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Buried deep in the millions of pages known as the Epstein files, one document offers a rare glimpse into how the 0.0001% live: a list of billionaire Mortimer Zuckerman’s personal expenses for a year.
Think of it as a financial diary from the uppermost stratosphere of wealth, where the ordinary rules of budgeting simply don’t apply.
Tucked at the bottom of a portfolio performance report conducted by financial advisors at Morgan Stanley Smith Barney, the accounting tracks Zuckerman’s spending from 2011. It includes the everyday and inexpensive, like $140 in parking tickets, to the extravagant, a $220,000 outlay to buy and keep horses.
Zuckerman, who is worth $2.8 billion, according to Forbes, made his money in real estate investing; he now owns and serves as the editor in chief of US News & World Report. He’s donated hundreds of millions to various causes, including six-figure sums to fund neuroscience research at Columbia University and cancer research at Memorial Sloan Kettering.
At the time of the portfolio report, he owned properties in East Hampton, Manhattan, and Aspen, as well as a yacht named the Lazy Z, a Lexus, a Mercedes, and at least one private plane.
He and Epstein worked together in the past, financing the pop culture magazine Radar in the early 2000s. The newly released Epstein files suggest other ties: They include a draft agreement in which Zuckerman would pay Epstein’s Southern Trust $20 million for estate planning services in 2013. Zuckerman also appeared in a book of messages put together for Epstein’s 50th birthday, released by the House Oversight Committee last year.
Zucker and representatives for Zuckerman-cofounded Boston Properties and US News & World Report did not respond to requests for comment.
The Morgan Stanley report provides a fascinating snapshot of how the wealthy live — and spend — from detailed bills for commonplace expenses like clothes, home repairs, and childcare, to tallies for parties, wine, and fine art. Zuckerman’s personal expenses for 2011 totaled $8.9 million, or roughly $12.8 million in today’s dollars.
Here’s a breakdown.
Taxes: $1,964,213
Zuckerman’s federal tax bill topped $1 million. The real estate taxes on one of his oceanfront East Hampton homes, which was valued at $30.5 million at the time, came to $156,818.
Home improvements and repair: $1,181,243
The report details improvements and repairs across Zuckerman’s properties, including a mold fix in East Hampton ($1,401) and a $223,769 payment for one month’s repairs on his Fifth Avenue apartment, a 6,500-square-foot triplex overlooking Central Park.
Payroll: $1,151,562
Zuckerman paid more than $1 million for personal staff throughout the year.
Housing: $823,543
The maintenance fee for Zuckerman’s Fifth Avenue co-op totaled $261,187 for the year. He also rented an apartment about 10 blocks south of his primary residence for part of the year ($448,000), as well as a space in Manhattan’s Kips Bay for four months ($18,232).
Household: $732,369
Running his various properties was not cheap. The landscaping bill for the year totaled $127,089 — nearly all for work at his East Hampton properties — and he also shelled out on furniture ($192,692), housekeeping ($39,322), security ($12,313), and pool work ($9,979). Groceries cost $113,946, not including wine, which had a separate $4,958 tab.
Contributions and gifts: $468,073
Zuckerman’s charitable giving totaled $413,293 in 2011. At the time, his charitable trust was worth $167 million.
Travel: $400,991
The breakdown includes travel for him and his family, his staff ($2,148), and the cost of his helicopter use ($5,458). There was no line item marked for his private plane.
Personal: $365,259
Zuckerman’s personal expenses ranged from clothing ($67,184 for himself, plus thousands more for his daughters) to medical ($72,526 for himself). School tuition ($59,621), camp ($5,145), and other activities, like ballet and piano, for his daughters totalled $82,128. Within clothing, cleaning was its own line item: $2,318.
Recreation: $350,128
Horses made up the bulk of Zuckerman’s recreational spending, totaling $219,074, including the cost of housing ($96,031), medical care ($37,577), and lessons ($5,564). Skiing ($50,777) and tennis ($7,717) were among other costly hobbies. His party bill totaled $22,526.
Moving and storage: $337,432
Moving and storage costs were split between each of Zuckerman’s properties, as well as a fee ($140,809) for his art.
Insurance: $233,888
Zuckerman paid for nearly a dozen insurance policies, including homeowners ($91,406), fine art ($86,380), and auto ($5,863).
Art: $172,117
The art bill included costs for repairs ($73,817), framing ($15,823), and conservation ($31,542), as well as moving, documentation, and appraisals.
Miscellaneous: $729,636
This category includes various fees, subscriptions, loans, and bank charges, as well as petty cash. Zuckerman’s Fifth Avenue and East Hampton homes each got a stash ($56,245), as did he ($15,000) and his nanny ($22,088.82).
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