According to Denise George, the Attorney General of the Territory, Jeffrey Epstein’s estate has reached a settlement with U.S Virgin Islands in which it will pay approximately $105 million.
The estate will sell two private islands to third parties as part of the huge settlement. Half of the proceeds will go to the territory.
According to authorities, the sale will ensure that the islands are not used “illicitly.”
U.S. Virgin Islands DOJ unveils deal with Epstein estate.
— Adam Klasfeld (@KlasfeldReports) November 30, 2022
Jeffrey Epstein was found dead in his Metropolitan Correctional Center Cell in 2019. He was being tried for allegedly running a sex trafficking ring that involved multiple private islands. Epstein was a powerful connection, with former President Bill Clinton as well as Prince Andrew of England.
Epstein has been pursuing a lawsuit for nearly three years to recover funds. Separate cases against Epstein’s confidant Ghislaine Maxwell, however, have also been filed.
Two co-defendants, who were once called “indispensable Captains” in complaints against Epstein’s business venture, will also be paying $105 million to the U.S. Virgin Islands government. The estate will repay more than $80 million it received from the territory in tax benefits.
The attorney general claimed that the territory was lying about the tax benefits. However, the lawsuit was complicated by the estate’s cash flow shortfall.
The New York Times reports that Epstein’s estate only has $22 million in cash, despite his empire having once amounted to $600 million. According to reports, the bulk of the funds went towards victims’ compensation, legal representation, and the Internal Revenue Service. As other assets and capital are tied to investments, the estate will have one year to complete the payout.
“This settlement restores the faith and trust of the People in the Virgin Islands that its laws would be enforced without fear or favor against those who violate them,” said the attorney general. The attorney general stated that we are sending a clear signal that the Virgin Islands will no longer be a sanctuary for human trafficking.
The U.S. Virgin Islands Department of Justice had also expressed concerns about the estate and reached an agreement to pay $450,000 for environmental damage to the government. Epstein was found to have “razed the remains of centuries-old historical structures enslaved workers to allow him to develop,” according to the U.S. Virgin Islands Department of Justice sued the estate under an act called Criminally Influenced and Corrupt Organizations Act. This is similar to U.S. racketeering legislation.
In a press release, the territory states that the Epstein estate settlement is the most significant in its history. “Attorney general George recognized the tireless work of her extraordinary team members of attorneys in this believed to be the largest monetary settlement ever in the history of the Virgin Islands.”