"Jeffrey Epstein surrounded himself with sultans, former heads of state, British royalty and tech visionaries to cultivate the image of a high-flying financier. But in real estate, Epstein often leaned on a down-on-his-luck New York City developer with a trail of lawsuits and an array of business ventures that ranged from a deli to a houseware retailer to boutique luxury condos: David Mitchell."
"Epstein's previously undisclosed real estate investments with Mitchell show deeper insight into Epstein's business strategy. He invested in real estate not just for paper returns but to enhance his connections and stature, specifically turning to Mitchell to build out his ever-expanding Rolodex. One source who knows Mitchell said that Epstein saw Mitchell whose father was a famed NYC restaurateur as someone who could open doors and make social connections for the outer borough-born Epstein in New York's upper-crust society."
"The relationship evolved as Mitchell's investments went south and he relied on Epstein for short-term loans and financial advice. Epstein provided at least $7 million in loans and investments in Mitchell's projects, according to a TRD estimate based on transactions specified in the documents. The thousands of emails exchanged between Epstein, Mitchell and Epstein's assistants were released as part of 3.5 million pages of documents by the Department of Justice into the investigation of Jeffrey Epstein."
Jeffrey Epstein cultivated an upper-crust image while investing in New York real estate to expand his social network. He relied on David Mitchell, a struggling developer with lawsuits and diverse businesses, to open doors in elite circles. Epstein provided at least $7 million in loans and investments, including a $1.5 million loan in 2017 to cover shortfalls at the Life Hotel, Mitchell's Herald Square rebrand. Thousands of emails reveal a largely transactional relationship that nevertheless included occasional personal messages. Epstein used real estate investments to enhance connections and stature and invested in at least four of Mitchell's ventures.
Read at therealdeal.com
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