Table of Contents
- The Twisted Bond Between Epstein and Black
- Furious Emails and Financial Demands
- Mysterious Payments to Epstein-Linked Women
- Dubious Tax Strategies and Art Deals
- Fallout and Fallout: Black’s Downfall
- Sources
The Twisted Bond Between Epstein and Black
For over two decades, billionaire Leon Black and convicted sex offender Jeffrey Epstein shared a relationship that went far beyond finance. What began as a chance lunch meeting in 1994 evolved into a deeply entangled alliance—part business, part personal, and entirely controversial.
Black, co-founder of Apollo Global Management and once among Wall Street’s most powerful figures, became Epstein’s most lucrative patron after 2012, paying him a staggering $170 million for what were allegedly tax and estate planning services. But newly revealed emails paint a far more troubling picture—one of manipulation, dependency, and explosive confrontations.
Furious Emails and Financial Demands
In 2015 and 2016, as Black began to resist Epstein’s escalating fee requests, the financier-turned-predator unleashed a series of vitriolic, typo-riddled emails demanding tens of millions more.
“I will no longer, not even for one day, work on your affairs without the compensation that is long overdue.”
Epstein insisted on his “usual” $40 million annual fee—$25 million upfront—threatening to halt all work if unpaid. When Black hesitated, Epstein doubled down, even insulting Black’s children as “retarded” for allegedly botching estate planning.
Key Email Excerpts
| Date | Excerpt | Demand |
|---|---|---|
| Nov. 2, 2015 | “My terms are as follows… 40 million per year… 25 million upon signing.” | $40M/year |
| March 20, 2016 | “I will consider an in-kind payment – real estate (Miami), art, financing of my new plane.” | Assets or cash |
| Nov. 15, 2016 | “You have a bomb of colored string that your retarded children have formed.” | Urgent estate overhaul |
Mysterious Payments to Epstein-Linked Women
Court documents and congressional investigators uncovered that Black wired hundreds of thousands of dollars to at least three women tied to Epstein. One lawsuit alleged that Black raped a woman at Epstein’s Manhattan townhouse—a claim he denies.
Another payment, nearly $10 million, went to Guzel Ganieva, with whom Black admitted to an extramarital affair but denied assault allegations. Epstein reportedly advised on structuring these payments to avoid federal gift taxes.
Dubious Tax Strategies and Art Deals
Epstein claimed his advice saved Black between $1.5 and $2 billion—primarily through aggressive estate planning tactics like grantor-retained annuity trusts, which can legally bypass estate taxes.
He also orchestrated secretive art transactions, including involvement in Black’s $120 million purchase of Edvard Munch’s “The Scream,” though Black’s representatives deny Epstein’s role in that deal.
Despite having no formal credentials in tax law, Epstein positioned himself as indispensable—offering access to elite circles (Bill Gates, Stephen Bannon) and discreet crisis management.
Fallout and Fallout: Black’s Downfall
The relationship unraveled publicly after Epstein’s 2019 arrest. Though Black initially claimed ignorance of Epstein’s crimes, investor pressure mounted following a 2020 New York Times report revealing the $170 million in payments.
By 2021, Black was forced out of Apollo. In 2023, he settled with the U.S. Virgin Islands for $62.5 million to end an investigation into his ties to Epstein—without admitting wrongdoing.
His lawyer, Susan Estrich, maintains all services were legitimate and vetted by outside counsel. Yet Wall Street insiders continue to question why a titan like Black would pay a college dropout exponentially more than top law firms for similar advice.
