- As far as we can tell, Adam Neumann has acquired at least five properties across the US.
- In 2018, he spent at least $650,000 on property taxes alone that's more than double the median home value in the US.
- JPMorgan has lent Neumann $97.5 million across a variety of products, including mortgages secured by personal property, according to filings from WeWork.
- Visit Business Insider's homepage for more stories.
ADVERTISEMENT
Adam Neumann spent over $650,000 on property taxes last year — that’s more than double the median US home value
Jackal Pan/Visual China Group via Getty Images
A Hamptons home in Water Mill, New York.
ADVERTISEMENT
Recommended articles
WeWork's former CEO Adam Neumann has worked on building an extensive residential real-estate portfolio and there's a hefty tax bill that comes with that.
As far as we can tell, based on public records linked to Neumann and related LLCs, he owns five properties across the US including a four-unit spread in Manhattan.
Business Insider was also able to link a sixth address to the same LLC that owns Neumann's property in Westchester County. However, that address has yet to be confirmed by one of his representatives.
ADVERTISEMENT
Since WeWork's inception, Neumann has picked up more than $80 million worth of residential real estate. JPMorgan has lent him $97.5 million across a variety of products, including mortgages secured by personal property, according to WeWork filings.
And with those big-ticket homes come other hefty costs.
Property taxes alone on the homes added up to more than $650,000 in 2018. That's more than double the median home value in the US which, according to Zillow , is $229,600.
We've been tracking startup investments, loans Neumann has made, and other spending to help paint a picture of where his money had been going before WeWork's IPO failed to launch. This week we uncovered two loans that his family office has made.
ADVERTISEMENT
As Business Insider reported late last week, Neumann is now in talks to get new terms on a separate $500 million credit line after WeWork's public offering was canceled. WeWork's S-1 filing ahead of its planned IPO disclosed that Neumann had already drawn down $380 million from the credit line, which was backed by WeWork shares.
Keep reading for a look at the residential properties linked to Neumann along with estimates on taxes and current homes values collected from both Zillow and PropertyShark .
See Also:
- The 25 best US tourist destinations to buy rental property in right now
- Paul Allen's former Beverly Hills property got a major price cut and is back on the market for $110 million. Take a look at the late Microsoft cofounder's 'Enchanted Hill,' which spans 5 empty lots.
- Massive 'Cluckingham Palace' built for $15 million by the cofounder of a chicken empire is being auctioned off to the highest bidder two years after his death
ADVERTISEMENT
SEE ALSO: WeWork cofounder Adam Neumann personally invested $30 million in a startup and loaned money to its CEO. Then the CEO got fired over alleged gross misconduct.
DON'T MISS: WeWork is reportedly seeking a $4 billion lifeline from SoftBank and JPMorgan
FOLLOW BUSINESS INSIDER AFRICA
ADVERTISEMENT
Recommended articles
OPEC eyes Namibia for possible membership as oil production looms
Investor confidence in Nigeria dropped drastically over the last decade
J&J cough syrup recall widens as Tanzania, Rwanda, Zimbabwe join efforts
The Nigerian Naira goes from the worst-performing currency in the world to the best
Nigeria LNG Limited (NLNG) faces arbitration hurdles as Shell tables claims against Venture Global LNG over unsuppplied cargoes
African cities with the best quality of life index in Q1 2024
African countries with the most honorees in the 2024 Forbes Africa’s 30 under 30 list
Nigeria’s inflation hits 33.20% in March 2024- NBS
