), By the early aughts Rennert had found another winner in AM General, maker of the Humvee. } } 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. return true; Its whumping rotor was like a lightning bolt striking nearby, says Dalene, a fast-talking 58-year-old with a long nose and narrow-set eyes. Help Mother Jones' reporters dig deep with a tax-deductible donation. [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 has long said the verdict made no sense because jurors thought MagCorp was solvent at the time of the alleged transfers. } He denied such allegations, and the local paper later issued an apology. Hamptons' resident Frank Dalene, a founding member of the Quiet Skies Coalition, says billionaire industrialist Ira Rennert is the worst offender. While an IRA is an easy asset to inherit because it bypasses the probate process, trouble lurks beneath the surface if you are not informed. Rennert ranks on the 29th spot onThe Jerusalem Postlist of the Worlds 50 RichestJews in the year 1988. Ira Rennert Billionaire | Sagaponack NY Estate - The Real Deal New York 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. AM General produced vehicles for military, industrial and government use, which includes theHumvee. Besides his house in Sagaponack, Rennert owns a duplex apartment on Manhattan's Park Avenue, and a home in Israel. Ira Rennert and his wife Ingeborg in 2013. Lee Buchwald, MagCorps bankruptcy trustee, accused Rennert of diverting money from the now-defunct company to help build his 21-bedroom, 43,000-square-foot mansion known as Fair Field on 65 oceanfront acres in Sagaponack, on Long Island. One of the first to notice the giant bird was Frank Dalene, founder and CEO of a successful luxury homebuilding company, who lives on a ridge along Rennerts flight path. mps._queue.gptloaded.push(function() { Be alert for the times when there's a higher payoff from converting an IRA . [9] Harbinger sold the business to Severstal, a steelmaker based in Russia.[10]. But they have nothing on Fair Field, the Italianate estate Rennert finished building nine years ago in Sagaponack. .map(categoryPreference => parseInt(categoryPreference.split(':')[0], 10)); 'cag[type_franchise]' : 'Inside Wealth' , return '' But we will be respectful, Dalene assures me. })(); Circuit Court of Appeals, Nos. [citation needed], In 1988, Renco bought a Warren (Ohio) steel company from its bankrupt parent, LTV Steel Co., for a price tag of $140 million. All quotes delayed a minimum of 15 minutes. His current lawyer, Steven Kaufman, did not respond to requests for comment on the lawsuit, which also seeks interest. The flights have become so noisy that neighbors are complaining. 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He is at 148th spot in the Forbes 400 in 2016. A Peruvian judge has threatened to extradite bad-boy industrialist and private-equity bigwig Ira Rennert, according to a recent story in Peru's La Republica.Since January, the American . SOCIAL_MEDIA: 8 Copyright 2023 Mother Jones and the Foundation for National Progress. '); Hes become the symbol of excess here., -By CNBC's Robert FrankFollow Robert Frank on Twitter: @robtfrank. 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. }. typeof mps._gptfirst == "function" && mps._gptfirst(adunit, slotid); 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 huge mansion in New Yorks Hamptons. Rennert ranks. const COOKIE_REGEX = /groups=([^&]*)/; See here for a complete list of exchanges and delays. Ira Rennert's name was not mentioned in last week's press release announcing the sale of Sparrows Point to RG Steel, a Renco subsidiary. Renco is also suing Peru for $800 million, arguing that its demands for a timely cleanup violate the US-Peru free trade agreement. Ira has three children as named above. May 2011 - Sep 20115 months. Date.now() : (function() { return +new Date })(); return true; [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]. Sara Shipley Hiles and Marina Walker Guevara. Renco received substantial negative publicity regarding its ownership and the environmental problems in La Oroya. On January 14, 2011, the United States Court of Appeals sided with the EPA and upheld placing the site on the National Priority List. He also served as a partner at Rubin, Rennert & Co. [4] before launching his own business, I. L. Rennert & Co., in 1962. mps._urlContainsEmail = function() { Jurors had in February 2015 found Rennert and Renco liable for $118 million to the bankruptcy estate of MagCorp, which had sought protection from creditors in 2001. console.log('PUB-GDPR-CHECK oneTrustCookie matches: ', matches); The initial lawsuit DOJ filed on behalf of EPA in 2001 claimed U.S. Magnesium was not following regulations promulgated under the Resource Conservation and Recovery Act of 1976, which dictates how waste byproducts must be disposed. 'cag[template]' : 'story_simple' , Ira Rennert Net Worth | Celebrity Net Worth 'path' : '/id/48136349' , The house that Ira Rennert built | Crain's New York Business Rennert and his wife Ingeborg have made many charitable donations to various organizations. He is at 148th spot in the Forbes 400 in 2016. Hanna acknowledges her husband as loving, caring and extremely charming. Another US unit of Renco also faced environmental issues in Herculaneum, Missouri and has made substantial improvements. Rennert jumped into private equity, issuing millions in junk bonds to finance the purchase of dirty mining and industrial outfits. On this Wikipedia the language links are at the top of the page across from the article title. At this point, US Magnesium is the only magnesium producer in the United States. See here for a complete list of exchanges and delays. The Rennerts also helped to fund the construction of The Western Wall Heritage Foundation in Jerusalem (the visitor's center is called The Ingeborg and Ira Leon Rennert Hall of Light). )[14] By 1998, the year the Renco was placed on the EPA list, it had reduced emissions at US Magnesium by 50%. 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They have endowed chairs at several different universities, including a chair in Jewish studies at Barnard College, a chair in Aging Research at Albert Einstein College of Medicine, a chair in Stem Cell Biology at Albert Einstein College of Medicine, and the Ira Rennert Professorship of Business at Columbia University. [13] (US Magnesium was purchased by Renco in 1989 in the year in which its emissions peaked at 119,000 tons per year. Today, reader support makes up about two-thirds of our budget, allows us to dig deep on stories that matter, and lets us keep our reporting free for everyone. Terms of Service apply. But the situation has become intolerable over the past few years, Dalene says, thanks to a whirlybird craze among the investment bankers and hedge fund gurus who weekend in Sagaponack and Southampton. The business mogul, who Forbes says is worth $5.9 billion, was recently in court defending the funding of his Sagaponack estate. Hanna serves as the director of Lincoln centre for the performing arts, Inc. It occurred again in 1963, and as a result, his license was revoked on November 29, 1964, effectively banning him from the securities industry. Ira Rennert Net Worth | TheRichest By signing up, you agree to our privacy policy and terms of use, and to receive messages from Mother Jones and our partners. The duo sold their 2,745-square-foot condo at, , just little blocks southeast of the edifice they now call home, for. The Cost Of Battery Production Tax Credits Provided In The IRA, A Limited Return Of The Stretch IRA? This improvement was beyond the economic and technical capability of Centromin. if (mps._urlContainsEmail()) { Frank Dalene, a luxury homebuilder-turned-anti-chopper-activist, told Rennert in an email that burdening residents with chopper traffic was like throwing your garbage on the side of the tracks for us poor folks to live with., A spokesman for Rennert said that: "Singling out Mr. Rennert in this manner is unfair. They Rule from the Shadows: Ira and Ingeborg Rennert }); [6] The suit went on until 2007, when a judge ruled in favor of Renco and against the DOJ. 'type' : 'blogpost' , Upper-Class Warfare in the Hamptons - Mother Jones mps.scodePath="//fm.cnbc.com/applications/cnbc.com/staticcontent/scripts/omniture/s_code.js?v=1.6.4.1"; Discover short videos related to jenna rennert on TikTok. Last year, he founded the Quiet Skies Coalition, an anti-helicopter group that has become one of the most potent political forces in the Hamptons. This makes it even easier to become a ROTH IRA millionaire and benefit from all that tax-free retirement income. const blockedCategories = decodeURIComponent(matches[1]) We will vigorously defend these allegations and we are confident that we have fulfilled our professional obligations, a spokeswoman for Arnold & Porter Kaye Scholer, the successor firm to Kaye Scholer, said in an email on Tuesday. This is not an Occupy thing.. The Rennerts are known to have donated to Rabbi Aharon Bina's new yeshiva in Israel, Yeshivat Netiv Aryeh, and are additionally honored with a plaque as well as their family upon entrance into the building.