[verification needed] In June of 2021 Renco Group purchased Renfro Brands, Renfro Brands is a leading designer, manufacturer, and marketer of quality socks and legwear products. Ira Rennert earned his billions from working in the finance, metals, and minerals industries. 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. It is possible to move the funds you have saved in your retirement plan to a new IRA without any tax implications by getting in touch with your financial institution and asking for a trustee-to-trustee transfer. They were also peeved when Rennert tried to expand his pool house. They have three children. Stay up to date with what you want to know. Rennert was born on May 31, 1934 in Brooklyn New York. Ira Rennert and his wife, Ingeborg, have three children and are grandparents. He was at 435th spot in Forbes list of billionaires in 2016 and at 154th spot in United States. I could have sworn I've been to this. AM General produced vehicles for military, industrial and government use, which includes theHumvee. However, the firm once more fell beneath the net-capital requirements and he shut the company down. Presently he controls nations largest industrial empire and his net worth is USD 6.5 Billion. Federal regulators and environmentalists have pursued Mr. Rennert, filing at least a dozen lawsuits, calling his smokestack businesses -- which make steel and produce magnesium, lead and coal -- some of the country's worst polluters, Forbes Magazine reported on July 22, 2002. ''I guess it's just chateau envy.''. Ira Leon Rennert (born May 31, 1934) is an American billionaire businessman, and the chairman and CEO of Renco Group. [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. However, her board criticized the gatehouse as being reminiscent of an entrance to a military academy. Maybe I'll deliver a plate a brownies.''. 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. Rennert's parents were immigrants from Poland and Romania. [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. Ira Rennert, Judith Giuliani and Former Mayor Rudy Giuliani attend Ira and Ingeborg Rennert Benefit For Southampton Hospital at Rennert Estate on. His purchase of AM General in 1992 was bought with a down payment of just $10 million. Ira Rennert's dream house in the Hamptons will have 29 bedrooms, 39 bathrooms, a 164-seat theater and a restaurant-size kitchen with 5 refrigerators, 6 sinks and a 1,500-gallon grease trap. Its property taxes in 2007 were $397,559.00. 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. [21] An EPA fact sheet noted the following: "Since 2001, EPA, MDNR and The Doe Run Company have addressed lead contamination in Herculaneum through a series of actions which have included residential soil replacements, home interior cleanups, and a voluntary residential buyout program. Thank you for publishing this awesome article. ''He was pretty surprised when I told him it was just a house. Junk bond billionaire Ira Rennert has a massive house in the Hamptons. For some neighbors, the rise of Fair Field signaled the end of their resistance to the project. 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. The smelter was sold to Doe Run in 1997 primarily because the Peruvian government passed a law that required environmental improvement at the business. [citation needed] In 2013, Doe Run shut down its lead smelter, entirely discontinuing emissions in Missouri. Fair Fields follows in the tradition of others built around the turn of the last Century by tycoons such as the Pratts, Goulds and Whitneys, and Otto H. Kahn. 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. On August 20, 2004, it was announced that Ronald Perelman's MacAndrews & Forbes Holdings company would buy 70% of AM General from Renco. Rennert is widely reported to be reclusive, so we're not sure who he plays with in his play house. Rennert informed the Fuld family of his intent through a trusted emissary . Rennert and his wife Ingeborg have made many charitable donations to various organizations. Its main mansion has 250 rooms covering 175,000 square feet. This mansion is where Soro calls home and offers a tennis court, exquisite landscaping, a pool and a circular courtyard at the entry. Its environmental improvements and recent track record have been substantial and include a reduction of emissions by 90% since 2000 (97% since 1989). [11] In 2007, La Oroya was listed by Blacksmith Institute as one of the "World's Worst Polluted Places".[12]. 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. Fair Field, whose buildings cover about 110,000 square feet altogether, is unparalleled on the East End in sheer girth and luxury. SECURE 2.0 Creates Backdoor Child IRA Opportunity, Inheriting An IRA? Ira has three children as named above. He built a 100,000-square-foot structure now called Castle Gould just to house his horses, carriages, and 200 servants. 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. The extension was never built. I certainly enjoyed reading it, Right here is the perfect webpage for anybody who really wants, This text is worth everyone's attention. Ira Rennert - Philanthropy Philanthropy Ira Rennert ranks #132 on Forbes Magazine's list of World Billionaires. Nicola Yoon, Everything, Everything, What's up to every , since I am really keen of reading this weblog's post to be updated on a regular basis. In fact, by the standards of Oheka, a French chateau-style castle designed by Delano & Aldrich and completed in 1917 by Kahn, the financier, on 443 acres near Cold Spring Harbor, Fair Field is no big deal. Just like WCI, the company paid Renco $90 million in dividends by the year end. He reportedly broke ground for the new building without seeking permission from the village. Member. [17] The EPA suit, however, remained outstanding until October 2007 when a federal judge ruled against the EPA and the Justice Department and in favor of Renco and MagCorp / US Magnesium.[18]. But last. By clicking Sign up, you agree to receive marketing emails from Insider 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". But last Sunday morning, while sitting with his 25-year-old son, Ari, he described Fair Field as the place where he would spend his old age, surrounded by activity and family. Background and education. Mr. Rennert and. He previously was Editor-in-Chief of . With the national debt soaring to unprecedented levels, you may be concerned about protecting your investments from future tax rates. 1040 Fifth Avenue #9 Glenn Dubin A coalition of regulators recently reminded taxpayers about the risks of some self-directed IRAs. Reading, Hi, I do think this is a great site. Families in attendance included Nina and Mitchell Davidson, Erynne and Ari Rennert, Nazee and Joe Moinian, Lisa Marie and Phillip Falcone, Caroline Schmidt and Craig Barnett, Pernilla and David Avital, Christine and William Campbell, Alyssa and William Friedland, Joshua Gruss, Elaine and Richard Hirsch, Erica and Michael Karsch, Julie and Morry Ira Rennert basically is a self made investor. [15] By 2005, the most recent year of data released by the EPA, emissions had been reduced 97%. The holding company then sold $120 million in junk bonds, this time paying an additional $100 million dividend to Renco. Renco Group is an American New York City -based holding company controlled by Ira Rennert that invests in other companies across a range of industries. NEW YORK (Reuters) - Billionaire Ira Rennert has filed a $214 million malpractice lawsuit against his former law firm, after a jury found him liable for looting his magnesium company to build a. In 1989, Renco acquired the U.S.s largest, to assist LTV emerge from bankruptcy. Like!! Check Background Get Contact Info This Is Me - Edit. His neighbors were reportedly fed up with the number of zoning rules he'd already scooted around. Everyone wants to look at it it's like Versailles, but no one can believe it. Renco continues to operate the business under the name US Magnesium. Ira Leon Rennert (born May 31, 1934) is an American billionaire businessman, and the chairman and CEO of Renco Group. 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. The mansion, part of a 63-acre estate called Fair Field, is the largest on the East End and one of the largest in the United States. 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. Try to spot the tire swing in this photo. In its issue of Feb. 17, 2003, Business Week said that Mr. Rennert earned his first $500 million selling high-yield junk bonds in the 1990's and used that fortune to finance an private industrial empire held under the umbrella of his Renco Group. In the end, the addition was never built. 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 . Mark Cuban June 19, 2013 1:55 am at 1:55 am #1029924. playtime. How many bedrooms and bathrooms would you have? The gorgeous beaches, painterly light, and swanky estates . More than perhaps anybody else in finance, Ira Leon Rennert has based his career on telling everybody else to fuck off. Haute Living 2023 - All content and source 2019 Haute Living |, Social Media Management for Interior Designers, Social Media Management for Real Estate Developers, Haute 100 NY Update: Ralph Lauren Reveals Americas Olympic, Haute 100 LA Update: Rick Caruso Wins Ernst & Young's, Gucci Taps Its 90s Archives For The Fall/Winter 2023, Inside Jenny Cipolettis Glamorous Baby Dior Baby, From Naomi Campbell To Sadie Sink: Inside Alexander, New York City Welcomes Haute Leaders For The First Time. Hanna serves as Lincoln Centers director for the performing arts, inc. They also donated hundreds of Torah scrolls to communities in Israel. ''I don't think it's such a big deal, just a huge Italian villa,'' she said with a shrug. Terms included a $67.5 million cash imbursement with the remainder to be paid in various forms over a 10-year period. He is #55 on the Forbes 400. He previously lived in Atlantic Beach, NY. [8] Newspaper reports speculated that the Pension Benefit Guaranty Corporation had threatened to put a lien on Rennert's personal estate in order to ensure the steelworkers' benefits. Diane Louvel, who lives a short bicycle ride away in Wainscott, was sitting with two friends in front of the Sag General Store on a recent Saturday afternoon. ''I just don't notice it,'' Ms. Pike said. He has contributed money to John McCain, Rudy Giuliani and other candidates.[31]. EPA and MDNR are also working with Doe Run to address soil recontamination of residences near the smelter and contamination along city haul routes. Every aspect of the construction from the electrical to the steel frame to the mechanicals is commercial in nature, he said. Ira has three children as named above. Mr. Tohill said It reminded him of the Frick Museum in Manhattan. [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. Renco's holdings include a stake in military truckmaker AM General, lead and. Ira Rennert mega-mansion at Sagaponack NY Capitol Intel Group/BBN www.capitolintelgroup.com 4.28K subscribers Subscribe 37 9.2K views 3 years ago SAGAPONACK Renco Group owner and founder Ira. . Ira Rennert's $500 Million Mega Mansion | Sagaponack Mr. Splendor 1.42K subscribers Subscribe 343 17K views 1 year ago This video is about Ira Rennert's $500 Million Mega Mansion |. 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. Ms. Louvel said she had pedaled past Fair Field at every stage of construction and finds its completion anticlimactic. He also ranks #29 on the Jerusalem Post's list of the World's 50 Richest Jews. He has total worth of USD 3.9 billion. He was at 435, spot in Forbes list of billionaires in 2016 and at 154. Idle Hour, constructed in Oakdale for William K. Vanderbilt, had 110 rooms and 70,000 square feet. 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. Rennert is married to Ingeborg Hanna Rennert, a former airline ticket agent who is a convert to Judaism. Luxury products have six major characteristics including price, quality, aesthetics, rarity, extraordinariness and symbolism. We say thats wrong. Presently he controls nation's largest industrial empire and his net worth is USD 6.5 Billion. At the time, the Lexington, Ky.-based company was known as Costain Coal Inc. and owned by a British firm. ''I doubt the Rennerts would come over for a cup of coffee, but I'd have them. Built for self-made billionaire Ira Rennert and his family, the estate is located at 261 Daniels Lane and is estimated to be worth around $200 million. [21] A 2002 study showed more than half of the children living within a quarter mile of the smelter had high blood-lead levels. [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. Rennert served as a partner at Rubin, Rennert & Co. in 1962. Tamara is married to Randy Winn. Fortunately, Rennert has deep pockets. Through Renco, he owns AM General, the manufacturer of the supersize Hummer sport utility vehicles and the Humvee military vehicles. 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. Mort Zuckerman. Philanthropist Ira Rennert has announced that he will donate a Torah scroll for the ilui neshama - literally, . Rennert is married to Ingeborg Hanna who was an airline ticket agent and is Judaism convert. In 1996, Renco established Renco Metals, Inc. as a holding company for Magnesium Corp. and issued $150 million in bonds. ''I don't want him to say anything that will get us kicked off the guest list,'' she said, laughing. They were reportedly fed up with the number of zoning rules hed already scooted around. Anyone can read what you share. Ira Rennert is married to Ingeborg Hanna Rennert. [41] This is his mansion in the Fair Field estate in Sagaponack, New York. [16] MagCorp maintained it was exempt from the federal Resource Conservation and Recovery Act, which requires companies to monitor certain kinds of hazardous waste. Talk with you tax planner to see how much you can contribute to a SEP IRA for l2022. After Fair Fields was constructed, however, the town of Southampton passed a new zoning ordinance restricting residential dwellings to a maximum of 20,000 square feet of residential space, excluding basements. The family also funded the construction for a new mikvah at the Fifth Avenue Synagogue, which was completed in May 2010. This has been an extremely wonderful post. Together they have three children, Tamara Yonina and Ari. [6] Backed by blue-chip mutual funds and hedge funds such as John Hancock Funds LLC and Putnam Investment Management LLC, Rennert now didn't have to invest much of his own money. Rennert is reportedly worth around $5.4 billion, the majority of which he made in the junk bond market in the 1980s. 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. '', She added that she hoped her outspoken husband would not comment further. Since its inception, the entrepreneurship institute has been a cornerstone dedicated to undergraduate education and development programs. 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. Hanna acknowledges her husband as loving, caring and extremely charming. Ira Rennert was ordered by the court to pay $213.2 million for a case against him by Lee Buchwald of Magnesium Corporation of America (MagCorp), reports 27east. In a rare public appearance, Rennert described his mega-mansion as "old age and loneliness insurance." A local architect who approved the project praised its "restrained classic design." '', But Sandy Gross, who lives in Water Mill but bikes and swims in adjacent Sagaponack, said of the mansion: ''It's obscene and so excessive. '', The neighbors' reactions to Mr. Rennert and his mansion have been mixed. . Rennert is married to Ingeborg Hanna Rennert, a former airline ticket agent who is a convert to Judaism. The code not only addresses illegal activity but also doesnt allow building an illegal nonconforming structure in a particular zoning district, to begin with.. As for Mr. Netanyahu's living there, Mr. Rennert's public-relations consultant, Steven Rubenstein, said that Mr. Netanyahu was too busy in Israel to consider moving to the Hamptons. Ira Rennert is the founder of the Renco Group, an industrial empire with estimated annual revenues of $5 billion. [19] US Magnesium was the recipient of a 2004 Climate Protection Award from the EPA[20] and won an MEP award in 2006 for Environmental Consciousness. 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. ''I want a normal life,'' he said, adding that he did not want to seek publicity. David Friedman, the Fight for Campus, & Remembering the Saintly "Baba Sali" Tamara is married to Randy Winn. "Enough already," said. Neighbors are reportedly organizing to block Rennerts use of the deafening machine.Source: Therealdeal.com, Rennert is married to Ingeborg Hanna who was an airline ticket agent and is Judaism convert. [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.

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