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 This occurred again in 1963 and as a result, his license was revoked on November 29, 1964, effectively banning him from the securities industry.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

Billionaire Rennert files malpractice lawsuit over $213 million judgment

NEW YORK (Reuters) - Billionaire Ira Rennert has filed a $214 million malpractice lawsuit against his former law firm, after a jury found him liable for looting his magnesium company to build a huge ...
Posted: January 9, 2018, 1:39 pm

Billionaire Rennert Files Malpractice Lawsuit Over $213M Judgment

Billionaire Ira Rennert has filed a $214 million malpractice lawsuit against his former law firm, after a jury found him liable for looting his magnesium company to build a huge mansion in New York’s ...
Posted: January 10, 2018, 5:51 am

Rennert, Arnold & Porter Head Toward Settlement in $214M Malpractice Case

Fair Field, Ira Rennert’s estate in the Hamptons. Billionaire Ira Rennert’s investment company and Arnold & Porter Kaye Scholer have quietly reached a preliminary agreement to resolve a $214 million ...
Posted: June 20, 2018, 11:08 am
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