Billionaire investor Stephen Deckoff has reportedly purchased Jeffrey Epstein's notorious private Caribbean islands with plans to transform them into a world-class luxury resort.
Forbes reports that Deckoff, founder of private equity firm Black Diamond Capital Management, acquired the islands for $60 million, approximately half of their initial asking price. Deckoff, who made the purchase through his investment firm, SD Investments LLC, told the publication he had never met Epstein nor visited the islands prior to Epstein's death in his jail cell in 2019.
Deckoff's ambitious plan involves the development of a state-of-the-art, five-star, luxury 25-room resort across the two islands – the 70-acre Little St. James and the 160-acre Great St. James.
He is currently in the process of hiring architects and engineers to carry out the project, with a target completion date set for 2025.
According to a press release, the resort aims to "help bolster tourism, create jobs, and spur economic development in the region while respecting and preserving the important environment of the islands."
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.
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 while respecting its culture, history and natural beauty.
I very much look forward to working with the U.S. Virgin Islands to make this dream a reality.