What was Jeffrey Epstein's net worth? $22M Palm Beach pedo mansion to be demolished by developer in 2020
Florida developer Todd Michael Glaser is reportedly planning on closing the deal in December, after which the home will be demolished to build a new 14,000 sqft mansion
Late American financier and convicted sex offender Jeffrey Epstein’s infamous Palm Beach residence, which is alleged to have been the place where multiple teenage girls were sexually abused, will soon be demolished.
The property is said to be bought by Florida real estate developer Todd Michael Glaser, who has signed a contract with Epstein’s estate to acquire the waterfront property, Wall Street Journal reported. Glaser is reportedly planning on closing the deal in December, after which the home will be demolished to build a new mansion that stretches up to 14,000 square feet. He told the publication, "Palm Beach is going to be very happy that it’s gone."
According to the reports, the property was first bought by Epstein in 1990 for $2.5M and listed for sale in July 2020 for $21.995M. However, Glaser and his partner haven’t revealed the price they paid for it, besides the fact that they purchased it at a discount. It comes with six bedrooms and has a three bedroom staff house along with a pool.
Epstein, who was known for his property portfolio across the world, was arrested at the age of 66 in July 2019 on the federal charges of sex trafficking of minors in Florida and New York. He was found dead in jail on August 10.
What was Jeffrey Epstein’s net worth?
The school teacher-turned-financier was of relevance much before the serious allegations against him came to light. Reports suggest that he held close relationships with some of the biggest personalities and had many high profile friends. Besides his real estate dealings, Epstein owned two planes, of which one was capable of international travel.
Following his arrest in 2019, USA Today had reported, "A court filing from the government and a filing by Epstein’s defense team both stated he owns six properties, along with other personal property. He appears to own the holdings through several shell companies named after trees – Maple Inc., Laurel Inc. and Cypress Inc. – according to online records."
He owned properties in New York, Palm Beach County property in Florida, a ranch in New Mexico and the controversial Little Saint James US Virgin Islands that spanned over 72 acres and was worth $20M. He's said to have owned "at least 15 vehicles", according to the New York State Division of Criminal Justice Service. These included seven Chevrolet Suburban SUVs, a Chevrolet Express cargo van, a Hummer and a Cadillac Escalade, among other luxury automobiles. Epstein founded his first company in 1981 and called it Intercontinental Assets Group Inc. Six years later, J Epstein & Co was founded. The name of the company was later changed to The Financial Trust Co. and had its headquarters shifted from New York to US Virgin Islands.
The records obtained by federal prosecutors in New York showed that Epstein was worth more than $500M and made an estimated $10M a year. One of the documents from his federal court case revealed that Epstein had self-certified his assets at $559,120,954 as of June 30. This included $56.5M in cash, $14.3M in fixed income, $112.7M in equities and about $195M in hedge funds and private equities.