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What is Les Wexner’s Net Worth?
Leslie Wexner is an American businessman who has a net worth of $6 billion. For a lot of his grownup life, Leslie Wexner has been the richest person in Ohio. Les Wexner earned his first fortune because the founding father of the specialty clothes retail firm The Limited in 1963. He expanded his empire significantly over the following years, buying or establishing such retailers as Victoria’s Secret, Express, Abercrombie & Fitch, and Bath & Body Works. Wexner skilled an excessive degree of reputational harm resulting from his longtime and inexplicable relationship with the late convicted intercourse offender Jeffrey Epstein. Over the years they had been pals, Epstein reportedly used his connection to Wexner to lure young women. For causes nobody fairly understands, Leslie gave Epstein power of attorney over his affairs. Epstein oversaw Wexner’s cash, the development of a yacht and even signed his tax returns on the billionaires behalf. During their years working collectively, Wexner reportedly paid Epstein $200 million in charges. Wexner would later declare that Epstein “misappropriated vast sums of money from me and my family.” The harm to his fame was so extreme that Wexner went from being a lauded billionaire and philanthropist to a considerably disgraced former mogul who stepped down from his company in February 2020.
Early Life and Education
Leslie Wexner was born on September 8, 1937 in Dayton, Ohio to Harry and Bella. His father was a Russian-born Jew, whereas his mom, additionally of Russian-Jewish descent, was born within the Brooklyn borough of New York City. Wexner has a youthful sister named Susan. He was educated at Bexley High School, after which on the Ohio State University, from which he graduated in 1959 with a level in enterprise administration. Wexner subsequently attended the Moritz College of Law at OSU for a quick time.
Career Beginnings
Wexner acquired his begin in retail working in his dad and mom’ clothes retailer, Leslie’s. His dad and mom ultimately put him in control of the shop after they went away on trip. Running the shop, Wexner developed his enterprise acumen by analyzing revenue and loss margins on the ladies’s attire that was being offered.
The Limited / L Brands
In 1963, Wexner received a loan from his aunt Ida of $5,000. He had the cash matched by a financial institution, after which used it to discovered the clothes retail firm the Limited. The title of the corporate referred to its restricted deal with reasonably value merchandise, together with shirts, skirts, and sweaters. On August 10, 1963, Wexner opened the primary Limited retailer within the Kingsdale Shopping Center in Upper Arlington, Ohio. He opened a second retailer the following 12 months, and took Limited public by the top of the last decade. Wexner expanded considerably all through the 70s, together with his 100th Limited retailer opening in 1976. He additionally acquired the producer and importer Mast Industries, giving him a leg up over his rivals. In the 80s, Wexner doubled his retail holdings by buying quite a few different corporations, notably the lingerie retailer Victoria’s Secret. Having bought the corporate for less than $1 million, he took it to an estimated price of $1 billion by the 90s.
Wexner continued to considerably construct out his enterprise empire all through the 90s. Early within the decade, he based the retail chain Bath & Body Works, which sells soaps, lotions, candles, and fragrances. Eventually, L Brands was rebranded underneath the title Bath & Body Works. Through his conglomerate, Wexner has operated such different notable manufacturers as Henri Bendel, Abercrombie & Fitch, Express, and La Senza.
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Relationship with Jeffrey Epstein
In the 80s, Wexner employed financier and notorious intercourse offender Jeffrey Epstein as his monetary supervisor. During their affiliation, which lasted till 2007, Wexner was Epstein’s predominant billionaire shopper. In the early 90s, at which era Wexner’s net worth was $1.8 billion, he granted Epstein energy of legal professional and appointed him as a trustee to the Wexner Foundation.
Wexner has incessantly been accused of failing to take motion when staff of his corporations complained about Epstein’s lewd, abusive conduct. Many of Epstein’s crimes reportedly took place at Wexner’s property, the place Wexner allowed him to run his enterprise. The relationship between the 2 is mentioned within the 2022 documentary “Victoria’s Secret: Angels and Demons.”
Philanthropy
In 1989, Wexner and his mom grew to become the primary individuals to make a $1 million private donation to the United Way. Wexner has made quite a few different donations over time, together with to his alma mater the Ohio State University. In 2011 he donated $100 million to Ohio State to determine the Wexner Center for the Arts. That nonetheless stands as the most important reward in Ohio State University’s historical past. His different main philanthropic endeavors have included his Wexner Foundation, which seeks to nurture Jewish professionals and group leaders, and the Mega Group, a loosely organized membership of rich businessmen dedicated to Jewish points.
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1954 Ferrari Legal Battle
In 2013 Les Wexner paid $16.5 million for a 1954 Ferrari 375 Plus at public sale. Unfortunately, he shortly came upon that this explicit Ferrari also had a disputed ownership history. It took three years and $12 million in ADDITIONAL legal fees earlier than the scenario was resolved and Leslie was allowed to maintain the Ferrari with a clear title.
Personal Life and Properties
At the age of 55 in early 1993, Wexner married 31-year-old legal professional Abigail S. Koppel. The pair has 4 kids, and resides in a 30-room, $47 million Georgian-inspired property spanning round 336 acres in New Albany, Ohio. For 20 years, the property was the location of the Annual New Albany Classic Invitational Grand Prix & Family Day, which attracted skilled show-jumping riders to learn charity. However, Wexner’s spouse introduced the top of the occasion in early 2018.
Wexner additionally owns the 18th-century Foxcote House in Warwickshire, England. Among his different properties, he owns the 315-foot superyacht Limitless, one of many largest privately owned yachts on the earth.
All internet worths are calculated utilizing information drawn from public sources. When offered, we additionally incorporate non-public suggestions and suggestions obtained from the celebrities or their representatives. While we work diligently to make sure that our numbers are as correct as attainable, until in any other case indicated they’re solely estimates. We welcome all corrections and suggestions utilizing the button under.
