Ira L. Rennert Net WorthReal Name: Ira L. Rennert
Date of Birth: 1/1/1934
Place of Birth: Brooklyn, New York
2017 Net Worth: $6.3 Billion
Ira Rennert Biography
Born in 1934 in Brooklyn, New York, Rennert graduated from Brooklyn College, a tuition-free college, in 1954. He then earned a Master’s degree from New York University’s Stern School of Business in 1956.
Rennert’s first job was as a credit analyst on Wall Street. He worked briefly for a typewriting company, at a stock brokerage firm, then a partner at Rubin, Rennert & Company before he decided to start his own business, I.L. Rennert & Company in 1962. His first office was on Beaver Street in Lower Manhattan. He was censured by the National Association of Securities Dealers for operating without sufficient capital. This happened again in 1963. His second offense cost him his license, which was officially revoked in November of 1964. Rennert then worked at as a consultant for the next 11 years.
During this time, Rennert began buying small, unwanted companies. He began by purchasing a sewing machine maker, then a company named Covert Marine of Kansas City, and later a small group of lumber companies and hardware stores. In the early 1980’s, Rennert joined a company financed by Michael Milken, where he learned the art of raising junk bonds to finance more acquisitions. In this manner, Rennert amassed significant holdings in basic industries such as coal mines, vehicle assembly lines, mining, and lead smelters. Rennert now controls one of the largest privately held industrial empires and is one of the richest men in New York.
Rennert is perhaps best known for the multitude of law suits that have been brought against him and the millions he has had to pay in fines. He also caused a huge controversy when he built a beach front home in Sagaponack, New York. The house is enormous and neighbors at first thought it would be a hotel or a spa retreat, but were angry when they found out that is was merely a house. The main house is more than 66,000 square feet, with 29 bedrooms, 39 bathrooms, and 12 chimneys. Rennert has a net worth of $6.3 billion so he can well afford the $400,000 property tax bill on this house.