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Billionaire Stephen Deckoff has purchased Epstein island for $60 million, which was half of the original price that was listed at first. The two Caribbean islands are named Little St. James and Great St. James. Deckoff is known as the founder of Black Diamond Capital Management, a private equity firm.
S*x offender and financier Jeffrey Epstein was the original owner of the islands, and he allegedly used them for his criminal activities for several years. Epstein's victims claimed that they were r*ped or s*xually assaulted in a mansion that was built on Little St. James.
A press release revealed that Stephen Deckoff has plans to renovate the islands and build a luxury resort with 25 rooms that would contribute to the development of the entire region alongside the preservation of the environment existing on the islands. The press release also stated:
"A significant portion of the sale proceeds are being paid to the Government of the U.S. Virgin Islands under a previously announced settlement agreement between the government and Mr. Epstein's estate."
Jeffrey's estate, along with the parties related to it decided to settle the s*x trafficking and child exploitation by paying $105 million to the Virgin Islands government.
According to the deal, the estate had to offer a portion of the profits that they earned from the sale of the islands and an additional $450,000 for the damages on the island where Epstein destroyed several structures that were under construction.
Stephen Deckoff's net worth is reported to be around $3 billion
Stephen Deckoff is known as the co-founder of Black Diamond Capital Management. His successful work as an entrepreneur has contributed to his earnings over the years, and according to Forbes, Deckoff's net worth is estimated to be around $3 billion.
Deckoff joined Cornell University, where he acquired a degree in science. He has been married to Pamela Deckoff, and they three children.
Deckoff started his career by working for various companies, which include Peabody & Co., Bear Sterns, Kidder, and others. He then gained recognition following the launch of Black Diamond Capital Management in 1995, and he was responsible for the business operations of the company.
Black Diamond Capital Management's revenue is reported to be around $9 billion and around 100 people, alongside 30 investment professionals, are employed there. He has donated more than $1.2 million to the nonprofits of the Virgin Islands.
Apart from being a part of Black Diamond Capital Management, Stephen is also the director of InSight Health Services Holdings Corp., Sun World International LLC, and Black Diamond Credit Strategies Offshore Ltd. He has also been a board member of Consumer Portfolio Services, Inc.
Stephen Deckoff addresses the purchase
In an interview with Forbes, Stephen Deckoff said that he has been a resident of the Virgin Islands since 2011, and he is happy to bring a world-class experience to everyone living there. He added:
"I very much look forward to working with the U.S. Virgin Islands to make his dream a reality."
Little St. James is spread over 70 acres of land, and Great St. James is spread over 160 acres. Deckoff is currently hiring the best architects and engineers to construct the resort, which is expected to be launched by 2025.
