon Rennert ranks 29th among "the World's Richest Jews", according to the Jerusalem Post. Told of Fair Field's total of 110,000 square feet, Sarah Thomas, Biltmore's public relations coordinator, laughed. 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. Ira Rennert is the founder of the Renco Group, an industrial empire with estimated annual revenues of $5 billion. And the property itself is massive, covering 63 acres of prime Hamptons beachfront. Together they have three children, Tamara Yonina and Ari. [9] Harbinger sold the business to Severstal, a steelmaker based in Russia.[10]. He has total worth of USD 3.9 billion. Besides his house in Sagaponack, Rennert owns a duplex apartment on Manhattan's Park Avenue, and a home in Israel. Ira Rennert - Philanthropy Philanthropy Ira Rennert ranks #132 on Forbes Magazine's list of World Billionaires. According to Crain's, Rennert's mansion spans 62,000 square feet, which is equivalent to nearly an acre and a half of land. Rennert took his graduation degree from Brooklyn College in 1954 and took his masters degree from New York Universitys Stern School of Business in 1956. Rennert served as a partner at Rubin, Rennert & Co. in 1962. NOW WATCH: Watch Mark Zuckerberg's Neighbors Get Really Ticked Off About Construction At His Mansion. 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. [15], In 2001, the Justice Department and EPA filed suit against Renco. As Rennert seems to have very few visitors, its not clear who he plays with. Rennert is married to Ingeborg Hanna Rennert, a former airline ticket agent who is a convert to Judaism. The NYU Entrepreneurs Challenge is made possible by the generous support of the Rennert Family Foundation, Mr. Ira Rennert (MBA '56), and Mr. Ari Rennert (BS '01). On January 14, 2011, the United States Court of Appeals sided with the EPA and upheld placing the site on the National Priority List. He reportedly broke ground for the new building without seeking permission from the village. ''This has been done by just a few people with emotional and psychological problems,'' he said. According to a company spokesman, Jon Goldberg: "Due to market conditions, the firm found itself in violation of the net capital rule and Rennert raised capital and put it into the firm to bring it into compliance. On August 20, 2004, it was announced that Ronald Perelman's MacAndrews & Forbes Holdings company would buy 70% of AM General from Renco. Ira Rennert, 80, was hit with $118million fine by Manhattan court Jurors found he siphoned off cash in breach of shareholders' trust Creditors claimed he used it to build lavish home in the Hamptons Rennert carried on building anyway and moved into his new home in 2004. Today, US Magnesium is the third-largest magnesium producer in the world. In terms of his personal life, Rennert is married to Ingborg Hanna Rennert, a former airline ticket agent. AM General produced vehicles for military, industrial and government use, which includes the. '', Although Fair Field is hard to miss, Jennifer Pike, who runs a farm stand on nearby Sagg Main Street with her husband, Jim, said she had not looked at it in years. [11], In 1993, Renco acquired AM General from the LTV Corporation to help LTV emerge from bankruptcy. How To Use A SEP IRA To Lower Your 2022 Taxes, You Can Roll Your 529 Plan To A Roth IRA Beginning In 2024. Looking to lower your 2022 taxes? More than 100,000 sq ft in total, it will be twice the size of. "The Renco Group Completes Acquisition of Delphi's Global Interiors and Closures Businesses", "Perelman Seeks Controlling Stake in Maker of Hummer", Worlds Most Renowned Sock Manufacturing Company, Renfro Brands, Acquired by The Renco Group, Poisoned city fights to save its children, "EPA: U.S.MAGNESIUM WASTES ENDANGER WORKERS, FAMILIES, BIRDS", "EPA proposal to list the US Magnesium site on the National Priorities List, with support from the Utah Department of Environmental Quality", "National Briefing | Midwest: Missouri: High Levels Of Lead In Children", "Poisoned city fights to save its children", The Blacksmith Institute - World's Worst Polluted Places - La Oroya, Peru, https://en.wikipedia.org/w/index.php?title=Renco_Group&oldid=1127666515, Financial services companies established in 1986, Investment companies of the United States, Wikipedia articles needing factual verification from April 2018, Creative Commons Attribution-ShareAlike License 3.0, This page was last edited on 16 December 2022, at 00:33. RG Steel Corp. (defunct) Unarco Material Handling, Inc. Asked whether he was protecting their privacy, he shook his head almost imperceptibly but did not answer. In 1989, Renco acquired the U.S.s largest, to assist LTV emerge from bankruptcy. He previously lived in Atlantic Beach, NY. The lawsuit failed, but the town has since passed a law limiting houses to 20,000 square feet. [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. The environmental problems were not solved despite huge investment by Renco, and Renco never made any financial profit from its investment. Tamara Winn is the daughter of Ira. ''This is a home for the Rennert family,'' said Mr. Rubenstein, whose Manhattan firm, Rubenstein Communications Inc., also represents the Israeli Consulate in Manhattan. Born in Brooklyn in 1934, Rennert began his career, after. That's in addition to three swimming pools. George W. Vanderbilt's estate in Asheville, N.C., completed in 1895 and appropriately named Biltmore, claims to be the largest private house in the United States. All Rights Reserved To Luxtionary 2021. He is regarded as one of the world's sexiest investors, according to those on Wall Street. One of the most costly homes in the world is his. They have three children. Tamara Rennert Winn Yonina Rennert Davidson Ari RennertHanna acknowledges her husband as loving, caring, and extremely charming.Ira has three children as named above. 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). He said he had no intention of using the mansion as a religious retreat or a resort and would not ever sell it. Ira Rennert is a self made billionaire and his worth is USD 3.9 billion as of Jan 2017. Ask Larry: Will Rolling My Pension Into An IRA Avoid Social Security's WEP Reductions? Their ambitious forays into rural Long Island also caused dismay among neighbors, said Robert B. Mackay, director of the Society for the Preservation of Long Island Antiquities in Cold Spring Harbor. I want to say that this article is awesome, great written and include almost all important infos. They were reportedly fed up with the number of zoning rules hed already scooted around. Along the way, he paid substantial dividends out of the business to himself. 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. The business mogul, who Forbes says is worth $5.9 billion, was recently in court defending. Mr. Tohill said It reminded him of the Frick Museum in Manhattan. Mort Zuckerman. The 16 Coolest Ear Piercings Styles; A List You Must Know. At this time he was censured by the National Association of Securities Dealers for operating with insufficient capital. FOSTER PROVOST is Ira Rennert Professor of Entrepreneurship and Information Systems and Director, Fubon Center, Data Analytics & AI, at the Stern School of Business at New York University. [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. Its property taxes in 2007 were $397,559.00. Ira Rennert and his wife, Ingeborg, have three children and are grandparents. Mark Cuban June 19, 2013 1:55 am at 1:55 am #1029924. playtime. This has been an extremely wonderful post. The buildings, which total over 110,000 square feet (10,000m2), including the 66,000-square-foot (6,100m2) main house, have an Italianate facade, 29 bedrooms, and 39 bathrooms. They also weren't pleased when he tried to build his own 10,000-square-foot private museum on the estate. ''And I don't want to get into that.''. The business mogul, who Forbes says is worth $5.9 billion, was recently in court defending the funding of his Sagaponack estate. ''Bondholders would like to tear him into many small pieces,'' Forbes said, adding that investors lost about $700 million on the $1.5 billion in bonds his companies issued from 1992 to 1998. The new law enhances tax treatments for surviving spouses, especially those married to a younger spouse. [1] He graduated from Brooklyn College in 1954, and earned his master's degree from New York University's Stern School of Business in 1956,[2] where he later was on the Board of Overseers. 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