Entrepreneur and investor Stephen Deckoff’s investment firm, SD Investments LLC, has announced the acquisition of the Great St. James and Little St. James islands, located in the United States Virgin Islands.
Little St. James was the site of convicted sex offender Jeffrey Epstein’s sex-trafficking scheme that targeted dozens of young women and children.
According to the press release, the acquisition is part of Deckoff’s plan to develop a world-class, five-star, 25-room luxury resort that will support tourism, create jobs, and foster economic development in the region while preserving the islands’ natural environment.
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The press release, which described Deckoff as an investor who has successfully turned around numerous distressed situations across various industries, said that the billionaire plans to build the resort in a way that respects the culture, history, and natural beauty of the islands.
Deckoff has been a resident of the US Virgin Islands since 2011, and “has supported the area’s economic development, particularly after back-to-back hurricanes in 2017 shuttered several of the territories’ resorts and businesses.”
Deckoff is in the process of hiring architects and engineers to develop the resort, which is expected to open in 2025. According to CNBC, Deckoff purchased the islands for $60 million, less than half of the asking price of $125 million reported last year.
A significant portion of the sale proceeds will be paid to the Government of the U.S. Virgin Islands as part of a settlement agreement between the government and Epstein’s estate.
The islands’ economy is heavily dependent on tourism, and the new resort is expected to create jobs and generate revenue for the local community.
The US Virgin Islands Governor, Albert Bryan Jr., expressed his excitement about the acquisition, saying it “represents a great opportunity for the territory’s economy and the people of the Virgin Islands.”
He added, “We look forward to working with Mr. Deckoff to create a world-class destination that showcases the natural beauty of our islands while creating jobs and economic opportunities for our residents.”
Information for this story was found via CNBC, BBC, and the sources and companies mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
