Buyer plans to make Jeffrey Epstein’s infamous islands a luxury resort

The pair of Caribbean islands belonging to the late sex offender Jeffrey Epstein has been sold to a US investor who plans to build a luxury resort.

Stephen Deckoff, the founder of Black Diamond Capital Management, an investor in distressed businesses, bought the two islands — Great St James and Little St James — for $60mn, less than half of the original $125mn asking price. He will convert the estate to a 25-room hotel, with plans to open in 2025.