Ingeborg, a former airline ticket agent, is a convert to Judaism and serves as the Director of Lincoln Center for the Performing Arts, Inc. 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. Many of the issues surrounding the construction of this Long Island Estate were that, technically, no laws had been broken. Media related to Ira Rennert at Wikimedia Commons. 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. [3], Rennert started his career as a credit analyst on Wall Street in 1956. ''I'm buying old age and loneliness insurance,'' Mr. Rennert said, chuckling as he waved a hand toward the mansion. Rennert, 78, is currently listed as #189 on the Forbes Billionaire list and #59 in the U.S. Guggenheims son, Harry F., whose third wife Alicia Patterson founded Newsday, built his 20,000-square-foot residence called Falaise in 2913 on 90 acres that were subdivided from his fathers 262-acre estate. In 1993, Renco acquiredAM Generalfrom theLTV Corporationto assist LTV emerge from bankruptcy. Ira Leon Rennert, Sadie's son, describes his mother as a model of love who received joy by giving to others. According to engineers retained by the Sagaponack Homeowners Association, systems include a 5,000-gallon drinking water tank and an 8,000-gallon tank. 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. Find out how this could help you plan your legacy Beginning in 2024, you can convert your childs 529 plan to a Roth IRA. But Randall Parsons, a local land planner who was retained by the Sagaponack Homeowners Association to review plans for Fair Field, submitted a report to Southamptons Zoning Board of Appeals saying that the complex is designed and arranged in the manner of an exclusive resort, conference center or retreat. Mr. Parsons said that it could be compared to Gurneys Inn Resort & Spa in Montauk, which has 11 buildings totaling 53,481 square feet. There were some renovations done in order to comply with the needs the couple needed.Ira Rennert and Ingeborg Hanna Rennert have a son named Ari Rennert who is an associate member in Rennerts business empire and is most likely the viable candidate to take up the job of his father.Source: Celebfamily.com. Our thanks go out to our friend Jeff Cully at EEFAS for supplying the gorgeous aerial photos and video footage of the property. ''I guess it's just chateau envy.''. 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. As part of the sale to Renco, Centromin agreed to pay to remediate pre-existing (pre-1997) environmental problems and Doe Run Peru agreed to make substantial environmental investments. meeting, his lawyer identified him, in absentia, as Ira Rennert, a New York businessman who runs a company called the Renco Group from 30 Rockefeller Plaza. 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. Rennert lives in Sagaponack, New York along with his wife Ingeborg Hanna and three children. Ira Leon Rennert ranks 29th among "the World's Richest Jews", according to the Jerusalem Post. And the property itself is massive, covering 63 acres of prime Hamptons beachfront. The confusion could stem from whether you're counting the rooms in all buildings on the property, or just the main house. The family also funded the construction for a new mikvah at the Fifth Avenue Synagogue, which was completed in May 2010. The website address for the US Magnesium Superfund Site is, Toxic Lead Smelting Operation in La Oroya, Peru, 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! They are involved in real estate business and were in news for selling and purchasing grand mansions. Due to new laws and IRS waivers, taking required minimum distributions from an inherited IRA can bring a lot of questions. In 1989, Renco acquired the U.S.'s largest magnesium producer in Utah. Hunt . [citation needed] Since 1998 most Renco financings have been bank debt. Ira Rennert Age: 75. Discover The Best London Perfume Brands and Luxury Cosmetics. 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 the United States. The board has the power to revoke the building permit for the house, which was issued last January. He received a Bachelor of Arts/Science from Brooklyn College and a Master of Business Administration from New York University. That's what neighbors do. He reportedly donated funds to help restore the Western Wall in Jerusalem. The PlayStation 2 crash pad is really the Bridgehampton estate of "Hercules" actor Kevin Sorbo, whose $8 million East End home was broken into last year. The 1,575 square foot main dining room could seat 105 people. This post could not be written any better! Tamara Winn is the daughter of Ira. Luckily for the Rennert. Today. Its environmental improvements and recent track record have been substantial and include a reduction of emissions by 90% since 2000 (97% since 1989). A federal appeals court has ordered billionaire Ira Rennert to pay a $213.2 million judgment, upholding a previous jury decision that found him liable for pilfering almost $120 million from. 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. They were also peeved when Rennert tried to expand his pool house. [6], The Renco Group also owns various mills and mines in the United States and South America, and pollution problems at some of the company's properties have sparked public outcries, environmental lawsuits, and hundreds of millions of dollars in environmental penalties and fines. 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.. Bachelor of Arts/Science, Brooklyn College; Master of Business Administration, Leonard N. Stern School of Business. 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. Background and education. Thanks for the marvelous posting! Talk with you tax planner to see how much you can contribute to a SEP IRA for l2022. In 1989, Renco acquired the U.S.s largest, to assist LTV emerge from bankruptcy. She said they were staying put. The media may have slightly overstated the number of bedrooms and bathrooms. The reason his neighbors were ticked off with those plans? Then he wondered aloud if the brownies would ever make it past the guardhouse. In February 2018, Rennert was ordered to pay at least US$118 million in damages. 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. A decision is expected in about two months. [7] Despite losing the company, Renco agreed to assume responsibility for the existing pension plan, with ongoing support from WCI. 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 . [15] By 2005, the most recent year of data released by the EPA, emissions had been reduced 97%. Howdy! [24], Ira Rennert ranks #771 on Forbes magazine's list of the world's billionaires. He previously lived in Atlantic Beach, NY. In the introduction, Mr. MacKay, whose co-editors were Anthony K. Baker & Carol A Traynor noted that the reaction of native Long Islanders to the onslaught of the rich seems to have ranged from anger and resistance to bewilderment.. William Tillotson, a Narrow Lane resident and co-chairman of the Sagaponack Citizens Advisory Committee, which acts as a conduit to the Town Board, said: ''It would be neat if he came to our meetings. According to the Financial Times, it would be listed for around $500 million today. The U-shaped mansion, covered in what appears to be buff-colored stucco, has two courtyards, each with a fountain, and is surrounded by English-style formal gardens, an orangery, guardhouses at the entrances and its own power plant. 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. In the end, the addition was never built. Roth IRA contribution limits have increased for 2023. Stay up to date with what you want to know. The company later became WCI Steel Inc., and Ira Rennert was able to ultimately sell bonds totaling USD 300 million, paying USD 108 million of the proceeds as a dividend to Renco.In 1998, Renco Steel Holdings Inc. was created to provide as a holding company for WCI. Ira Rennert is a self made billionaire and his worth is USD 3.9 billion as of Jan 2017. ''He was pretty surprised when I told him it was just a house. He also served as a partner at Rubin, Rennert & Co.[4] before launching his own business, I. L. Rennert & Co., in 1962. Time To Learn The Ropes, Do Not Sell or Share My Personal Information, Limit the Use of My Sensitive Personal Information. 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. Mr. Rennert and. They also gave over $1 million to the World Trade Center Memorial and established the Rennert Entrepreneurial Institute of Sy Syms School of Business at Yeshiva University. His neighbors aren't exactly revving up the welcome wagon. Child IRAs are powerful savings vehicles, but obstacles make them inaccessible to many. Ms. Louvel said she had pedaled past Fair Field at every stage of construction and finds its completion anticlimactic. Anyone can read what you share. 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. George Soros has even greater wealth than Ira Rennert at a massive $23 billion net worth. But one group couldn't be happier: the local tax collectors. Rennert's wife and children are named as the donors of The Jonas Mendel (Yonah Menachem Ben Mendel) Rennert Memorial Chapel at the Center for Jewish History. Biography. Rennert was born on May 31, 1934 in Brooklyn New York. He is also Professor of Data Science at NYU and former interim Director of the NYU's Center for Data Science. ''I'm trying to convince him of that,'' he said, nodding toward his son, who smiled sheepishly. 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. Teams will compete for the Rennert Family New Venture, Technology Venture, or Healthcare and Biomedical Venture prize. Harry Mumford, one of Mr. Rennert's closest neighbors, spends summers with his wife, Julia, in a tiny cottage just across Daniels Lane. They also donated hundreds of Torah scrolls to communities in Israel. He received a Bachelor of Arts/Science from Brooklyn College and a Master. 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). ''I don't want him to say anything that will get us kicked off the guest list,'' she said, laughing. Removing minerals from the water of the Great Salt Lake, Magnesium Corp. uses chemicals to refine the magnesium used in products ranging from bombs to bicycles. The 1931, 28-unit building is also home to billionaire Ira Rennert, who made his fortune by using junk bonds to buy bankrupt companies. 1. Doe Run Company. Wikipedia. The duo sold their 2,745-square-foot condo at, , just little blocks southeast of the edifice they now call home, for. Since its inception, the entrepreneurship institute has been a cornerstone dedicated to undergraduate education and development programs. The business mogul, who Forbes says is worth $5.9 billion, was recently in court defending. Representatives of a now-defunct mining business he used to own claimed he looted the company to realize his vision. Oh, and there's also a billiards room, two tenniscourts,andtwo squash courts. [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. How many bedrooms and bathrooms would you have? 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. [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. [citation needed], Rennert's strategy for building Renco was to acquire all the shares of struggling companies and to finance the acquisition by issuing junk bonds. In 1998, Renco Steel Holdings Inc. was created to provide as a holding company for WCI. Rennert's holding company, the Renco Group Inc., paid about $32.5 million -- $22.5 million . The Rennerts are also tied to the anti-Muslim conspiracy theorist Frank Gaffney. He is at 148, spot in the Forbes 400 in 2016. Curbed Hamptons reported Rennert's property taxes at $483,742.54 or more than $40,000 a month in 2008. ''We could have had 20 houses built on a property that size, but we only have one,'' she added, ''so we have to come to terms with it.''. According to Crains and Southamptons news site 27East, the playhouse contains a basketball court and a two-lane bowling alley. Hello, I desire to subscribe for this web site to get most, Hi there to all, the contents existing at this web page are truly amazing, After I initially left a comment I appear to have clicked on the -Notify me, Im not that much of a internet reader to be honest but your, I every time used to read post in news papers but now as I, Hi colleagues, how is the whole thing, and what you, Good post. He is at 148th spot in the Forbes 400 in 2016. 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. 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. Is A Roth IRA Conversion The Right Strategy For You? He acknowledged that with 29 bedrooms, he could find plenty of company. 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. But just because you can delay doesn't mean you should. This improvement was beyond the economic and technical capability of Centromin. 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. It's also pretty controversial. These investments were estimated to be approximately $100 million at the time of the deal. [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. SECURE 2.0 Creates Backdoor Child IRA Opportunity, Inheriting An IRA? [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. They have three children. 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. Ira Rennert: lawsuits and charity of the founder of Renco Group. Ira is now single. This makes it even easier to become a ROTH IRA millionaire and benefit from all that tax-free retirement income. The house has a dozen chimneys and a Mediterranean-style tile roof as well as a 91-foot (28m) long formal dining room, a basketball court, a bowling alley, two tennis courts, two squash courts, and a $150,000 hot tub. [21] Doe Run agreed to buy 160 homes in the contaminated area around the smelter at a cost of more than $10 million. Back in 2015, Rennert was accused of taking money from MagCorp in the late . [citation needed] In 1997, Doe Run went on to pay $247 million for a similarly environmentally troubled lead smelting complex from the Peruvian government, as well as borrowing more money to service its Fluor Corporation debt. But the mansion, constructed for about $110 million but now valued much higher, has been the center of a number of controversies since Rennert built it in the 1990s. Rennerts garage for the estate can hold up to 100 cars. Retirees now have until age 73 to start RMDs. [41] Mr. Rennert said he had good reason to maintain his anonymity: ''I have a wife and children I need to protect.'' 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. Pretty! Early Warning Signs Rennert started his career as a credit analyst on Wall Street in 1956. 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. 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 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. ''Thank God I own half the house. Its property taxes in 2007 were $397,559.00. AFTER five years of construction and controversy, the wealthy industrialist Ira Rennert has received a certificate of occupancy allowing his family to move into their 66,395-square-foot Italianate mansion on the ocean here. Back when he constructed the place in the 1990s, neighbors found the mansion "audacious," New York Magazine reported. A Brooklyn native and former credit analyst, he began building his fortune by investing in junk bonds in the 1980s. That's in addition to three swimming pools. Oheka is being transformed over five years into a 50-suite luxury health spa. It is now known as the Harrison Conference Center, which with later additions now has 198 bathroom suites. Of that, about $100,000 is earmarked for school taxes, representing nearly a tenth of the budget for Sagaponack's one-room school. With the national debt soaring to unprecedented levels, you may be concerned about protecting your investments from future tax rates. 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. EPA and MDNR are also working with Doe Run to address soil recontamination of residences near the smelter and contamination along city haul routes. I want to say that this article is awesome, great written and include almost all important infos. Is any community complaining about having a Bayard Cutting Arboretum, a Coe Estate, or a Harrison Conference Center in their midst? Said Mr. Tohill, the lawyer for Mr. Rennert. Its main mansion has 250 rooms covering 175,000 square feet. Idle Hour, constructed in Oakdale for William K. Vanderbilt, had 110 rooms and 70,000 square feet. Rennert is married to Ingeborg Hanna Rennert, a former airline ticket agent who is a convert to Judaism. He was born to a Polish mother who emigrated from Poland at age 3 and a father who emigrated from Romania at age 13. Ira Leon Rennert is a man who gets what he wants - from a sprawling Long Island mansion complete with a 200-car garage to a smooth escape from environmental fines through a bankruptcy filing. They donated $5 million to establish the Wiesel Center at Boston University and $250,000 to the Lincoln Center. The house outraged locals, who claimed Rennert originally planned to use it as a spa, a hotel, or a religious retreat. Ira Rennert, an American business magnate with a net worth of $5.1 billion, is the chairman and CEO of Renco Group. In 1996, Renco established Renco Metals, Inc. as a holding company for Magnesium Corp. and issued $150 million in bonds. Maybe I'll deliver a plate a brownies.''. Tamara Winn is the daughter of Ira. Rennert ranks. Then he briefly addressed reports that his estate would be put to uses other than as a single-family house. 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. 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. Eight years later in 1912, he built a second castle for his residence. 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. US Magnesium LLC [1] Inteva Products [2] Website. Ironically, Ms. Wang just left that 14-room apartment in favor of her family's old duplex at 740 Park; maybe Ms . Rennert was born on May 31, 1934 in Brooklyn New York. He is building not only the biggest house in the Hamptons, but one of the largest in the country. They are involved in real estate business and were in news for selling and purchasing grand mansions. [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. Aside from succeeding in business, Rennert is also big in philanthropy. Long Island has other huge houses, of course. Save my name, email, and website in this browser for the next time I comment. [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. He named his home after the adjoining body of water, Fairfield Pond.Source: Wikipedia.org, Ira Rennert has a net worth of $4 billion and that makes him one of the richest people in New York. The company later became WCI Steel Inc., and Ira Rennert was able to ultimately sell bonds totaling USD 300 million, paying USD 108 million of the proceeds as a dividend to Renco. Just like WCI, the company paid Renco $90 million in dividends by the year end. How To Use A SEP IRA To Lower Your 2022 Taxes, You Can Roll Your 529 Plan To A Roth IRA Beginning In 2024. I could have sworn I've been to this. Rennert's parents were immigrants from Poland and Romania. According to Curbed, Rennert owns $500 million worth of art. [22]. . [29] They also established the Ira Leon Rennert Professor of Entrepreneurial Finance at New York University and founded the Ingeborg Rennert Center for Jerusalem Studies at Bar-Ilan University. '', Donald Sachar, a citizens' advisory committee member, called the house ''an elephant in our living room, horribly intrusive. They also have homes in Manhattan and Jerusalem. Ira Leon Rennert or simply Ira Rennert is an American investor and business magnate. Fair Field, Rennert's estate, is one of the largest homes in the United States. 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. Hanna acknowledges her husband as loving, caring and extremely charming. Rennert ranks on the 29th spot onThe Jerusalem Postlist of the Worlds 50 RichestJews in the year 1988. The butler will do all the shopping. In 1956, after completing his MBA, he started his carrier as an analyst at Wall Street. Yohina Davidson is the second daughter of Ira and Hanna. We're assuming this based on the fact that he purchased apartments for his two daughters in January 2008 for more than $30.
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