{{Short description|American businessman}} {{Use American English|date=May 2026}} {{Use mdy dates|date=April 2025}} {{Infobox person | name = Ira Rennert | image = Ira Rennert (cropped).jpg | alt = | caption = | birth_name = | birth_date = {{birth date and age|1934|5|31}} | birth_place = New York City, US | education = | alma_mater = [[Brooklyn College]]<br>[[New York University]] | occupation = Chairman and CEO, [[Renco Group]] | known_for = | spouse = Ingeborg Hanna | children = 3 | website = }}
'''Ira Leon Rennert''' (born May 31, 1934) is an American [[billionaire]] businessman, and the chairman and CEO of [[Renco Group]]. As of November 2024, ''[[Forbes]]'' estimated his net worth at US$3.8 billion.<ref name=ForbesBillionaires>{{cite web |title=Forbes profile: Ira Rennert |url=https://www.forbes.com/profile/ira-rennert/ |website=Forbes |access-date=November 3, 2024}}</ref>
==Early life== Rennert's parents were Jewish immigrants from Poland and Romania.<ref name=ForbesBillionaires/> He graduated from [[Brooklyn College]] in 1954, and earned his master's degree from [[New York University Stern School of Business]] in 1956,<ref>{{cite book |year=1993 |title=Reference Book of Corporate Managements |publisher=Dun & Bradstreet |pages=1872 }}</ref> where he later was on the board of overseers.<ref>{{cite web |url=http://w4.stern.nyu.edu/aboutstern/aboutstern.cfm?doc_id=1881 |archive-url=https://web.archive.org/web/20040603141956/http://w4.stern.nyu.edu/aboutstern/aboutstern.cfm?doc_id=1881 |url-status=dead |archive-date=June 3, 2004 |publisher=[[New York University Stern School of Business|New York University Leonard N. Stern School of Business]] |title=The Board of Overseers |access-date=August 1, 2007 }}</ref>
==Early career== Rennert started his career as a credit analyst on [[Wall Street]] in 1956. He also was a partner at Rubin, Rennert & Co.<ref>{{Cite web|url= https://www.sec.gov/news/digest/1961/dig100261.pdf|title= SEC News Digest - Dixie Dinettes Files for Secondary |access-date=June 28, 2013}}</ref> before launching his own business, I. L. Rennert & Co., in 1962. At this time he was censured by the [[National Association of Securities Dealers]] for operating with insufficient capital. It occurred again in 1963, and as a result, his license was revoked on November 29, 1964, effectively banning him from the securities industry.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."<ref>{{Cite web|url= http://www.businessweek.com/magazine/content/03_07/b3820069_mz020.htm|archive-url= https://web.archive.org/web/20030402074856/http://www.businessweek.com/magazine/content/03_07/b3820069_mz020.htm|url-status= dead|archive-date= April 2, 2003|title= Ira Rennert's House of Debt: How leverage made millions for a tarnished financier--and investors lost out |access-date=December 17, 2008|last= Thornton|first= Emily |author2=Rutledge, Susan |author3=David Welch|date= February 13, 2003|work= Business Week}}</ref>
==Junk bond financing== [[Michael Milken]]—as a bond trader for [[Drexel Burnham Lambert]]—was successful in selling high-risk, [[high-yield bonds]] issued by struggling or undercapitalized companies. Integrated Resources raised $2 billion in junk bonds financed by Milken but ultimately collapsed amid scandal and defaulted on $1 billion of bond debt in May 1989 (see the 1991 book ''[[Den of Thieves (Stewart book)|Den of Thieves]]'' about the junk bond scandal). As an outside board member, Rennert was not dragged down by the collapse and began to raise junk bonds on his own behalf to finance acquisitions for the [[Renco Group]].{{Citation needed|date=May 2016}}
Rennert's strategy for building Renco was to acquire all the shares of struggling companies and to finance the acquisition by issuing junk bonds. Along the way, he paid substantial dividends out of the business to himself. In a series of junk bond issues since 1995, Renco's subsidiaries have borrowed an estimated $1.1 billion and transferred $322 million (29 percent) to Renco Group, according to documents filed with the [[U.S. Securities and Exchange Commission]] (SEC).<ref name="Doe Run">{{Cite web|url=http://www.leadprevention.org/web/uploads//Doe%20Run%20owner%20built%20empire%20on% |title=Doe Run owner built empire on junk bonds |access-date=December 17, 2008 |date=April 14, 2002 |work=St. Louis Post-Dispatch on Sunday }}{{dead link|date=April 2017|bot=medic}}{{cbignore|bot=medic}}</ref> Backed by blue-chip mutual funds and hedge funds such as John Hancock Funds LLC and Putnam Investment Management LLC, Rennert now didn't have to invest much of his own money. His purchase of AM General in 1992 was bought with a down payment of just $10 million.{{citation needed|date=March 2022}} In 1994, [[Fluor Corp.]] of [[Los Angeles]] sold the [[Doe Run Company]] to Renco, with the latter paying $52 million in cash, and approximately $60 million in debt payable over an eight-year period.{{citation needed|date=March 2022}} In 1997, Doe Run went on to pay $247 million for a similarly environmentally troubled lead smelting complex from the [[Peru]]vian government, as well as borrowing more money to service its [[Fluor Corporation]] debt.{{citation needed|date=March 2022}} And in 1998, Doe Run sold $305 million in junk bonds for financing its Peruvian acquisition as well as more lead mines in [[Missouri]] (according to Doe Run filings with the SEC).{{citation needed|date=March 2022}} Since 1998 most Renco financings have been bank debt.{{citation needed|date=March 2022}}
==Transactions and subsidiaries== ===WCI Steel=== In 1988, Renco bought a Warren ([[Ohio]]) steel company from its bankrupt parent, [[Ling-Temco-Vought|LTV Steel Co.]], for a price tag of $140 million. This company then became WCI Steel Inc., and Rennert was able to ultimately sell bonds totaling $300 million, paying $108 million of the proceeds as a dividend to Renco.<ref name="Doe Run"/> In 1998, Renco Steel Holdings Inc. was created to serve as a holding company for WCI. The holding company then sold $120 million in junk bonds, this time paying an additional $100 million dividend to Renco.{{citation needed|date=March 2022}}
At the time of the bankruptcy, if the pension plan had been terminated, the [[Pension Benefit Guaranty Corporation]] calculated a $117 million shortfall.<ref>{{Cite web|url=https://corpwatch.org/article/us-us-moves-seize-pension-fund-dispute-renco|title=US: U.S. Moves to Seize Pension Fund in Dispute With Renco | corpwatch|website=corpwatch.org|access-date=January 8, 2020|archive-date=June 9, 2021|archive-url=https://web.archive.org/web/20210609214540/https://corpwatch.org/article/us-us-moves-seize-pension-fund-dispute-renco|url-status=dead}}</ref> Despite losing the company, Renco agreed to assume responsibility for the existing pension plan, with ongoing support from WCI.<ref>{{cite web |url=http://www.rencogroup.net/news/WCI.pdf |title=Archived copy |access-date=August 27, 2009 |url-status=dead |archive-url=https://web.archive.org/web/20081011130904/http://www.rencogroup.net/news/WCI.pdf |archive-date=October 11, 2008 }}</ref> Newspaper reports speculated that the [[Pension Benefit Guaranty Corporation]] had threatened to put a [[lien]] on Rennert's personal estate in order to ensure the steelworkers' benefits.<ref>{{cite news|url= https://www.nytimes.com/2006/02/04/business/04pension.html?ex=1139720400&en=e375f131a471cd33&ei=5040&partner=MOREOVERNEWS|title= U.S. Moves to Seize Bankrupt Steel Maker's Pension Plan |access-date=December 17, 2008|last= Walsh|first= Mary Williams|date= February 4, 2006|work= New York Times}}</ref> Harbinger sold the business to [[Severstal]], a steelmaker based in [[Russia]].<ref name="tradingmarkets.com">[http://www.tradingmarkets.com/.site/news/Stock%20News/2455462/]{{dead link|date=September 2017|bot=InternetArchiveBot|fix-attempted=yes}}</ref>
===MagCorp/US Magnesium=== In 1989, Renco acquired the U.S.'s largest [[magnesium]] producer in [[Utah]]. Removing minerals from the water of the [[Great Salt Lake]], Magnesium Corp. uses chemicals to refine the magnesium used in products ranging from bombs to bicycles. In 1996, Renco established Renco Metals, Inc. as a holding company for Magnesium Corp. and issued $150 million in bonds. Just like WCI, the company paid Renco $90 million in dividends by the year end.
In 2001, the [[United States Department of Justice|Department of Justice]] filed suit against Magnesium Corp. for multiple violations of [[hazardous waste]] law, and also it cited Rennert's removal of money from Magnesium Corp. through the bond issue, "leaving the companies insolvent and unable to pay their bills".<ref name="Doe Run"/> The suit went on until 2007, when a judge ruled in favor of Renco and against the DOJ.
On August 17, 2010, a [[10th Circuit Court of Appeals]] ruling overturned a District Court judge's October 17, 2007, decision that the U.S. Magnesium facility in [[Rowley, Utah]] was not illegally disposing five wastes. The initial lawsuit DOJ filed on behalf of EPA in 2001 claimed U.S. Magnesium was not following regulations promulgated under the [[Resource Conservation and Recovery Act]] of 1976, which dictates how waste byproducts must be disposed. Renco continues to operate the business under the name US Magnesium. At this point, US Magnesium is the only magnesium producer in the [[United States]].
The EPA published its proposal to place the US Magnesium facility on the [[National Priorities List]] (NPL, a "[[Superfund]] site" under CERCLA) in the ''[[Federal Register]]'' on September 3, 2008. The [[National Priorities List]] (NPL) is a list of places, commonly known as "superfund sites," considered national priorities for environmental remediation because of known or threatened releases of hazardous substances. USM filed its petition for review of the listing in the [[United States Court of Appeals for the District of Columbia Circuit]] on November 5, 2009. On January 14, 2011, the United States Court of Appeals sided with the EPA and upheld placing the site on the National Priority List.<ref>The website address for the US Magnesium Superfund Site is {{cite web |url=http://www.epa.gov/region8/superfund/ut/usmagnesium/index.html |title=U.S. Magnesium | Region 8 | US EPA |access-date=April 30, 2010 |url-status=dead |archive-url=https://web.archive.org/web/20100509115245/http://www.epa.gov/Region8/superfund/ut/usmagnesium/index.html |archive-date=May 9, 2010 }}</ref>
===AM General=== In 1993, Renco acquired [[AM General]] from the [[LTV Corporation]] which helped LTV emerge from bankruptcy. Terms included a $67.5 million cash payment with the remainder to be paid in various forms over a 10-year period. AM General produced vehicles for industrial, military and government use, including the [[Humvee]]. On August 20, 2004, it was announced that [[Ronald Perelman]]'s [[MacAndrews & Forbes Holdings]] company would buy 70% of AM General from Renco. The deal reportedly cost close to US$1 billion.<ref>{{cite news|last1=Sorkin|first1=Andrew Ross|last2=Hakim|first2=Danny|title=Perelman Seeks Controlling Stake in Maker of Hummer|url=https://query.nytimes.com/gst/fullpage.html?res=9C07E6DF1E3CF933A2575BC0A9629C8B63|work=New York Times|date=August 10, 2004 |access-date=May 27, 2008}}</ref>
==Environmental track record== ===United States=== {{further|Doe Run Company}}
The Renco Group's environmental record in the U.S. related to Doe Run provides a good example of this development. In 1998, the EPA placed Renco Group business holdings 10th on the nation's largest polluter list primarily because of emissions from US Magnesium in Utah (formerly MagCorp).<ref name="BW">{{cite news |url=http://www.businessweek.com/magazine/content/03_07/b3820069_mz020.htm |archive-url=https://web.archive.org/web/20030402074856/http://www.businessweek.com/magazine/content/03_07/b3820069_mz020.htm |url-status=dead |archive-date=April 2, 2003 |title=Ira Rennert's House of Debt |publisher=[[Business Week]] |date=February 17, 2003 |author=Emily Thornton}}</ref> (US Magnesium was purchased by Renco in 1989 in the year in which its emissions peaked at 119,000 tons per year.)<ref>{{Cite web|url= http://www.secinfo.com/dRqWm.5RYu.htm |title= SEC Inf0: Renco Metals Inc|access-date=December 17, 2008|date= June 12, 2000|publisher= Sec Info}}</ref> By 1998, the year the Renco was placed on the EPA list, it had reduced emissions at US Magnesium by 50%.<ref name=autogenerated3>{{Cite web|url=https://www.epa.gov/toxics-release-inventory-tri-program|title=Toxics Release Inventory (TRI) Program|first=OCSPP|last=US EPA|date=January 31, 2013|website=US EPA}}</ref> By 2005, the most recent year of data released by the EPA, emissions had been reduced 97%.<ref name=autogenerated3 />
In 2001, the Justice Department and EPA filed suit against Renco. They demanded nearly $1 billion in fines, alleging MagCorp (a Renco Metals Inc. subsidiary) dumped toxic waste in ditches and ponds on the Great Salt Lake.<ref name="KSL">{{cite news |url=http://tv.ksl.com/index.php?nid=5&sid=205094 |title=EPA sues magnesium company |publisher=[[KSL TV]] |date=May 14, 2005}}</ref> The suit claimed PCB-laced sludge and dust choked the plant's plumbing, wastewater ponds, landfill and ditches, where contaminants were 12 times the allowed limit for accidental release.<ref name="KSL"/> MagCorp maintained it was exempt from the federal [[Resource Conservation and Recovery Act]], which requires companies to monitor certain kinds of hazardous waste.<ref name="KSL"/> Magcorp declared Chapter 11 bankruptcy shortly after the lawsuit began and a federal judge allowed Rennert to restructure MagCorp—now U.S. Magnesium—which exempted it from previous legal liability.<ref>{{cite news |url=https://www.forbes.com/forbes/2002/0722/044_print.html |archive-url=https://web.archive.org/web/20030117050216/http://www.forbes.com/forbes/2002/0722/044_print.html |url-status=dead |archive-date=January 17, 2003 |title=Man with many enemies |work=[[Forbes.com]] |date=July 2, 2002 |author=Nathan Vardi}}</ref> The EPA suit, however, remained outstanding until October 2007 when a federal judge ruled against the EPA and the Justice Department and in favor of Renco and MagCorp / US Magnesium.<ref>{{cite news |url=http://www.sltrib.com/news/ci_7288544 |title=USMag wins favorable fed judge ruling |publisher=[[The Salt Lake Tribune]] |date=October 26, 2007 |url-status=dead |archive-url=https://web.archive.org/web/20071214051336/http://www.sltrib.com/news/ci_7288544 |archive-date=December 14, 2007 }}</ref>
Today, US Magnesium is the third-largest magnesium producer in the world. Its environmental improvements and recent track record have been substantial and include a reduction of emissions by 90% since 2000 (97% since 1989).<ref name=autogenerated3 /> The EPA data recognizes this as the single largest reduction in air emissions in the category of hazardous air pollutants since the TRI began in 1987 at any single facility.<ref name="mep">{{Cite web|last=The Manufacturing Extension Partnership |title=2006 MEP Award Winners |year=2006 |url=http://www.mep.org/textfiles/2006%20MEP%20Award%20Winners.pdf |archive-url=https://web.archive.org/web/20200801092449/http://www.mep.org/textfiles/2006%20MEP%20Award%20Winners.pdf |url-status=dead |archive-date=August 1, 2020 |access-date=July 2, 2008 }} </ref> The energy improvements in US Magnesium's manufacturing process have also caused a net reduction of 100,000 tons per year of [[carbon dioxide]] emissions.<ref name="mep"/> US Magnesium was the recipient of a 2004 Climate Protection Award from the EPA<ref>{{Cite web|url= http://www.epa.gov/cppd/awards/winners_summaries4-20-04.doc|archive-url= https://web.archive.org/web/20071011162540/http://www.epa.gov/cppd/awards/winners_summaries4-20-04.doc|url-status= dead|archive-date= October 11, 2007|title= Summaries of the 2004 Climate Protection Award Winner's Accomplishments |access-date=December 17, 2008 |publisher= United States Environmental Protection Agency}}</ref> and won an MEP award in 2006 for Environmental Consciousness.<ref>{{Cite web |last= |date=February 8, 2007 |title=11 Manufacturing Firms are Honored for Achievements |url=https://www.deseret.com/2007/2/8/20000753/11-manufacturing-firms-are-honored-for-achievements |access-date=June 29, 2023 |website=Deseret News |language=en}}</ref>
Another US unit of Renco also faced environmental issues in [[Herculaneum, Missouri]] and has made substantial improvements. Locals in Herculaneum claimed their children were suffering from [[lead poisoning]] traceable to toxic emissions coming from Renco's Doe Run lead smelting plant, which had been in operations locally since 1892.<ref name="Jones">{{cite news |url=https://www.motherjones.com/news/feature/2006/11/lead_astray.html |title=Lead Astray |publisher=[[Mother Jones (magazine)|Mother Jones]] |date=November–December 2006 |author=Sara Shipley Hiles & Marina Walker Guevara}}</ref> In 2000, the EPA and the Missouri Department of Natural Resources tested area lead levels and ordered Doe Run to clean up locations where lead levels exceeded EPA standards.<ref name="Jones"/> A 2002 study showed more than half of the children living within a quarter mile of the smelter had high blood-lead levels.<ref name="Jones"/> Doe Run agreed to buy 160 homes in the contaminated area around the smelter at a cost of more than $10 million.<ref name="Jones"/> An EPA fact sheet noted the following: "Since 2001, EPA, MDNR and The Doe Run Company have addressed lead contamination in Herculaneum through a series of actions which have included residential soil replacements, home interior cleanups, and a voluntary residential buyout program. EPA and MDNR continue to work with Doe Run to address stabilization, erosion control, flood protection, stormwater collection and treatment, and wetland mitigation related to the slag pile area at the site. EPA and MDNR are also working with Doe Run to address soil recontamination of residences near the smelter and contamination along city haul routes."{{Citation needed|date=July 2008}} In the first quarter of 2007, Doe Run met all of the [[National Ambient Air Quality Standards]] (NAAQS).{{Citation needed|date=July 2008}} By 2008, the conditional approval proposed, which covered air dispersion model selection as well as meteorological and emissions inventory data, among others, for the operation of the smelter was incorporated to the 2007 Consent Judgment between the company and the state of Missouri.<ref>{{Cite web |date=February 17, 2012 |title=Approval and Promulgation of Implementation Plans; State of Missouri |url=https://www.federalregister.gov/documents/2012/02/17/2012-3699/approval-and-promulgation-of-implementation-plans-state-of-missouri |access-date=June 29, 2023 |website=unblock.federalregister.gov}}</ref> In 2013, Doe Run shut down its lead smelter, entirely discontinuing emissions in Missouri. <ref>{{cite web |url=http://www.waynecojournalbanner.com/reynolds_county/news/article_9bb297c8-6f25-11e3-b5e8-001a4bcf6878.html |title=Herculaneum Facility to Close After 120 Years in Operation |access-date=February 12, 2014 |url-status=dead |archive-url=https://web.archive.org/web/20140107085827/http://www.waynecojournalbanner.com/reynolds_county/news/article_9bb297c8-6f25-11e3-b5e8-001a4bcf6878.html |archive-date=January 7, 2014 }}</ref>
===Peru=== {{further|Doe Run Company}}
Doe Run, Peru, (a Renco Group holding) operated a smelting plant in [[La Oroya, Peru]] until 2010, that had similar types of environmental challenges to those faced in Herculaneum, but on a larger scale.<ref>{{cite news |url=http://www.dallasnews.com/sharedcontent/dws/news/world/stories/120505dnintperumission.7cfb9ab.html |title=In Peru, a poisoned town, a driven man |publisher=[[Dallas Morning News]] |date=December 4, 2005 |author=Craig Cheatham}}</ref> The La Oroya smelter began operations in 1922 and was operated for many years by Centromin, a Peruvian government agency, without any environmental controls.
The smelter was sold to Doe Run in 1997 primarily because the Peruvian government passed a law that required environmental improvement at the business. This improvement was beyond the economic and technical capability of Centromin. As part of the sale to Renco, Centromin agreed to pay to remediate pre-existing (pre-1997) environmental problems and Doe Run Peru agreed to make substantial environmental investments. These investments were estimated to be approximately $100 million at the time of the deal.
In the end, Doe Run ended up investing more than $300 million in [[environmental remediation]] during its ownership and was not able to clean up the site to achieve the standards required by Peruvian law.<ref name="italaw.com">{{cite web |url=https://www.italaw.com/sites/default/files/case-documents/ita0713.pdf |title= Court documents |date=1997|access-date=January 8, 2020}}</ref> La Oroya was and remains a very polluted site. The [[Blacksmith Institute]] placed La Oroya on its list of ten most polluted places in the world, along with [[Chernobyl]], [[Ukraine]].<ref name="Nation">[http://www.thenation.com/article/religious-leaders-challenge-polluter The Nation: "Religious Leaders Challenge Polluter" by Sara Shipley Hiles] July 23, 2007</ref> In August 2007, it was reported that air levels of arsenic were 85 times more than the "safe" level, cadmium 41 times, and lead 13 times more.<ref name=autogenerated4>{{cite news| url=https://www.theguardian.com/world/2007/aug/12/environment.pollution | work=The Guardian | location=London | title=Poisoned city fights to save its children | date=August 12, 2007 | access-date=May 5, 2010 | first=Hugh | last=O'Shaughnessy}}</ref> A study by [[Saint Louis University (United States)|St. Louis University]] scientists found that 97 percent of children in La Oroya suffer from mental and physical deficiencies related to their exposure to polluted air.<ref name="Nation"/>
Ultimately, Doe Run Peru was a bad investment for Renco on many counts. Renco received substantial negative publicity regarding its ownership and the environmental problems in La Oroya. The environmental problems were not solved despite huge investment by Renco, and Renco never made any financial profit from its investment.<ref name="italaw.com"/>
Doe Run Peru is currently in a dispute with the Peruvian government which in part relates to Doe Run's claims that Centromin did not live up to its obligations with regard to cleaning up the pre-existing pollution.<ref name="italaw.com"/>
==Philanthropy== Ira Rennert ranks #818 on ''[[Forbes]]'' magazine's [[The World's Billionaires|list of the world's billionaires]].<ref name="Forbes 2">{{cite news |date=June 4, 2023 |title=Ira Rennert |work=Forbes.com |url=https://www.forbes.com/profile/ira-rennert/?sh=1b5636c832b7 |access-date=March 11, 2009}}</ref> He also ranks #29 on ''[[The Jerusalem Post]]'' list of the World's 50 Richest [[Jews]].<ref name="JPost">{{cite news|title=The world's 50 Richest Jews: 21-30|url=https://www.jpost.com/JewishWorld/JewishFeatures/Article.aspx?id=187421|publisher=[[jpost.com]]|access-date=September 7, 2010|date=September 7, 2010}}</ref>
Rennert and his wife Ingeborg have made many charitable donations to various organizations. They donated $5 million to establish the Wiesel Center at [[Boston University]] and $250,000 to the Lincoln Center. They also gave over $1 million to the [[National September 11 Memorial & Museum|World Trade Center Memorial]] and established the Rennert Entrepreneurial Institute of [[Sy Syms School of Business]] at [[Yeshiva University]]. They have endowed chairs at several different universities, including a chair in [[Jewish studies]] at [[Barnard College]], a chair in Aging Research at [[Albert Einstein College of Medicine]], a chair in [[Stem Cell]] Biology at Albert Einstein College of Medicine, and the Ira Rennert Professorship of Business at [[Columbia University]].<ref name=autogenerated2>{{Cite web|url=http://spider.mc.yu.edu/news/articles/article.cfm?id=101439|archive-url=https://web.archive.org/web/20071011140954/http://spider.mc.yu.edu/news/articles/article.cfm?id=101439|url-status=dead|archive-date=October 11, 2007|title=-Yeshiva University News - Gifts Boost Medical Research: Ten Professors Invested in Endowed Chairs at Albert Einstien College of Medicine|date=October 11, 2007}}</ref> They also established the Ira Leon Rennert Professor of Entrepreneurial Finance at [[New York University]] and founded the Ingeborg Rennert Center for [[Jerusalem]] Studies at [[Bar-Ilan University]].
The Rennerts also helped to fund the construction of [[The Western Wall Heritage Foundation]] in [[Jerusalem]] (the visitor center is called The Ingeborg and Ira Leon Rennert Hall of Light). Rennert's wife and children are named as the donors of The Jonas Mendel (Yonah Menachem Ben Mendel) Rennert Memorial Chapel at the [[Center for Jewish History]]. The Rennerts are known to have donated to [[Rabbi]] Aharon Bina's new yeshiva in [[Israel]], [[Yeshivat Netiv Aryeh]], and are additionally honored with a plaque as well as their family upon entrance into the building. They also donated hundreds of [[Torah]] scrolls to communities in [[Israel]].<ref>{{cite news | last = Silverstein | first = Shelly | title = Rennert's Torahs | publisher = [[Arutz Sheva]] | date = November 15, 2007 | url = http://www.israelnationalnews.com/News/News.aspx/124270 | access-date = November 18, 2007 }} </ref> The family also funded the construction for a new [[mikvah]] at the [[Fifth Avenue Synagogue]], which was completed in May 2010.
==Political activity== Rennert is a major [[Republican Party (United States)|Republican]] donor. He has contributed money to [[John McCain]], [[Rudy Giuliani]] and other candidates.<ref name=McCain>{{cite news|last=Patel|first=Avni|title=Members of Congress, Obama Administration Go to Bat For Billionaire Investor|url=https://abcnews.go.com/Blotter/members-congress-obama-administration-bat-billionaire-investor/story?id=13084422|access-date=December 1, 2013|newspaper=ABC News|date=March 8, 2011}}</ref>
Together with his spouse, Rennert contributed $900,000 to [[Donald Trump]]'s [[Donald Trump 2020 presidential campaign|2020 presidential campaign]].<ref name="Trump 2020 donors">{{cite web |title=Here Are The Billionaires Who Donated To Donald Trump's 2020 Presidential Campaign |url=https://www.forbes.com/sites/michelatindera/2021/02/19/here-are-the-billionaires-who-donated-to-donald-trumps-2020-presidential-campaign/ |website=Forbes |accessdate=March 27, 2024}}</ref>
==Personal life== ===Family=== Rennert is married to Ingeborg Hanna Rennert, a former airline ticket agent who is a convert to [[Judaism]].<ref>[http://www.vanityfair.com/magazine/archive/1998/08/sandsimeon199808 Vanity Fair: Letter from the Hamptons: Sand Simeon] {{Webarchive|url=https://web.archive.org/web/20140715215235/http://www.vanityfair.com/magazine/archive/1998/08/sandsimeon199808 |date=July 15, 2014 }} August 1998</ref> She serves as the Director of [[Lincoln Center for the Performing Arts]], Inc.<ref>[http://investing.businessweek.com/research/stocks/private/person.asp?personId=145481775&privcapId=5505258&previousCapId=5505258&previousTitle=Lincoln%20Center%20for%20the%20Performing%20Arts,%20Inc. Businessweek" Company Overview]{{dead link|date=April 2023|bot=medic}}{{cbignore|bot=medic}} of [[Lincoln Center for the Performing Arts]], Inc. retrieved May 27, 2012</ref> They have three children: *Tamara Rennert Winn,<ref>[http://observer.com/2008/01/big-deal-bighearted-baron-ira-rennert-buys-daughters-spreads-in-740-park-778-park-for-60-mplus/ New York Observer: "Big Deal! Big-Hearted Baron Ira Rennert Buys Daughters Spreads in 740 Park, 778 Park for $60 M.-Plus" By Max Abelson] January 23, 2008</ref> married to Randall Winn, co-founder of [[Capital IQ]] (now S&P Capital IQ)<ref>{{Cite web|last= Barker |first=Alex |title= We were angry, arrogant bankers'|publisher=[[Financial Times]]|date=May 1, 2007 |url=https://www.ft.com/content/62362d70-f7ef-11db-baa1-000b5df10621 }}</ref> *Yonina Rennert Davidson<ref>[http://observer.com/2000/04/schwarzman-redux-manufacturing-exec-signs-18-million-deal/ New York Observer: "Schwarzman Redux: Manufacturing Exec Signs $18 Million Deal" by Deborah Schoeneman] April 17, 2000</ref> *Ari Rennert<ref>{{cite news|last=Mead|first=Julia C.|title=At Home in Versailles on the Atlantic|url=https://www.nytimes.com/2004/07/04/nyregion/at-home-in-versailles-on-the-atlantic.html?pagewanted=all&src=pm|work=New York Times|date=July 4, 2004|access-date=September 30, 2017}}</ref>
Rennert is a member of the [[Fifth Avenue Synagogue]], an [[Orthodox Judaism|Orthodox]] synagogue<ref>{{cite web|last=Kaminer|first=Michael|title=The Shmooze – Feuding Tycoons Attend Same Synagogue|url=http://blogs.forward.com/the-shmooze/160584/feuding-tycoons-attend-same-synagogue/|website=forward.com|publisher=Jewish Daily Forward|date=August 6, 2012|access-date=September 30, 2017|archive-date=March 3, 2015|archive-url=https://web.archive.org/web/20150303201044/http://blogs.forward.com/the-shmooze/160584/feuding-tycoons-attend-same-synagogue/|url-status=dead}}</ref> where he is also honorary chairman.<ref>{{cite web|last=Elstein|first=Aaron|title=Battle of the bazillionaires: In a Hummer of a legal fight, Ron Perelman, Ira Rennert trade some nasty accusations|url=http://www.crainsnewyork.com/article/20120805/FINANCE/308059980|website=crainsnewyork.com|publisher=Crain's New York Business|date=August 5, 2012|access-date=September 30, 2017}}</ref>
===Houses=== {{See also|Fair Field|The House that Ate the Hamptons}} [[File:Ira Rennert house.jpg|thumb|Photograph of Ira Rennert's compound in [[Sagaponack, New York]], as viewed from above]] Rennert caused controversy among his neighbors by building a beach front home in [[Sagaponack, New York]], considered one of the [[List of largest houses in the United States|largest occupied residential compounds]] in the United States.<ref>{{cite news |url=http://nymag.com/nymetro/realestate/features/1718/ |title=Rennert redux |magazine=[[New York (magazine)|New York]]}}</ref> The house outraged locals, who claimed Rennert originally planned to use it as a spa, a hotel, or a religious retreat. He denied such allegations, and the local paper later issued an apology.<ref>{{cite news |url=http://www.danspapers.com/issue48_2007/5.html |title=An apology to Ira Rennert of Sagaponack |publisher=[[Dan's Papers]] |date=March 9, 2007 |first=Dan |last=Rattiner |author-link=Dan Rattiner |url-status=dead |archive-url=https://web.archive.org/web/20070503083025/http://www.danspapers.com/issue48_2007/5.html |archive-date=May 3, 2007 }}</ref> He named his home after the adjoining body of water, Fairfield Pond.
The house faces the [[Atlantic Ocean]] and its grounds measure {{convert|63|acre|m2}}. The buildings, which total over {{convert|110000|sqft|m2}}, including the {{convert|66000|sqft|m2|adj=on}} main house, have an [[Italianate]] facade, 29 bedrooms, and 39 bathrooms. The house has a dozen chimneys and a Mediterranean-style tile roof as well as a {{convert|91|ft|m|adj=on}} long formal dining room, a basketball court, a bowling alley, two tennis courts, two squash courts, a carousel, a large swimming pool, a large round kiddie pool, and a $150,000 hot tub, surrounded by another pool. Its property taxes in 2007 were $397,559.00. Based on these taxes, the home is currently valued at $198 million,<ref name="Forbes 2"/> making it the most valuable home in the United States. Besides his house in Sagaponack, Rennert owns a [[Duplex (building)|duplex apartment]] on Manhattan's [[Park Avenue]], and a home in [[Israel]]. He previously lived in [[Atlantic Beach, NY]].
==See also== *[[List of investors in Bernard L. Madoff Securities]]
==References== {{reflist}}
===Sources=== *Michael Shnayerson. "Devastating Luxury." '' [[Vanity Fair (magazine)|Vanity Fair]]. '' July 2003. *James Ridgeway and Jeffrey St. Clair. A Pocket Guide to Environmental Bad Guys, (New York: Thunder's Mouth Press).
==External links== {{commons category-inline}} *{{YouTube|gY6WXa9aKrM|Toxic Lead Smelting Operation in La Oroya, Peru}} *{{YouTube|VguzDVY7NAM|The Children of Lead trailer}} *[https://maps.google.com/maps?q=Sagaponack,+New+York&ie=UTF8&oe=utf-8&client=firefox-a&ll=40.918928,-72.263668&spn=0.008058,0.018797&t=h&z=16 Rennert home in Sagaponack, New York] on [[Google Maps]] {{Renco Group}} {{AM General}}
{{DEFAULTSORT:Rennert, Ira}} [[Category:1934 births]] [[Category:Living people]] [[Category:American billionaires]] [[Category:American financial traders]] [[Category:Brooklyn College alumni]] [[Category:Businesspeople from New York (state)]] [[Category:American businesspeople in the metal industry]] [[Category:American businesspeople in mining]] [[Category:American people of Polish-Jewish descent]] [[Category:American people of Romanian-Jewish descent]] [[Category:Corporate raiders]] [[Category:New York University Stern School of Business alumni]] [[Category:Private equity and venture capital investors]] [[Category:People associated with the Madoff investment scandal]] [[Category:People from Sagaponack, New York]] [[Category:Philanthropists from New York (state)]] [[Category:21st-century American Jews]]