Jeffrey Epstein estate takes $20M hit after value of NYC townhouse plunges
JEFFERY Epstein’s property portfolio took a massive hit over the past few weeks, with his homes losing close to $20 million in value.
The Sun has obtained property records from New York, Florida, New Mexico and the US Virgin Islands that show Epstein‘s homes have all seen slight increases in value since he took his own life back in August, with the exception of one – his New York Townhouse.
NEW YORK CITY
The New York townhouse was valued at $75,016,000 for the 2018-19 tax year, but on January 15 was assigned a market value of just $55,931,000.
That $19 million drop is a big one, and alleged underage sex trafficker Epstein isn’t the only person on the block who saw their portfolio take a hit.
His neighbor Bill Cosby also saw his home’s market value from $44,972,000 to $34,497,000 for the same time period.
Those drops are in line with other properties in the area according to a Department of Finance spokesperson, and not a reflection of the allegations and convictions that brought down the owners of the homes.
Epstein’s townhouse is one of the largest residences in the city, and occupies approximately 28,000 square feet over six floors.
He came to own the property two decades ago, and the sale happened under mysterious circumstances.
Public records show no transfer of money when he was deeded the house from his good friend Leslie Wexner, but there was a transfer of close to $50 million to a Wexner charitable fund from businesses registered to Epstein’s addresses.
It is as the Herbert N. Straus House, named after its former owner who was one of the heir’s to the Macy’s fortune, the department store which was founded by his parents.
NEW MEXICO
Out West, the estate saw little change in the value of its New Mexico ranch.
That property is split into two parcels, and the market value of one increased from $300,000 to $309,000 while the second went from $15,281,000 to $15,738,000.
The Zorro Ranch consists of a 26,700-square-foot mansion on 10,000 acres that was purchased by Epstein back in 1993.
It was only 7,500 acres when he purchased the property, but Epstein has added to the ranch over the years.
New Mexico was the one state where Epstein resided that did not require him to register as a sex offender.
The value of the estate is a bit confusing however since Epstein himself valued the ranch at $72 million in his will, and amount that was reiterated in a recent filing against his estate.
VIRGIN ISLANDS
Then there are the two island properties near St Thomas, Great St James and Little St James.
They saw no change at all but had a collective value of less than $40 million, despite the Attorney General of that territory listing the value at $86 million in court papers this week.
Little St James is approximately 71 acres, and on the island one can find cabanas, a helicopter pad, a Japanese garden, a cinema and two main properties.
There is also a staff of 70 who appear to still be working on the island.
Then there is Great St James, a 162-acre property located next to Little St. James.
Epstein had big plans for the final addition to his already sizable real estate portfolio, with a schematic obtained by Suzanne Carlson of The Virgin Islands Daily News showing his plans to build a massive compound on the property.
Epstein’s plans for Great St. John include a barge dock, two homes, cottages, an amphitheater, gardens, a marine electrical cable, solar array and generator, storage building, security building, work shed, machine shop, and an ‘underwater office and pool.’
It is unclear where that stands, but work has continued on that island in the months since Epstein’s death.
PALM BEACH
Finally, there is the mansion in Palm Beach that was purchased in 1990, and where a number of young girls said they were sexually assaulted.
That saw the biggest leap in price, going from $12,399,000 to $13,600,000 over the past year.
A video of a 2005 raid of the property, which sits on Florida’s Intracoastal Waterway, gave a firsthand look at the bizarre decor of that residence.
The video, which runs for a little under 54 minutes, takes the viewer to a closet crammed with dozens of white towels before going inside Epstein’s garage, filled with two black sedans, a convertible and an aqua-colored motor-cycle.
In one bathroom sits a dentist’s chair, with fully equipped dentist’s cart, complete with what appear to be drills, a lamp and other instruments.
In another, Ghislaine Maxwell’s black-and-white portrait hangs above the toilet bowl. On the opposite wall in full color is a young naked girl, back to the camera, running her hands through her hair.
Meanwhile, the women who allege they were sexually harassed or abused by Epstein wait to settle their lawsuits with his estate.
Executors Darren Indyke and Richard Kahn have filed paperwork in the US Virgin Islands to begin the process of settling these lawsuits, but only if the women agree to numerous demands.
The Sun has obtained legal documents which show that as of December, lawyers for approximately 30 victims had filed 17 separate lawsuits that that had been filed against Epstein’s estate.
At least one of those women, Jennifer Araoz, has already objected on the grounds that the people handling the settlements would all be paid by Epstein’s estate.
Araoz said that she would be comfortable with the arrangement if those workers were not paid until after the settlements had been reached with each of the women.
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