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} 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. SECURE 2.0 Creates Backdoor Child IRA Opportunity, Inheriting An IRA? Inexpensive, too! mps._queue.mpsinit.push(function() { However, the firm once more fell beneath the net-capital requirements and he shut the company down. That ended a lawsuit in which the U.S. Pension Benefit Guaranty Corp accused Renco of trying to evade $70 million of obligations. var script = document.createElement("script"); // If in iframe, bypass OneTrust. S&P paying about $1.38B in government settlement. Media in category "Ira Rennert" The following 3 files are in this category, out of 3 total. He previously lived in Atlantic Beach, NY. [13] (US Magnesium was purchased by Renco in 1989 in the year in which its emissions peaked at 119,000 tons per year. 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 . [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. [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. })(); el.parentNode.insertBefore(s, el); He also served as a partner at Rubin, Rennert & Co.[4] before launching his own business, I. L. Rennert & Co., in 1962. Copyright 2023 Mother Jones and the Foundation for National Progress. https://en.wikipedia.org/w/index.php?title=Ari_Rennert&oldid=1106482882, American people of Romanian-Jewish descent, New York University Stern School of Business alumni, Pages using infobox person with multiple parents, Creative Commons Attribution-ShareAlike License 3.0, This page was last edited on 24 August 2022, at 20:58. The EPA published its proposal to place the US Magnesium facility on the National Priorities List (NPL, a "Superfund site" under CERCLA) in the Federal Register on September 3, 2008. [citation needed] And in 1998, Doe Run sold $305 million in junk bonds for financing its Peruvian acquisition as well as more lead mines in Missouri (according to Doe Run filings with the SEC). Dalene figures the specter of pollution-spewing copters will compel his fellow Hamptonites to pay heed. 'cag[related_primary]' : '' , Early Warning Signs Rennert started his career as a credit analyst on Wall Street in 1956. } A group of local homeowners has formed the Quiet Skies Coalition to try to divert chopper traffic to another area of the Hamptons. Today, US Magnesium is the third-largest magnesium producer in the world. Ira Rennert ranks #132 on Forbes Magazine's list of World Billionaires. '); The suit says that Perelmans companies also took loans on overly favorable terms. Child IRAs are powerful savings vehicles, but obstacles make them inaccessible to many. LTV Steel Co., worth $140 million. He also ranks #29 on the Jerusalem Post's list of the World's 50 Richest Jews. An intensely private 78-year-old with a leonine mane of white hair, he emerged from a middle-class home in East Flatbush, Brooklyn, to become one of Wall Streets most renowned bad boys. Rennert lives in Sagaponack, New York along with his wife Ingeborg Hanna and three children. All quotes delayed a minimum of 15 minutes. Roth IRA contribution limits have increased for 2023. }; In 1998, the EPA placed Renco Group business holdings 10th on the nation's largest polluter list primarily because of emissions from US Magnesium in Utah (formerly MagCorp). Just how much will the battery production credits in the IRA cost American taxpayers? First billionaire Ira Rennert builds the biggest home in the United States: a 29-room, 39-bathroom, 110,000-square foot monstrosity in Sagaponack that his neighbors call "something you would see . mps._adsheld = []; Junk bond billionaire Ira Rennert has a massive house in the Hamptons. const EEA_REGION_COUNTRY_CODES = ['AT', 'BE', 'BG', 'HR', 'CY', 'CZ', 'DK', 'EE', 'FI', 'FR', 'DE', 'GR', 'HU', 'IS', 'IE', 'IT', 'LV', 'LI', 'LT', 'LU', 'MT', 'NL', 'NO', 'PL', 'PT', 'RO', 'SK', 'SI', 'ES', 'SE', 'CH', 'TR', 'GB']; The duo sold their 2,745-square-foot condo atthe Chatham, just little blocks southeast of the edifice they now call home, for$6.85 million. Rennert belatedly challenged whether the verdict was internally inconsistent, and cannot pursue a compromise-verdict claim because that would sneak a waived inconsistency claim in through the back door, the Manhattan-based appeals court said. [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. He has total worth of USD 3.9 billion. He has worked for Credit Suisse First Boston and Caxton Associates.. Rennert joined Renco Group in 2005, and was chief investment officer . Last March, Renco agreed to pay in full the pensions of about 1,350 retirees at its bankrupt RG Steel unit. [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. TARGETED_ADS: 4, I am so happy to have some good news for Roth IRA investors finally. Disgraced billionaire industrialist Ira Rennert, found liable earlier this year for looting his failed magnesium company to the tune of $117 million, was back in Manhattan federal court on. const ONE_TRUST_COOKIE_NAME = 'OptanonConsent'; The court also rejected Rennerts argument that the trustee was not entitled to a jury trial, and that the trial judge made multiple errors. This is one of the first ones that we built for one of the Goldman Sachs partners, Dalene observes, gesturing at a shingled manse with a second-story deck framed by a reverse gambrel and doghouse dormers. Rennert is a major Republican donor. } They are involved in real estate business and were in news for selling and purchasing grand mansions. mps._queue.mpsloaded.push(function(){ function isEEARegionCheck() { const matches = oneTrustCookie.match(COOKIE_REGEX); var postLoadFunctions = {}; [6] In 1998, Renco Steel Holdings Inc. was created to serve as a holding company for WCI. Subscribe to the Mother Jones Daily to have our top stories delivered directly to your inbox. We're assuming this based on the fact that he purchased apartments for his two daughters in January 2008 for more than $30. The suit, filed by a unit of Perelmans MacAndrews & Forbes Holdings Inc., claims that a company owned by Rennert borrowed millions of dollars with overly favorable terms from a business set up as part of a deal for truck maker AM General. The flights have become so noisy that neighbors are complaining. [citation needed] Since 1998 most Renco financings have been bank debt. [12], The Renco Group's environmental record in the U.S. related to Doe Run provides a good example of this development. Hes become the symbol of excess here., -By CNBC's Robert FrankFollow Robert Frank on Twitter: @robtfrank. Tamara is married to Randy Winn. In 1996, Renco established Renco Metals, Inc. as a holding company for Magnesium Corp. and issued $150 million in bonds. document.cookie = "__adblocker=" + (adblocker ? A Brooklyn native and former credit analyst, he began building his fortune by investing in junk bonds in the 1980s. It looks like something you would see in Dubai, Dalene sniffs. const oneTrustCookie = getOneTrustCookie(); Consider these tax planning strategies as you determine the best time to start taking money from your IRA. Ira Rennert is a self made billionaire and his worth is USD 3.9 billion as of Jan 2017. [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. 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). . [11], In 1993, Renco acquired AM General from the LTV Corporation to help LTV emerge from bankruptcy. And now hes battling wealthy neighbors in the Hamptons over his helicopter commutes. As part of the sale to Renco, Centromin agreed to pay to remediate pre-existing (pre-1997) environmental problems and Doe Run Peru agreed to make substantial environmental investments. 2023 Forbes Media LLC. We want to hear from you. Rennert has long said the verdict made no sense because jurors thought MagCorp was solvent at the time of the alleged transfers. Billionaire investor Ira Rennert probably gives great holiday gifts. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. 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 January 14, 2011, the United States Court of Appeals sided with the EPA and upheld placing the site on the National Priority List. Rennert is a member of the orthodox Fifth Avenue Synagogue where he is also honorary chairman. Bachelor of Arts/Science, Brooklyn College; Master of Business Administration, Leonard N. Stern School of Business. Date.now() : (function() { return +new Date })(); mps.cloneAd = function() { return false; } //end OneTrust Redirect She creates daily original makeup, hair, fashion and surprisingly good food content for IGTV & Tik Tok, and regularly works with lifestyle and beauty brands on sponsored content. if (result && result.geo && result.geo.country_code) { [1], Rennert has a bachelor's degree in finance from the Stern School of Business at New York University. Lawyers for Rennert did not immediately respond to requests for comment. On one wall of the potato barn hes converted into an office is a photo of him with Newt Gingrich. Fair Field caused an uproar in neighborhood when it was built in the late 1990s and inspired a novel called The House That Ate the Hamptons.. } Renco bought a Warren steel company in Ohio from its bankrupt parent. All Rights Reserved. typeof mps._gptfirst == "function" && mps._gptfirst(adunit, slotid); AM General produced vehicles for industrial, military and government use, including the Humvee. He made his first fortune in junk bonds in the 1980s. [40] The house outraged locals, who claimed Rennert originally planned to use it as a spa, a hotel, or a religious retreat. cStart = cStart + name.length + 1; document.getElementsByTagName('meta')['tp:PreferredRuntimes'].setAttribute("content", "flash,html5"); Rennert's wife and children are named as the donors of The Jonas Mendel (Yonah Menachem Ben Mendel) Rennert Memorial Chapel at the Center for Jewish History. Ira Rennert is the founder of the Renco Group, an industrial empire with estimated annual revenues of $5 billion. [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. Our Standards: The Thomson Reuters Trust Principles. Help Mother Jones' reporters dig deep with a tax-deductible donation. var _regex = /([^=&/<>()[].,;:s@"]+(.[^=&/<>()[].,;:s@"]+)*)@(([[0-9]{1,3}.[0-9]{1,3}.[0-9]{1,3}.[0-9]{1,3}])|(([a-zA-Z-0-9]+. "updatecorrelator" : true By signing up, you agree to our privacy policy and terms of use, and to receive messages from Mother Jones and our partners. The business mogul, who Forbes says is worth $5.9 billion, was recently in court defending. Heres a step-by-step process you can start today. // Rennert's parents were immigrants from Poland and Romania. [24] La Oroya was and remains a very polluted site. Ira Rennert and Ingeborg Hanna Rennert have a son named Ari Rennert who is associate member in Rennerts business empire and is most likely the viable candidate to take up the job of his father. var d = new Date(); Rather than cleaning up its mess, Renco has spent $305,000 over the past two years lobbying the US government to help convince Peru not to expropriate the plant. Just like WCI, the company paid Renco $90 million in dividends by the year end. }); It's us but for your ears. Terms of Service apply. This improvement was beyond the economic and technical capability of Centromin. Save big on a full year of investigations, ideas, and insights. 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. (function(){ Explore the latest videos from hashtags: #jenna, #jennagilbert . Haveles, now a partner at Pepper Hamilton, referred a reporter to his former firm. } .map(categoryPreference => parseInt(categoryPreference.split(':')[0], 10)); var slotid = "mps-getad-" + adunit.replace(/\W/g, ""); Rennert's parents were Jewish immigrants from Poland and Romania. Rennert has a 114,000-square-foot Hamptons estate with an assessed value of $262 million. var s = document.createElement("script"), el = document.getElementsByTagName("script")[0]; var dynamic_yield_enabled = 1 [6] The suit went on until 2007, when a judge ruled in favor of Renco and against the DOJ. } Dalenes company renovated the priciest home ever sold in the Hamptons: a $60 million, 13,000-square-footer originally commissioned by banking tycoon J.P. Morgan. if (EEA_REGION_COUNTRY_CODES.includes(result.geo.country_code)) { 'subtype' : 'section' , [27] He also ranks #29 on The Jerusalem Post list of the World's 50 Richest Jews.[28]. As soon as we speak out, the following day they are already accusing us, harassing usI dont think our voices are being heard.. He is confident that the new crop of NIMBYs poking up around Georgica Pond can help bring Rennert down to earth. document.addEventListener("DOMContentLoaded", function(event) { const COOKIE_REGEX = /groups=([^&]*)/; Rennert was born on May 31, 1934 in Brooklyn New York. (function() { Its a fucking monster! marvels a bulldozer operator gazing at Rennerts 12 chimneys. Come summer, some CEOs commute daily between their beach chalets and Manhattans East 34th Street Heliport. Ira Leon Rennert or simply Ira Rennert is an American investor and business magnate. if (cStart !== -1) { [24], Ira Rennert ranks #771 on Forbes magazine's list of the world's billionaires. Hanna acknowledges her husband as loving, caring and extremely charming. Rennert, a friend of Prime Minister Benjamin Netanyahu, has helped fund restoration of an ancient tunnel system near Jerusalems Wailing Wall, where the 1996 opening of a long-blocked route set off deadly riots. Presently he controls nations largest industrial empire and his net worth is USD 6.5 Billion. Ari Rennert is an American businessman, the president of Renco Group, a private holding company founded in 1975 by his father, Ira Rennert.. Ira Rennert basically is a self made investor. (l[h]("DOMContentLoaded",i,!1),p[h]("load",r,!1)):(l[m]("onreadystatechange",o),p[m]("onload",r)),c("mark",["firstbyte",s],null,"api");var E=0,O=t(23)},{}]},{},["loader",2,15,5,3,4]); mps._queue.adload = mps._queue.adload || []; Retirees now have until age 73 to start RMDs. [16] MagCorp maintained it was exempt from the federal Resource Conservation and Recovery Act, which requires companies to monitor certain kinds of hazardous waste. Sign up for free newsletters and get more CNBC delivered to your inbox. return _regex.test(_qs); They also gave over $1 million to the World Trade Center Memorial and established the Rennert Entrepreneurial Institute of Sy Syms School of Business at Yeshiva University. Its a fucking monster! marvels a bulldozer operator from Westhampton Beach, who takes a break from shaping sand dunes to gaze up at Rennerts 12 chimneys. In a rare victory, about 1,350 retirees will be paid in full for pensions that were cut when the Renco subsidiary they worked for . Renco's holdings include a stake in military truckmaker AM General, lead and zinc producer Doe Run Company and U.S. Magnesium Corp., among others. Ira Rennert ordered to pay $118M for looting his firm. } 'cag[brand]' : 'none' , 'https' : 'http') + '://pix.nbcuni.com/a-pii.gif?X=piiblock&S=' + mps.pagevars.instance + '&P=' + mps.pagevars.mpsid + '&A=' + i + '&U=' + encodeURIComponent(window.location.href) + '&_=' + window._mpspixZ; "true" : "false") + "; expires=" + d.toUTCString() + "; path=/"; Had the lawyers spoken up, the jury would have announced a verdict consistent with the 27 interrogatories it answered finding 27 separate times that the (Renco) subsidiaries were not insolvent or inadequately capitalized, Renco said. 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. Ira Rennert is a self made billionaire and his worth is USD 3.9 billion as of Jan 2017. He also served as a partner at Rubin, Rennert & Co. [4] before launching his own business, I. L. Rennert & Co., in 1962. Terms included a $67.5 million cash imbursement with the remainder to be paid in various forms over a 10-year period. 'type' : 'blogpost' , At more than 43,000 square feet, the home is one of the largest residential compounds in America. On Friday afternoons the tiny airport is a beehive. We climb into his Toyota Tundra and head across the highway for a tour of the third most expensive zip code in America. All Rights Reserved. function getOneTrustCookie() { 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. This makes it even easier to become a ROTH IRA millionaire and benefit from all that tax-free retirement income. Rennert and Perelman, both Orthodox Jews, are members of the Fifth Avenue Synagogue, a stronghold of Israel hardliners. for (var i in mps.response.dart.adunits) { Redirecting. if(typeof document.getElementsByTagName('meta')['tp:PreferredRuntimes'] === 'object') { Reporting by Jonathan Stempel in New York; Editing by Chris Reese. return false; In 1989, Renco acquired the U.S.'s largest magnesium producer in Utah. ', window.location); 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. Dalene now expects new federal aviation regulations to drive more copter traffic to a southerly route that passes over the estate of Rennerts pal Perelman. Wikipedia; In 1989, Renco acquired the U.S.s largestmagnesiummanufacturer inUtah. The Blacksmith Institute placed La Oroya on its list of ten most polluted places in the world, along with Chernobyl, Ukraine. Clouds of sulfur dioxide from Doe Run Perus La Oroya smelter have scalded the surrounding Andean hills. I am beginning to think Mr. Rennert is practicing class warfare, Dalene wrote Rennerts Manhattan secretary in an email that likened the noise assaults to throwing their garbage on the other side of the tracks for us poor folks to live with., Over on the poor side of the tracks, Dalene owns side-by-side properties assessed at around $2.1 million. Renco received substantial negative publicity regarding its ownership and the environmental problems in La Oroya. if (mps._urlContainsEmail()) { The lawsuit, filed late on Monday in the state supreme court in Manhattan, may be the last chance for Rennert, 83, to avoid a big payout, after the U.S. Supreme Court in October rejected his appeal of the verdict and resulting $213.2 million judgment. Big-Hearted Baron Ira Rennert Buys Daughters Spreads in 740 Park, 778 Park for $60 M.-Plus" By Max Abelson, New York Observer: "Schwarzman Redux: Manufacturing Exec Signs $18 Million Deal" by Deborah Schoeneman, "The Shmooze Feuding Tycoons Attend Same Synagogue", "Battle of the bazillionaires: In a Hummer of a legal fight, Ron Perelman, Ira Rennert trade some nasty accusations", "An apology to Ira Rennert of Sagaponack", https://en.wikipedia.org/w/index.php?title=Ira_Rennert&oldid=1139919903, Michael Shnayerson. var mps = mps || {}; document.getElementsByTagName("head")[0].appendChild(script); All Rights Reserved. 'is_content' : '1' , mps.insertAd("#" + slotid, adunit) }); With the national debt soaring to unprecedented levels, you may be concerned about protecting your investments from future tax rates. Besides his house in Sagaponack, Rennert owns a duplex apartment on Manhattan's Park Avenue, and a home in Israel. 2023 CNBC LLC. Rennert jumped into private equity, issuing millions in junk bonds to finance the purchase of dirty mining and industrial outfits. head.insertBefore(mpsload, head.firstChild) ), By the early aughts Rennert had found another winner in AM General, maker of the Humvee. He denied such allegations, and the local paper later issued an apology. 'site' : 'cnbc.com-relaunch' , fetch('https://geo.cnbc.com/info/').then(res => res.json()).then(result => { See here for a complete list of exchanges and delays. (Mitt Romney attended a trio of fundraisers in the Hamptons this weekend, including a $50,000-a-person event at the estate of David Koch.). Rennert and his wife Ingeborg have made many charitable donations to various organizations. Its wealthy members north of the Montauk Highway launched what Dalene describes as a knock-down, drag-out battle against ultra-wealthy helicopter owners who largely live on the south side, accusing them of shattering the islands tranquillity, contributing to climate change, and poisoning the air with leaded fuel. Rennert served as a partner at Rubin, Rennert & Co. in 1962. A federal appeals court said billionaire Ira Rennert must pay a $213.2 million judgment after a jury found him liable for looting his now-defunct magnesium company to build one of the country's . 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. !e;this.xhrGuids&&this.xhrGuids[n]&&(delete this.xhrGuids[n],this.totalCbs-=1)}),f.on("addEventListener-end",function(t,e){e instanceof m&&"load"===t[0]&&f.emit("xhr-load-added",[t[1],t[2]],e)}),f.on("removeEventListener-end",function(t,e){e instanceof m&&"load"===t[0]&&f.emit("xhr-load-removed",[t[1],t[2]],e)}),f.on("fn-start",function(t,e,n){e instanceof m&&("onload"===n&&(this.onload=!0),("load"===(t[0]&&t[0].type)||this.onload)&&(this.xhrCbStart=a.now()))}),f.on("fn-end",function(t,e){this.xhrCbStart&&f.emit("xhr-cb-time",[a.now()-this.xhrCbStart,this.onload,e],e)})}},{}],16:[function(t,e,n){e.exports=function(t){var e=document.createElement("a"),n=window.location,r={};e.href=t,r.port=e.port;var o=e.href.split("://");!r.port&&o[1]&&(r.port=o[1].split("/")[0].split("@").pop().split(":")[1]),r.port&&"0"!==r.port||(r.port="https"===o[0]? Tamara is married to Randy Winn. Sign up for the free Mother Jones Daily newsletter and follow the news that matters. Rennert caused controversy among his neighbors by building a beach front home in Sagaponack, New York, considered one of the largest occupied residential compounds in the United States. These investments were estimated to be approximately $100 million at the time of the deal. console.log('PUB-GDPR-CHECK oneTrustCookie matches: ', matches); 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. Hamptons' resident Frank Dalene, a founding member of the Quiet Skies Coalition, says billionaire industrialist Ira Rennert is the worst offender. But last month, his business partner and fellow billionaire Ronald O. Perelman sued Rennert over a company in which they both hold stakes. In 1993, Renco acquiredAM Generalfrom theLTV Corporationto assist LTV emerge from bankruptcy. return ''; In 2004, after the novelty of the popular Hummer H2 civilian model began to fade, Rennert sold a majority stake to Ronald Perelman, the billionaire owner of Revlon, whose heavily guarded estate on Georgica Pond is described as the cynosure of Hamptons nouvelle society by local author Steven Gaines in his book Philistines at the Hedgerow. [21] Doe Run agreed to buy 160 homes in the contaminated area around the smelter at a cost of more than $10 million. Here's a video he recorded of Rennert's . The house faces the Atlantic Ocean and its grounds measure 63 acres (250,000m2). 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. The case is Buchwald v Renco Group Inc et al, 2nd U.S. 'cag[type_creator]' : 'Robert Frank' , The duo sold their 2,745-square-foot condo at, , just little blocks southeast of the edifice they now call home, for. s.src = "https://fm.cnbc.com/applications/cnbc.com/resources/files/2020/03/28/VisitorAPI.js"; Integrated Resources raised $2 billion in junk bonds financed by Milken but ultimately collapsed amid scandal and defaulted on $1 billion of bond debt in May 1989 (see the 1991 book Den of Thieves about the junk bond scandal). Ira gifted an apartment to his two daughters Tamara and Yohina worth USD 30 million. Cosmopolitan Magazine, Hearst Magazines. return true; [1], Rennert is married to Erynne Rivkah Novetsky, and they live in Manhattan with their three sons.[1]. } Reporting by Jonathan Stempel in New York; editing by Steve Orlofsky and Susan Thomas. The environmental problems were not solved despite huge investment by Renco, and Renco never made any financial profit from its investment. Representatives of a now-defunct mining business he used to own . The smelter was sold to Doe Run in 1997 primarily because the Peruvian government passed a law that required environmental improvement at the business. We pass by some hedgerows and take a bridge over Sag Pond, rechristened Goldman Pond by the locals. [25], Ultimately, Doe Run Peru was a bad investment for Renco on many counts. Ira Leon Rennert (born May 31, 1934) is an American billionaire businessman, and the chairman and CEO of Renco Group. if (typeof(window._mpspixZ) != 'string') { The property was valued last March at $248.5 million, according to the Town of Southampton assessment roll. [32] She serves as the Director of Lincoln Center for the Performing Arts, Inc.[33] They have three children: Rennert is a member of the Fifth Avenue Synagogue, an Orthodox synagogue[38] where he is also honorary chairman.[39]. Can you pitch in a few bucks to help fund Mother Jones' investigative journalism? })(); (The New York Times reported that the recent Romney fundraiser hosted by Perelman at his home, er, palace might have brought in $3 million.). They donated $5 million to establish the Wiesel Center at Boston University and $250,000 . [29] They also established the Ira Leon Rennert Professor of Entrepreneurial Finance at New York University and founded the Ingeborg Rennert Center for Jerusalem Studies at Bar-Ilan University. Using junk bonds to finance his acquisitions of companies, often in bankruptcy, he has amassed significant . They demanded nearly $1 billion in fines, alleging MagCorp (a Renco Metals Inc. subsidiary) dumped toxic waste in ditches and ponds on the Great Salt Lake. Rennert ranks. Tamara Winn is the daughter of Ira. This backdoor Child IRA now becomes a valuable planning tool. But they have nothing on Fair Field, the Italianate estate Rennert finished building nine years ago in Sagaponack. "host" : 'mps.cnbc.com', Renco's holdings include a stake in military truckmaker. At this point, US Magnesium is the only magnesium producer in the United States. Rennerts company used Ilshar as a a convenient drive-thru teller to which they pull up and ask themselves for as much money as they like, according to the suit. 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. mps.scodePath="//fm.cnbc.com/applications/cnbc.com/staticcontent/scripts/omniture/s_code.js?v=1.6.4.1"; Ari Rennert is an American businessman, the president of Renco Group, a private holding company founded in 1975 by his father, Ira Rennert. 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