Ira Rennert Net Worth is$6.5 Billion
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Profession: Businessperson, Investor

Date of Birth: 1934

Country: United States of America

Ira Rennert net worth: Ira Rennert is an American businessman with an estimated net worth of $6.5 billion dollars which makes him one of the richest people in New York. Born in Brooklyn, New York, Ira Rennert graduated from Brooklyn College, and then earned his MBA from New York University. From there, he began a career on Wall Street in the mid-1950s, and then attempted to launch his own securities firm in the early 60s. However, he was found to be in violation of the net capital rule, and was banned from working in securities. After multiple failed business attempts, he began working for Integrated Resources, Inc., a junk bonds company. After Integrated Resources went under in the late 80s, Mr. Rennert launched his own company, Renco Group, and has since grown the business into one of the largest holdings company in the United States. His personal home in Sagaponack, New York is one of the largest in the United States as well, and has 29 bedrooms and 39 bathrooms.
Ira Leon Rennert (born 1934, Brooklyn, New York) is an American investor and businessman. Using junk bonds to finance his acquisitions of companies, often in bankruptcy, Rennert has amassed significant holdings in basic, cyclical industries, such as mining and metals, including lead smelters, coal mines, magnesium producers and vehicle assembly lines. Today he controls one of the nation???s largest privately held industrial empires, and his personal fortune is estimated to be $5.9 billion.
Rennert is a graduate of Brooklyn College. He earned his master's degree from New York University's Stern School of Business, where he is currently on the Board of Overseers.
Rennert started his career as a credit analyst on Wall Street in 1956. He also served briefly as a salesman for a typewriting company and a stock brokerage, before launching his own business, I.L.Rennert & Co. in 1962 based at a Beaver Street office in Lower Manhattan. At this time he was censured by the NASD for operating with insufficient capital. This occurred again in 1963 and as a result, his license was revoked on November 29, 1964, effectively banning him from the securities industry. According to a company spokesman, Jon Goldberg:
"Due to market conditions, the firm found itself in violation of the net capital rule and Rennert raised capital and put it into the firm to bring it into compliance. However, the firm once more fell beneath the net-capital requirements and he shut the company down."
Rennert was a consultant for the next eleven years (Who???s Who entry) and entered the private equity market. His role was to put together small leveraged buyouts of unwanted companies. In 1975 he bought a sewing machine maker, and a few years later purchased Covert Marine Inc. of Kansas City (forced into bankruptcy in 1992), followed later by a group of hardware stores and lumber companies. In the early 1980s he joined the board of Integrated Resources Inc, a company financed by Michael Milken where

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Ira Rennert Latest News

Jury: LI billionaire looted mining firm

Billionaire Sagaponack resident Ira Rennert plundered a now-bankrupt mining company to pay for personal luxuries, jurors found Friday after a trial that spotlighted one of the world’s biggest private homes. A Manhattan federal jury levied $118 million in ...
Posted: March 2, 2015, 7:00 am

Madoff's reclusive billionaire friend built 62,000 sq ft Hamptons mansion 'with $100m taken from failing company' that then went bankrupt

Ira Rennert, 80, is being sued by a group of creditors to the now defunct Magnesium Corporation of America, who allege that he caused the metal company to go into bankrupt by unlawfully taking $100million for his personal use. However, Rennert's ...
Posted: February 3, 2015, 10:39 am

11 crazy facts about junk bond billionaire Ira Rennert's $248 million Hamptons mansion

Junk bond billionaire Ira Rennert has a massive house in the Hamptons. It's also pretty controversial. The business mogul, who Forbes says is worth $5.9 billion, was recently in court defending the funding of his Sagaponack estate. Representatives of a now ...
Posted: March 9, 2015, 5:09 am

Billionaire Ira Rennert grilled in court over MagCorp case

Billionaire mining mogul Ira Rennert could have used an asbestos suit at times on Thursday. Rennert, who seldom speaks in public, was forced to testify for about six hours in Manhattan federal court over allegations that he looted his company and used the ...
Posted: February 8, 2015, 3:10 am

Retirees Win Lengthy Pension Fight With Renco’s Ira Rennert

A group of retirees whose pensions were cut three years ago have won a lengthy battle with the multibillionaire Ira Rennert, a mining industrialist, onetime junkbond king and owner of a Hamptons mega-mansion. The retirees’ victory is only the second time ...
Posted: March 10, 2016, 6:00 pm
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