Two islands that once belonged to Jeffrey Epstein have been sold.
What Happened: The islands once owned by Epstein have been associated with visits from numerous high-profile figures, and are also part of ongoing lawsuits.
Aside from the ongoing litigation, the islands now find themselves belonging to a new owner.
Great St. James and Little St. James, two islands in the United States Virgin Islands, were purchased by SD Investments Wednesday.
SD Investments is an investment firm run by Stephen Deckoff, the founder of private equity company Black Diamond Capital Management.
The purchase price for the islands was $60 million, according to a report from the Associated Press. A significant portion of the sale proceeds for the islands will be paid to the U.S. Virgin Islands government due to a settlement between the estate of Epstein and the government.
The islands were originally listed at $125 million in 2021 before the price was lowered to $110 million in 2022, according to the New York Post.
Epstein bought Little St. James for $7.95 million in 1998 and Great St. James for $20 million in 2016. Little St. James houses five structures and was reportedly the location of Epstein's main residence. The larger Great St. James island is less developed, with Epstein reportedly having had plans to build more on the 165-acre island before he received a stop-work order in 2019.
Related Link: JPMorgan Execs Continued To Have Contact With Jeffrey Epstein, Despite Shutting Down His Accounts: Report
According to the report, Deckoff has been living in the U.S. Virgin Islands since 2011 and has contributed to the region's economic development, including providing support after consecutive hurricanes in 2017.
The billionaire lives in a waterfront estate purchased for $12 million located in St. John’s Peter Bay. Deckoff also owns properties in Beverly Hills and New York.
What’s Next: Deckoff has plans to turn the islands into resort destinations, according to a press release.
“Mr. Deckoff plans to develop a state-of-the-art, five-star, world-class luxury 25-room resort that will help bolster tourism, create jobs, and spur economic development in the region, while respecting and preserving the important environment of the islands,” the release reads.
The release says that Deckoff has a history of turning “distressed situations into successful enterprises” across several different industries.
“I’ve been proud to call the U.S. Virgin Islands home for more than a decade and am tremendously pleased to be able to bring the area a world-class destination befitting its natural grace and beauty,” Deckoff said. “There is simply no place in the world as special as the U.S. Virgin Islands and I am humbled by the opportunity to share its splendor with visitors in a manner that will provide economic benefits to the region.”
The resorts on the island are expected to open in 2025 as Deckoff presently seeks architects and engineers to execute his plans.
Photo: Navin75 on flickr
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