The Billionaire Without a Business
Jeffrey Epstein had two private islands, a townhouse the size of a small airport, and a collection of jets that made even Elon Musk look thrifty. At the time of his death in 2019, his estate was worth nearly $600 million.
But here’s the catch: no one has ever been able to clearly explain how he made that kind of money. He wasn’t a hedge fund titan. He wasn’t a tech founder. He wasn’t a licensed tax attorney or CPA. He was, at best, a self-styled “financier” with an uncanny ability to insert himself into rooms full of billionaires, royals, politicians, and celebrities.
Last week, newly unearthed emails and spreadsheets gave us a rare peek into Epstein’s “business model.” Spoiler: it looked a lot less like Wall Street strategy and a lot more like a social climbing Ponzi scheme with a Black Amex.
The Mandelson Mess
The revelations have already claimed political collateral. Peter Mandelson, the UK’s former ambassador to the U.S. and a high-ranking Labour figure, was exposed for greasing a $1 billion banking deal Epstein’s way.
In the same breath, Mandelson expressed sympathy for Epstein’s 2008 conviction for procuring an underage girl. Yes, you read that right. The emails made it clear: Epstein’s power was never just in his money—it was in the people willing to excuse it.
As one acquaintance told The Guardian, “Jeffrey was a starf****r. Anyone he thought had influence he would try to add to his collection.”
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The Spreadsheet of Secrets
Bloomberg and other outlets got hold of a spreadsheet that read like a Santa Claus ledger for the ultra-rich and politically powerful. Nearly 2,000 luxury items, payments, and gifts worth $1.8 million.
One entry raised eyebrows: a $35,000 Audemars Piguet watch labeled “DB.” The same day, Epstein and Ghislaine Maxwell allegedly discussed gifting Bill Clinton aide Doug Band that very watch. Band denies ever receiving it—but the timing is uncanny.
These weren’t just gifts. They were calculated investments in influence. The spreadsheet makes clear: access and lavishness were Epstein’s currency of choice.
The Billionaire Backers
Still, Epstein’s fortune didn’t materialize out of thin air. Two names keep popping up: Les Wexner, the Victoria’s Secret founder, and Leon Black, co-founder of Apollo Global Management.
Between 1999 and 2018, financial records suggest Epstein earned nearly $490 million in “fees” from Wexner and Black. That’s three-quarters of his total fee income during that period.
Add to the mix Johnson & Johnson heiress Elizabeth “Libet” Johnson, and you start to see the pattern: Epstein wasn’t managing portfolios. He was managing egos—and very wealthy ones at that.
The Maxwell Connection
According to former partner Steven Hoffenberg, Epstein’s lifestyle shift from a two-bedroom Upper East Side apartment to a 28,000-square-foot mansion coincided with his relationship with Ghislaine Maxwell.
Her father, Robert Maxwell—the disgraced press baron—allegedly introduced Epstein into the rarefied air of European wealth. Financial documents later showed a web of offshore companies tied to the Maxwell family, hinting that money laundering may have been part of Epstein’s early rocket fuel.
Banking on JPMorgan Chase
Even after his 2008 conviction, Epstein managed to keep his banking ties pristine. JPMorgan Chase maintained more than $200 million in his accounts and continued treating him like a VIP client.
Why? Because he was a rainmaker. He introduced executives to Google co-founder Sergey Brin, Israeli Prime Minister Benjamin Netanyahu, Bill Gates, Elon Musk, and more. For JPMorgan’s private wealth division, Epstein was less of a client and more of a walking networking app.
The bank now calls its Epstein ties “a mistake.” A very profitable mistake, one that included Epstein pocketing a $15 million fee for brokering a hedge fund deal.
Jes Staley: The Banker Who Couldn’t Quit Him
Jes Staley, later CEO of Barclays, was one of Epstein’s closest allies in the banking world. UK regulators now say Staley misled them about the true extent of his Epstein connections.
For Epstein, Staley was more than a banker—he was a conduit to the kind of financial respectability that allowed him to keep hosting dinner parties while sitting on a sex crime conviction.
The Conspiracy Question
For years, conspiracy theories have swirled: was Epstein running a blackmail operation, ensnaring the rich and powerful with “honeytrap” models supplied through connections like Jean-Luc Brunel of MC2 Model Management?
So far, no smoking gun. But Epstein’s “gifts” ledger, coupled with his uncanny ability to rebound from scandal, leaves plenty of room for speculation.
The Zombie Billionaire
Epstein is dead, but his financial ghost lingers. Every new email dump, every spreadsheet, every redacted bank record drags his name—and the names of his powerful friends—back into the headlines.
One acquaintance put it bluntly: “He operated a circle with many points of entry. Now he’s like a wrecking ball rolling across countries.”
For the elite who once toasted glasses at his townhouse dinners, Epstein’s wealth was both a magnet and a shield. Now it’s a ticking time bomb that could detonate reputations for years to come.
Closing Thought
The most chilling part isn’t how Epstein made his money—it’s how easily money allowed him to move through the highest levels of politics, business, and celebrity culture, even after being branded a sex offender.
Epstein’s fortune may never be fully traced, but his influence? That’s crystal clear. And Hollywood, Wall Street, and Washington are still bracing for the sequel.
Sources
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https://www.theguardian.com/us-news/article/2025/sep/01/jeffrey-epstein-emails-wealth
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https://www.bloomberg.com/news/articles/2025-08-31/epstein-gifts-spreadsheet-emails
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https://www.nytimes.com/2023/09/20/business/jeffrey-epstein-leon-black-wexner.html
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https://www.miamiherald.com/news/local/article258517458.html
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https://www.forbes.com/sites/michaeldelcastillo/2023/06/15/epstein-clients-leon-black-les-wexner
