Igor Olenicoff Net WorthReal Name: Igor Olenicoff
Date of Birth: 1943
Place of Birth: Moscow, Russia
2017 Net Worth: $3.6 Billion
Profession: Founder and Owner of Olen Properties
Igor Olenicoff Biography
Olenicoff was born in Moscow in 1943, during World War II. His family fled the Soviet Union for Iran and emigrated to the US in 1957. They arrived with nothing more than 4 suitcases full of clothing and $800 dollars. They were robbed almost immediately upon arrival.
Olenicoff attended the University of Southern California, where he graduated with a degree in corporate finance and math, as well as an MBA. He worked as a consultant and corporate executive right out of college and purchased his first 16 unit duplex and created Olen Properties. This company has grown from one 16 unit complex to owning more than 7.5 million square feet of office space as well as 12,000 residential units in Florida, Arizona, Nevada, and California. Recently Olenicoff purchased a shopping center and office park for $135 million.
More than his tremendous business sense, Olenicoff is perhaps best known for his tax evasion trial as well as his other legal problems. According to the FBI, Olenicoff was the sole owner of his company and that he had created a fake front in the Bahamas, stating that Sovereign Bancorp Ltd. was created only as a means of hiding assets from both his creditors and the IRS. Olenicoff denied that he owned Sovereign, stating that he only borrowed money from the business. The IRS sued for $77 million in back taxes. In a plea bargain deal in 2007, Olenicoff pleaded guilty to one felony count of filing a false tax return. He paid $52 million in fines and returned his offshore funds to an American based bank. Olenicoff blamed his tax problems on bad financial advice.
Olenicoff was also found guilty of copyright infringement by a federal jury and was ordered to pay $450,000 in damages to sculptor Don Wakefield. Even with these financial setbacks, Olenicoff has a net worth of $3.6 billion, which is a tremendous tribute and display of a true rags to riches story.