Billionaire Looted Firm to Build Mansion

Billionaire Ira Rennert, the 80-year-old owner of investment firm Renco Group, was ordered by a jury to pay $118.2 million for allegedly looting Magnesium Corp of America and using funds on the construction of a massive mansion in Sagaponack, New York. The suit was brought by Lee Buchwald, MagCorp’s trustee (Rennert controlled the company until it went bankrupt in 2001). The Sagaponack home, which boasts 43,000 square feet filled with 21 bedrooms and 18 bathrooms, was valued at $248 million as of 2013.