Jeffrey Epstein's Estate Will Pay $105 Million to US Virgin Islands

Jeffrey Epstein, an American financier and convicted sex offender, hanged himself in August 2019 in a Manhattan jail. He was awaiting trial on sex trafficking charges.

Denise George, the US Virgin Islands' attorney general, on Wednesday said Epstein's estate will pay $105 million in cash plus half the proceeds from the sale of Little St. James, a private island bought by Epstein in 1998 near Great St. James (bought in 2016), where Epstein lived and allegedly committed many crimes.

Additionally Epstein's estate agreed to sell half of the earnings from the sale of Little St. James and pay $450,000 for environmental works around Great St. James.

"This settlement restores the faith of the people of the Virgin Islands that its laws will be enforced, without fear or favor, against those who break them," George said in a statement. "We are sending a clear message that the Virgin Islands will not serve as a haven for human trafficking."

The settlement also entails the return of more than $80 million acquired as tax benefits by Southern Trust Co, Epstein's company, since the money was used to pay for illegal activities.

"The co-executors ultimately concluded that the settlement is in the best interests of the estate, including its creditors and claimants, to avoid the time, expense and inherent uncertainties of protracted litigation," Daniel Weiner, a lawyer for the estate, said. "The settlement is consistent with the co-executors’ stated intent and practice since their appointments to those roles — to resolve claims related to any misconduct by Jeffrey Epstein in a manner sensitive to those who suffered harm."

The US VI lawsuit settlement marks the first brought by a government. It could result into other jurisdictions where he owned property, like New Mexico, Florida or New York, filling similar suits.

According to the lawsuit, Epstein and his associates flew young women and girls (including those who were under 14) to the Virgin Islands on a private plane, promising them money for school, health care, or the care of their families. Then victims were forced to engage in sexual acts, while being threatened with violence. Their passports were also confiscated.

Proceeds from the sale of the US VI government's share of Little St. James will be spent on services for sexual abuse victims.