Born Jeffrey Edward Epstein, he was a former financier who was sentenced for sexual crimes. He was also an educator at the Dalton School of Manhattan and used to teach physics and mathematics.
In this article, we will cover Jeffrey Epstein’s career which made him so rich, his properties, assets, and net worth at the time of his demise.
How Did Jeffrey Epstein Become So Rich?
Jeffrey Epstein’s career has contributed majorly to building this huge net worth. He set up his own financial management firm named J. Epstein & Co in 1982 with the motto of handling those clients’ assets whose net worth was over $1 billion.
After a few years, the founder and chairman of The Limited chain of clothing stores, Leslie Wexner, became his popular client in 1987. There were also rumors of Epstein managing David Rockefeller’s money. He then altered the firm’s name to The Financial Trust Company in 1996.
His firm was based on the island of St. Thomas in the U.S. Virgin Islands for tax purposes. His firm followed a different concept and was focused to plan every financial angle for its clients, may it be related to charity or tax planning.
His demands while handling the money of clients were a lot higher as compared to other hedge funds. Jeffrey would need clients to provide him with complete control of the invested money with at least $1 billion. There was no option for investors regarding how the money is invested.
Epstein used to charge a fixed fee for this work rather he used to take a certain percentage of the profits. During the peak of his power, Jeffrey Epstein earned nearly $100 million annually which contributed immensely to his net worth.
Additionally, he also had the power of attorney of taking steps he believed was essential to aid the money of clients. Reportedly, he never worked for clients with investment amounts of less than a billion dollars. Jeffrey’s company purportedly handled over $15 billion at a time.
What Properties and Assets Did He Own?
Jeffrey Epstein’s successful firm made him capable of earning a lot of assets and properties over the years.
Some of the opulent estates owned by him include a villa in Palm Beach, Florida worth $12 million; an apartment in Paris, France; a 78-acre private island in the Caribbean called Little St. James Island, a ranch in Stanley, New Mexico spread over 10,000 acres of land. The property in New Mexico has a 26,700-square-foot hilltop abode.
His 50,000 square-foot 9-story mansion in Manhattan has been regarded as the largest private residence in the borough. It features ten bedrooms and fifteen bathrooms and is situated in Lenox Hill. He spent $13.2 million to acquire the property in 1989.
After a few months after his demise, the property was put up on the market for sale in July 2020 for $88 million. Financier Michael D. Daffey acquired the house in March 2021 for $51 million with his wife Blake.
Earlier, he used to own a Boeing 727 private jet which was given the nickname of “the Lolita Express” because of his reported interactions with minor girls. In early 2019, he was the owner of two Gulfstream private jets, among which one was sold in July that year.
The same year, the Federal authorities who were looking to seize Jeffrey’s assets, said he is the owner of a minimum of fifteen vehicles including 7 Chevy Suburbans.
Jeffrey tried to acquire New York magazine in 2003 but couldn’t succeed eventually as Bruce Wasserstein acquired it for $55 million. The next year, Jeffrey and Mortimer Zuckerman, the publisher of New York Daily News launched the celebrity news website Radar.com after spending $25 million.
Jeffrey Epstein’s Net Worth at the Time of Death
According to Celebrity Net Worth, the estimated net worth of Jeffrey Epstein was said to be around $500 million as of August 2019 at the time of his demise. His exact net worth was not confirmed ever as there were some rumors claiming Jeffrey Epstein’s net worth to be a whopping $1 billion. Jeffrey Epstein was also considered a “disgraced billionaire,” and his net worth was at least $500 million as per a Justice Department auditor.
Jeffrey Epstein earned a lot throughout his career and built his net worth but unfortunately, his misconduct took down all his reputation. Stay tuned to our website for more such news.