At a bail hearing in July 2019, the world learned a staggering fact: the disgraced financier Jeffrey Epstein possessed assets worth more than $550 million (approximately £440 million). The 66-year-old, facing serious sex trafficking charges, left behind a web of questions upon his death, none more persistent than the source of his enormous wealth.
The Wall Street Rise and the Billion-Dollar Mystery
Epstein's financial journey began after he dropped out of college. He first taught mathematics at New York's Dalton School before securing a position at the investment bank Bear Stearns in 1976. His mathematical prowess saw him rise rapidly, becoming a limited partner within four years. However, he was fired in 1981.
Undeterred, he founded his own firm, J. Epstein and Co. (later the Financial Trust Co.), in 1982. Almost immediately, he adopted an audacious rule: the firm would not accept any client with a net worth below $1 billion. The mystery lies in how this mid-level financier attracted such ultra-wealthy patrons so quickly.
The Les Wexner Connection and Island Purchases
His big break came in the mid-to-late 1980s with retail magnate Les Wexner, founder of L Brands, the company behind Victoria's Secret. Acting as Wexner's wealth manager for around two decades, Epstein earned an estimated $200 million from this relationship alone.
Throughout the 1990s and 2000s, he inserted himself into major deals for other wealthy individuals and institutions, amassing further millions. It was during this period, in 1998, that he purchased Little St James in the US Virgin Islands for what would be $12.3 million today. He later bought the neighbouring Great St James in 2016 for $22 million.
Epstein reportedly described the islands' isolation as 'perfect'. The US Virgin Islands attorney-general later called it a perfect haven for trafficking young women and underage girls.
The Unravelling and the Push for Full Disclosure
Epstein's world began to crumble in 2007 when he struck a controversial plea deal, serving 13 months for soliciting a minor. Wexner and banks like JP Morgan severed ties. Yet, by 2019, his legal team still declared over half a billion dollars in assets, including four homes and the two islands.
Following a US House vote to release all evidence, more than 100 photos and videos from Little St James have emerged, showing eerie interiors from bedrooms to a dentist chair. This is seen as a push to pressure the Justice Department into making all sealed documents public.
These 'Epstein files' encompass all evidence from investigations into him and his associates. While some documents, like flight logs, are public, many remain sealed, fuelling speculation about other implicated figures. The FBI is reviewing tens of thousands of pages, redacting them to protect victims and ongoing investigations.
The enduring question of how Epstein built and maintained his fortune may finally find answers within those files, promising further revelations in a case that continues to grip global attention.
