Billionaire Stephen Decoff buys Jeffrey Epstein’s private islands for $60 million
/ Our Today
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Billionaire Stephen Deckoff has bought two private islands in the US Virgin Islands previously owned by the late notorious sex offender Jeffrey Epstein, after more than a year on the market.
Deckoff confirmed to CNBC that he acquired the islands in an interview on Wednesday (May 3).
Forbes first reported that Deckoff, the founder of the private equity firm Black Diamond Capital Management, purchased the two islands for $60 million, less than half of their initial asking price.
According to a press release about the sale, the new owner plans to build a five-star luxury resort on the island.
“Mr Deckoff plans to develop a state-of-the-art, five-star, world-class luxury 25-room resort that will help bolster tourism, create jobs, and spur economic development in the region, while respecting and preserving the important environment of the islands.”
The announcement of the purchase was made SD Investments, which is led by Deckoff.
“A significant portion of the sale proceeds are being paid to the Government of the US Virgin Islands under a previously announced settlement agreement between the government and Epstein’s estate,” the release further stated.
Epstein’s estate and related entities in November agreed to pay the government of the Virgin Islands more than $105 million to settle claims of sex trafficking and child exploitation.
That deal required the estate to pay the Virgin Islands half of the proceeds of the sale of the islands, Little St James and Great St James, and another $450,000 to address damages on Great St James, where Epstein had razed the remnants of structures that were hundreds of years told to make room for development.
Little St James covers more than 70 acres, and Great St James is more than double the size of its neighbour.
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