Jury: Billionaire Looted Mining Firm; Trial Eyed Huge Home

NEW YORK (AP) — Billionaire 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. Rennert, 80, has a fortune Forbes estimates at $6.1 billion, made by building Renco into a conglomerate involved in mining, automotive supply, defense and other industries. The trustee said Rennert used some of that money to build his mansion — complete with movie theater and two bowling alleys — on 64 acres in Sagaponack. While the mansion may have painted a vivid picture for jurors, the bottom line is: When the money was taken from MagCorp and put beyond the reach of the creditors ...

Topics:  york ap     billionaire ira rennert   rennert   forbes   renco   sagaponack   magcorp   stirling   mining   trial   home   money   mansion   jurors   pay   
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