Billionaire Stephen Deckoff is looking to transform Jeffrey Epstein’s infamous islands into a mega-luxury resort.
Founder of the Black Diamond Capital Management equity firm, Stephen Deckoff, has dropped a whopping $60 million on both islands. Still, this is a significant decrease from the original asking price. The islands, Great St. James and Little St. James, were initially listed together in March 2022 for $125 million. Months later, they got a price dip at $55 million a piece. Since few buyers emerged, listing rep Adam Modlin of Modlin Group allowed the islands to go for much cheaper.
The private stretches of land located in the U.S. Virgin Islands were the scene of Epstein’s shocking sexual abuse crimes. Several victims reported being abused by the now-deceased billionaire on the islands as others turned a blind eye to his actions. After Epstein’s controversial suicide on August 10th, 2019, his estate made steps to deplete his massive real estate portfolio. In March 2021, his Manhattan mansion was sold for $51 million, and his Palm Beach home went for $18.5 million that same year, though it was torn down to build a new structure.
Despite the stain on the island, Deckoff plans to develop a one-of-a-kind, 25-room resort. The five-star dwelling is expected to boost tourism, especially for those seeking exclusive luxury getaways. A press release also pointed to an increase in jobs that the resort will create.
Portions of the proceeds from the sale will go directly to the Virgin Islands government to rectify a $105 million lawsuit. Another $450,000 will be put towards damages Epstein caused when he demolished the remains of a historical site for a development. The compound on the islands, where much of the sexual assaults occurred, will not be torn down but converted as part of the forthcoming resort.
Deckoff hopes to have the lavish vacation destination completed by 2025.
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