Ira Rennert has had his share of days in court.
Most recently he has been on the stand, and in the news, accused of taking approximately $100 million in dividends from Magnesium Corp. of America and using the money to build his Fair Field estate in Sagaponack close to 20 years ago. The suit is for $700 million, plus punitive damages.
Representatives of now-bankrupt Magnesium Corp. allege that Rennert started taking the funds in 1996, a few months before purchasing the Sagaponack land on which his huge estate now sits. They say he used dividends to purchase the land and build his 62,000 square foot house, which was last assessed at just under $250 million. He bought the property for $11 million in 1996 and began building shortly thereafter.
The financier says absolutely not; that the allegations are false and that the money came from his company Renco Group, which owns the whole shebang.
I’m sure this case, and the coverage, will continue to be interestingier and interestingier as it unfolds. Yes, I just made up a word. It’s Saturday morning and I’m working on hard newsy stuff so I thought I’d inject a teensy bit of fun. : )
Back to work, work, work.
Considered to be the most valuable home in the United States, oceanfront Fair Field, named for adjoining Fairfield Pond, has been at the center of controversy from the very beginning. Sited on 63 acres, the property boasts several buildings in addition to the main house, which has been reported to have 29 bedrooms and 39 bathrooms, a basketball court, tennis and and squash courts and a synagogue. The overall hugeness of the house, located on what was once a potato farm, has never really sat well with a considerably large majority of locals. Approximately 4 years ago, Rennert was called out by Southampton Town officials for allegedly starting construction on a 10,000 square foot private museum on the grounds without obtaining the proper building permits.
According to Forbes, Rennert now has a personal fortune of approximately $6 billion and ranks number 132 on the Forbes Magazine list of World Billionaires.
Here are a few links about this evolving story: