A billionaire investor with ties to the U.S. Virgin Islands paid $60 million to purchase Jeffrey Epstein’s island residences off the coast of St. Thomas — closing one other chapter within the monetary dealings of the disgraced financier who died by suicide in 2019 in a New York jail whereas awaiting trial on intercourse trafficking prices.
The investor, Stephen Deckoff, paid roughly 50% much less for the 2 personal islands than the worth that was listed final 12 months by Epstein’s property. A portion of the sale proceeds will go towards a $105 million settlement that Epstein’s property reached final 12 months with the federal government of the U.S. territory within the Caribbean.
Deckoff is the founding father of Black Diamond Capital Administration, an funding agency with $9 billion underneath administration and places of work in Stamford, Connecticut, London, Mumbai, India, and St. Thomas within the U.S. Virgin Islands. He acquired the islands by means of an funding car referred to as SD Investments.
Deckoff, in a information launch, stated he deliberate to construct a 25-room resort on the islands. The information of the sale was first reported by Forbes. A lawyer for Epstein’s property confirmed the sale however declined to remark additional.
One of many islands — Little St. James — was the place Epstein lived for the higher a part of 20 years and have become tarnished by allegations that it had been a spot the place he sexually abused teenage ladies. The opposite island — Nice St. James — is much less developed.
The discharge didn’t specify on which island Deckoff meant to construct his resort.
On the time of Epstein’s dying, his property was valued at round $600 million. When the property reached a civil settlement with the Virgin Islands authorities, its belongings had fallen in value to about $159 million. Within the years since Epstein’s dying, the property paid out greater than $160 million to greater than 125 victims of his sexual abuse that had spanned a long time. Lots of Epstein’s victims have been younger ladies.
Epstein pleaded responsible in 2008 in Florida to 2 counts of soliciting prostitution from a teenage lady. Earlier than and after he turned a registered intercourse offender, the secretive financier managed to forge shut associations with a protracted listing of rich males, politicians and celebrities.
An affiliated entity of Black Diamond is listed as a beneficiary of a profitable tax incentive that’s meant to spur financial growth within the U.S. Virgin Islands. The tax incentive has been granted to dozens of companies with operations within the territory.
Two of Epstein’s firms, after they have been in operation, have been beneficiaries of comparable tax incentives from the Virgin Islands authorities.
