Jeffrey Epstein was incredibly wealthy at the time of his death in 2019. The convicted sex offender was worth $578 million and had amassed a collection of lavish homes, as well as two private Caribbean islands.
The full origins of Epstein’s wealth remain shrouded in mystery, and conspiracy theorists have used that uncertainty to allege possible scenarios involving blackmail of high-profile billionaires.
But what is clear, according to Forbes’ review of court filings, an investigative memo and financial records, is that Epstein relied above all on two billionaire clients and a tax gimmick to build his fortune.
Victoria’s Secret’s longtime chief Les Wexner and private equity honcho Leon Black were Epstein’s two largest financial clients. Of the more than $800 million in revenue Epstein’s two key businesses brought in from 1999 to 2018, according to financial statements obtained by a public records lawsuit filed by the New York Times, Epstein collected at least $490 million in fees. Wexner and Black supplied upwards of 75% of Epstein’s fee income throughout that period, according to Forbes’ estimates.
Read more about how Wexner and Black helped Epstein grow his fortune, as well as how the disgraced financier was able to accumulate his wealth nearly tax-free, in the latest story from Forbes’ Giacomo Tognini and John Hyatt here. And keep scrolling below for more in-depth journalism from our newsroom. |
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