Epstein’s Manhattan mansion has a mysterious, complicated history.
The townhouse was bought in 1989 by founder and CEO of L Brands Les Wexner for $13.2 million. Wexner then sold it in 1998 to the New York-based Nine East 71st Street Corporation (NES) for an undisclosed amount. Public records from 2011 show that Epstein held, to some degree, ownership of NES. Details of his relationship with the company are still unclear.
Public records show that, in 2011, the ownership of the property was transferred from NES to the Virgin Islands-based company Maple Inc., another company also controlled by Epstein. Documents indicate that the property was transferred to Maple for $0.
According to Bloomberg, a court document estimates the home’s current value to be $77 million. The New York City Department of Finance valued the home closer to $56 million earlier this year.
Public documents of the 2011 transfer show that Epstein signed as the president of both NES and Maple Inc. Since he was an owner of both companies, he essentially acted as both the buyer and seller in the transaction, thus resulting in a $0 transfer.
Lavaia told Business Insider that it’s not uncommon for high-end real-estate transfers of this nature to take place. Transferring property is very simple, he said, and oftentimes just requires signing over the deed.
A holder may decide to transfer the ownership of a multimillion-dollar property at no cost for many reasons, but, according to Lavaia, two major reasons are to limit the current company’s liability or to receive better tax treatment on a property. – READ MORE