Jeffrey Epstein undersold his net worth in a court document filed ahead of his Monday hearing in court, according to prosecutors and a federal judge
Jeffrey Epstein undersold his net worth in a court document filed ahead of his Monday hearing in court, according to prosecutors and a federal judge.
Judge Richard Berman had agreed to let Epstein file his financial records under seal ahead of his bail hearing, and in return the convicted pedophile, 66, gave the court a single piece of paper with no actual breakdown of his wealth.
To make matters worse, prosecutors then informed the judge that diamonds, a vast collection of artwork and piles of cash were all uncovered during a search of Epstein's $77million Upper East Side mansion the night of his arrest.
Epstein also knocked down the price of that mansion, making it worth $20million less than the value assigned by prosecutors with the Southern District of New York.
Federal prosecutors said on Monday that they just recently learned about more hidden assets following the search of Epstein's home.
Those assets were in diamonds and art, which were discovered throughout he residence according to Assistant US Attorney Alex Rossmiller.
Rossmiller also noted that Epstein's finances remain a mystery, something Judge Berman pointed out at the start of the proceedings and demanded a more complete accounting of the pedophile's assets.
Prosecutors said there were 'piles of cash' found tucked away in Epstein's safe.
'How much money does he have? Where is it?' asked Rossmiller in court.
'How much of it is in diamonds or art?'
Judge Richard Berman had agreed to let Epstein (left in sketch from court on Monday) file his financial records under seal ahead of his bail hearing, and in return the convicted pedophile, 66, gave the court a single piece of paper with no actual breakdown of his wealth
The financial records that have been handed over by Epstein already list his wealth at more than $500million according to prosecutors, with one account containing $110million.
He also has another $400million in various holdings according to his incomplete filing.
Epstein, who was asked a week ago to get his finances in order to present to the judge in the case, submitted just a single page of information to the court.
That single page of information included more than $56million in cash, $177million worth of properties and more than $194million in hedge funds and private equity.
His lawyers defended this by noting the 'series of articles' in the media that emerge after every new development in the case.
Prior to that, the defense tried to mitigate Epstein's payment of $350,000 to two individuals after the Miami Herald exposé was first published last November.
Epstein, who was asked to get his finances in order to present to the judge, submitted just a single page of information to the court. That single page of information included more than $56M in cash and $177M worth of properties, including his Zorro Ranch (pictured)
His lawyers stated: 'The payment of an employee and the payment of a friend is not "witness tampering" because the Miami Herald wrote an article.'
Defense attorney Martin Weinberg also told Judge Berman that his client 'would sign any bond' or hand over 'any collateral' in order to 'virtually guarantee' all future appearances in court.
'[Bernie] Madoff was released on bail. He surrendered,' pointed out Weinberg.
Epstein, unlike Madoff, has a home in a foreign country and is not facing financial ruin. He has also been accused of sex crimes, while Madoff was solely convicted of financial crimes.
Rossmiller also noted Epstein's passport had only recently expired according to Courthouse News reporter Adam Klasfeld.
That passport also listed Epstein's residence as being in Saudi Arabia, said Rossmiller, who revealed in court it was one of the items found in the search.
Epstein's legal team pleaded with the judge to let the disgraced businessman out of jail and said he is in solitary confinement.
'We need him released, judge. This is an enormously challenging case for defense counsel,' argued Epstein's lawyer.
In their rebuttal, prosecutors said: 'Your honor, it's underage girls that are involved in this case, and it's underage girls that are the victims.'
Epstein (pictured) entered a not guilty plea to federal charges last Monday just hours after it was revealed that an 'extraordinary volume of photographs of nude and partially-nude young women or girls' was discovered during a search of his Manhattan mansion
Epstein has spent every night since his arrest on Saturday July 6 in the Metropolitan Correctional Center in downtown Manhattan, where his new roommates include Mexican drug lord Joaquin 'El Chapo' Guzman.
Federal prosecutors are hoping to keep him locked up at the facility ahead of his trial after charging the previously convicted pedophile with two counts of sex trafficking minors.
His defense team will keep trying to get him released, citing the previous non-prosecution agreement he signed as part of a 2008 plea deal in Palm Beach.
Lawyers for Epstein also claim that his previous accusers and the alleged underage victims he is charged with trafficking were prostitutes.
There were 49 accusers in that previous Palm Beach case according to a deposition of Epstein that was taken by one of the victim's lawyers and obtained by DailyMail.com.
A few of those women sat in court to witness the proceedings on Monday, 14 years after police in Palm Beach first began investigating Epstein for sexual battery.
Epstein's lawyers informed Judge Berman last week that their client would agree to house arrest at his Manhattan mansion if released on bail ahead of his trial.