While Jeffrey Epstein was widely known for cultivating relationships with royalty, ex-presidents, and influential financiers, the late financier also showed an interest in commercial real estate ventures.
Among the more than 20,000 documents released in November by the House Committee on Oversight and Government Reform—sourced from Epstein’s estate—were emails containing links to The Real Deal articles and what appears to be a saved or printed TRD web story from June 2019. These materials referenced a Palm Beach development project, a private members club, and a real estate figure entangled in tax troubles.
The documents provide a glimpse into Epstein’s extensive network of business contacts, even as the origins of his considerable wealth remain unclear. At the time of his death in August 2019, Epstein’s net worth was estimated at nearly $600 million, largely attributed to two clients: Les Wexner, the billionaire founder of L Brands, for whom Epstein managed money, and Leon Black, co-founder of Apollo Global Management, to whom Epstein provided tax and estate planning services.
Nevertheless, the records suggest Epstein maintained a general interest in real estate matters.
The review of these documents reveals he was at least tangentially interested in a Palm Beach development project. In another email, Epstein claimed to have helped the founders of a well-known New York members-only club get started. One message references a TRD article about a tax evasion case involving a New York developer. Additional correspondence offers a look into Epstein’s partnership with Andrew Farkas, a prominent New York real estate figure, on a small marina property in the British Virgin Islands.
Opaque real estate connections
Epstein was the owner of several ultra-luxury residences, but most reporting has not indicated he was actively pursuing commercial real estate projects. His personal portfolio included a mansion in Palm Beach, a townhouse in Manhattan, an estate in New Mexico, and—perhaps most infamously—two private islands in the Virgin Islands, where allegations of abuse took place.
His brother, Mark Epstein, operated a New York real estate firm called Ossa Properties and has consistently stated that Jeffrey was not involved in the business. After Ossa acquired numerous condo units at 301 East 66th Street in Manhattan, Mark told Crain’s in 2019 that Jeffrey was simply renting apartments there and that the building had been acquired in the early 1990s based on a tip from him. Mark further asserted that Jeffrey was not his business partner and that J. Epstein & Co., Jeffrey’s investment firm, had no ties to Ossa Properties, despite some public filings suggesting a connection.
However, Jonathan Barrett, a former Ossa Properties employee, told the Wall Street Journal in 2019 through a spokesperson that Ossa and J. Epstein & Co. did have an affiliation.
In recent years, Anthony Barrett, Jonathan’s brother, appears to have been the principal contact at Ossa Properties, signing documents on behalf of company affiliates in public records. (Ossa Properties did not respond to a request for comment.)
New details
Congressional documents reveal that Anthony Barrett at least considered Jeffrey Epstein as a potential buyer for commercial real estate in Palm Beach.
In October 2018, Barrett emailed Epstein—subject line “Deal info”—sharing the text of a recent TRD article about the Palm House hotel in Palm Beach, which was approaching a bankruptcy auction.
Anthony Barrett wrote: Hi Jeffrey,
Came across this…perhaps you have some interest?
Epstein replied: “funn, but quite a mess.”
Federal prosecutors had accused the Palm House Hotel’s previous developer of diverting millions of dollars in funds from foreign investors. These investors, who contributed more than $44 million through the federal EB-5 program, sued the development group, alleging it falsely claimed that the hotel’s advisory board would include Bill Clinton and Donald Trump, and that Celine Dion, Bill Koch, and Tony Bennett were already club members.
Epstein, who owned a residence about a mile from the Palm House in Palm Beach, seemed to take some interest in the unfolding events.
Among the other records released from the Epstein estate was a digital version of a more in-depth article about the Palm House saga, published by TRD in June 2019. The file shows the article was saved a week after publication.
Just a month later, in July 2019, Epstein was arrested in New Jersey and charged with sex trafficking. Prosecutors alleged that Epstein had sexually abused and exploited dozens of underage girls. He died by suicide in August while awaiting trial at the Metropolitan Correctional Center in Manhattan.
Additional emails referenced news articles about various real estate matters. For example, in April 2018, Epstein’s accountant Richard Kahn sent him a TRD article about Michael Shvo’s recent settlement of a tax evasion case with the Manhattan District Attorney.
Kahn wrote: “direction of trump? criminal tax fraud??”
Epstein responded: “Careful. Max might call.”
The identities of “Max” and the reasons for Kahn’s caution remain unclear.
The documents also included emails between Epstein and Jennie Enterprise, co-founder of Core Club, an exclusive members-only club that opened in 2005 on East 55th Street and is popular with the ultra-wealthy and hedge fund professionals.
In a 2018 message to an unknown recipient, Epstein wrote regarding the Core Club co-founders, “I helped put them in biz.”
Core Club, through a spokesperson, denied any involvement by Epstein.
“[I]n no way, shape, or form did this individual play any business development role in the company, and any suggestion to the contrary is baseless,” the spokesperson told TRD by email.
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