Stephen Deckoff Wikipedia, Net Worth, Wife, Cornell, House
Stephen Deckoff Wikipedia, Net Worth, Wife, Cornell, House – The infamous Caribbean islands owned by Jeffrey Epstein have finally found a buyer after spending more than a year on the market. Stephen Deckoff, the CEO of the private equity firm Black Diamond Capital Management, paid $60 million for the two islands, which is less than half of their original $125 million asking price.
Deckoff said on Wednesday that he intended to build a 25-room luxury resort on the property, adding that he had never met Epstein and had never been to the islands before they were advertised after Epstein’s passing in 2019.
According to Deckoff, who has been a proud resident of the U.S. Virgin Islands for more than ten years, “I’m tremendously pleased to be able to bring the area a world-class destination benefiting its natural grace and beauty.” “I am very much looking forward to working with the U.S. Virgin Islands to make this dream a reality.”
Just off the coast of the popular tourist destination St. Thomas, the property, which encompasses the 70+ acre Little St. James and the 160+ acre Great St. James islands, already has a helipad, various pools, and many guest homes. To build the resort, which he intends to launch in around two years, Deckoff is currently hiring architects and engineers.
Despite the natural beauty of the islands’ beaches lined with palm trees and their crystal clear water, Epstein’s ownership has cast a negative light on them. Little St. James was bought by the disgraced banker in 1998 for an estimated $8 million.
He built various odd constructions on the property, which has been termed “paedophile island” because of its involvement in Epstein’s sex trafficking organisation. He lived there in a sizable home. Virginia Giuffre, the alleged victim, has asserted that Prince Andrew, Duke of York, sexually assaulted her on Little St. James (a charge that Buckingham Palace has refuted). Epstein paid an alleged $22.5 million for the nearby Great St. James in 2016, which is largely undeveloped.
While facing federal accusations for trafficking children in Florida and New York, he passed away in a detention cell in Manhattan in 2019. In December 2021, his friend Ghislaine Maxwell, who assisted Epstein in obtaining young females, was convicted guilty of child sex trafficking and given a 20-year prison term.
After the U.S. Virgin Islands’ attorney general filed a lawsuit in 2020, alleging that the territory was tricked into giving Epstein’s company, Southern Trust Company, tax benefits that allowed Epstein to use his residence there to abuse girls and women, Epstein’s estate agreed to pay $105 million to the territory, including the repayment of $80 million in tax benefits.
In accordance with the settlement, the U.S. Virgin Islands government would receive $30 million, or half the earnings from the sale of the islands, to be placed in a trust that will offer counselling and other services to sexual assault victims.
Deckoff, whose estimated net worth is $3 billion, made his money in private equity. He worked his way up at a number of companies, including Drexel Burnham Lambert, Bear Stearns, and Kidder, Peabody & Co., before going it alone with Black Diamond Capital in 1995. The Stamford, Connecticut-based corporation currently oversees $9 billion in assets and focuses on high-yield debt, distressed debt, restructuring, and corporate turnarounds.
Deckoff, who is originally from New York City, relocated to the US Virgin Islands in 2011. More than $1.2 million of his donations to local charity have gone to private schools and groups dedicated to protecting the environment.
Irma and Maria, two category 5 hurricanes that ravaged the islands in September 2017, are still having an impact on their recovery. According to a news release issued on Wednesday, Deckoff intends to build a “state-of-the-art, five-star, world-class luxury resort” on the site to promote tourism and economic growth “while respecting and preserving the important environment of the islands.”