American businessman, investor and former credit analyst Ira Rennert comes with an estimated net worth of $6.5 Billion. He made his first bundle in junk bonds in the 1980. Using junk bonds to finance his acquisitions of businesses, generally in insolvency, he has amassed major holdings in fundamental, cyclical sectors including mining and metals such as lead smelters, coal mines, magnesium producers and vehicle assembly lines. He currently controls among the country’s largest privately held industrial empires and is currently considered as one of the wealthiest folks in New York. His personal house in Sagaponack, New York is also among the greatest in the United States with 29 bedrooms and 39 bathrooms.
Ira Rennert Net Worth $6.5 Billion
Produced Ira Leon Rennert in Brooklyn, NY, he graduated from Brooklyn College and earned his master’s degree from New York University’s Stern School of Business where he’s currently on the Board of Overseers. In 1956, he began his profession as a credit analyst on Wall Street. He then attempted to establish his own securities firm in the early 60s but he was discovered to be in breach of the net capital rule that resulted in his ban from working in securities. After several failed business efforts, he began working for a junk bonds company, Integrated Resources, Inc. In the late 1980s, he found his own company, Renco Group, after working for Integrated Resources. The holdings include US Magnesium as well as the Doe Run Company, a mining outfit in Peru which is the topic of a long-running pollution suit. He’s since grown his company into one of the greatest in the USA.
In 1992, Ira Rennert paid $133 million for military contractor AM General, which began selling consumer Hummers. He bought steel assets in 2011 from Russia’s OAO Severstal through a fresh company, RG Steel. After 14 months, RG field for bankruptcy and laid off 4,000 workers while giving company executives $20 million in bonuses. 14’s lenders sued, accusing Rennert of delaying bankruptcy proceedings for personal gain in January 2013. But the lenders withdrew the suit a month after. He is a supporter of Jewish causes. He has given $2 million to the Albert Einstein College of Medicine and $1 million to the pro-Romney Restore Our Future political action committee.