A billionaire considered to be one of the most powerful people on Wall Street has infuriated neighbors by transporting 30 tankers of water a day to his $80 million estate in the U.K.
Stephen Schwarzman, 78, has been shipping vast quantities of water to his 2,500-acre estate in Wiltshire, in order to fill a nine-million-gallon lake located on the premises.
However, his selfish actions, which occur while parts of the U.K. are facing restrictions on water due to a drought, have infuriated both locals and water bosses, who are aghast at the billionaire’s wastefulness.
After spending months tracking the seemingly never-ending water shipments, resident Lawrence Lask organized a network of neighbors who took it in turns to follow the water tankers and film their movements, which ended up leading them to Schwarzman’s estate.
“We think there have been over 30 tankers a day, seven days a week,” Lask told the BBC, who said he has been waking up at 3 a.m. each day to track the vast water shipments.
“We think they might be using the water to fill the lake,” said tanker watchman Trevor Marshall.
“At the same time we’re on a hosepipe ban—it’s incredibly outrageous.”
Southern Water managing director Tim McMahon said he was “appalled by this use of water,” and immediately banned Schwarzman’s use of it, which his estate has so far complied with.
Schwarzman, one of the world’s wealthiest individuals, has an estimated net worth of around $30 billion. The American tycoon made his fortune by founding Blackstone, one of the biggest investment firms in the world.
The billionaire has been refurbishing the 17th-century Conholt Park estate since purchasing it for an estimated $80 million in 2022, which has included building an entire lake from scratch, covering around three acres.
A Blackstone spokesman claimed they had acquired the water “legally,” telling the Daily Mail, “The new owners of Conholt Park are committed to the restoration and preservation of a landmark estate of national heritage importance.
“The water has been sourced through licensed providers responsible for the lawful and proper extraction and delivery. Water has been sourced from multiple locations, largely outside the region.”
They added, “Following yesterday’s request from Southern Water that water is not directed to the lake, the Estate has readjusted the supply of water accordingly.”
In a previous statement, a different spokesman said: “The suggestion that the new owners of Conholt Park violated water regulations is false and misleading.
“They have taken extraordinary care to ensure the restoration of the property complies with all local laws and regulations.”
It follows concerns from locals earlier in the year that Schwarzman had been using a borehole to extract groundwater from the lake, which could have potentially led to water shortages in the area.
Despite vigorously denying that they were drilling for groundwater, Schwarzman’s estate was forced to concede that on a “very limited” number of occasions, water sourced from a borehole had entered the lake.
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