Ira Rennert’s Income & Total Net Worth

Ira Rennert is an American businessman, who started his career as a credit analyst. He initially made his fortune in junk bonds, in the year 1980. He has an estimated net worth of $6.5 billion. He is the owner of Renco Group, a company in New York, which makes investments in other companies, across several industries.

Business Investments

He made his first earnings through junk bonds, in 1980. He acquired various companies by using the funds raised from junk bonds. He has accumulated holdings in automobile assembly lines, magnesium producers, coal mines, lead smelters, etc., often in insolvency. In 2004, he sold a majority of stakes to billionaire Ronald Perelman’s McAndrews & Forbes, for $930 million. Renco’s holdings include US Magnesium and the Doe Run business. Currently, he is the owner of country’s largest private industrial empire, with an estimated net worth of $6.5 billion. It makes him one of the New York’s richest people.

Properties: Private Fortune

Rennert has his residence adjacent to the water body, Fairfield Pond. The dwelling faces the Atlantic sea, and it is spread over 63 acres. It has 29 bedrooms and 39 bathrooms. The house has a dozen of chimneys and a Mediterranean-style tile top covering.  The other features are a 28 m long dining room, a basketball court, a bowling alley, two tennis enclosures, two squash enclosures, and a warm tub. The taxable amount of this property, in 2007, was $397,559. Based on these taxes, the cost of this home is estimated to be $198 million, which makes it the most precious dwelling in the United States. In addition to his dwelling in Sagaponack, Rennert owns a duplex luxury suite on Manhattan’s Reserve Avenue, a residence in Israel, and a Gulfstream V jet.

Ira Rennert’s Career

Rennert began his career in 1956, as a credit analyst on Wall Street. Before initiating his own company, I.L. Rennert & Co., he worked as a salesman and stock broker. At this time, he was condemned by the NASD for functioning with insufficient capital. This appeared again in 1963 and as a result, his license was canceled on November 29, 1964. It banned him from the securities industry.

For the next eleven years, Rennert worked as an advisor and went into the private equity market. He purchased a sewing machine manufacturer, in 1975. A couple of years later, he bought Covert Marine Inc. of Kansas City (forced into insolvency in 1992). He then also purchased a group of hardware shops and lumber companies. He became the member of the board of Integrated Resources Inc, in the early 1980s. Here he learned the tactics of raising junk bonds to make investments for additional acquisitions.