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 ImagesAdam Neumann has spent more than $US80 million on residential real estate.
  • As far as we can tell, Adam Neumann has acquired at least five properties across the US.
  • In 2018, he spent at least $US650,000 on property taxes alone – that’s more than double the median home value in the US.
  • JPMorgan has lent Neumann $US97.5 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.

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.

Read more: Sex, tequila, and a tiger: Employees inside Adam Neumann’s WeWork talk about the nonstop party to attain a $US100 billion dream and the messy reality that tanked it

Since WeWork’s inception, Neumann has picked up more than $US80 million worth of residential real estate. JPMorgan has lent him $US97.5 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 $US650,000 in 2018. That’s more than double the median home value in the US which, according to Zillow, is $US229,600.

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.

As Business Insider reported late last week, Neumann is now in talks to get new terms on a separate $US500 million credit line after WeWork’s public offering was cancelled. WeWork’s S-1 filing ahead of its planned IPO disclosed that Neumann had already drawn down $US380 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.


A Hamptons home in Water Mill, New York.

Google MapsWater Mill, NY.

Price: Bought in 2012 for $US1 million

Estimated current value:
$US2.4 million

2018 property taxes:
$US7,267


A townhouse in Gramercy Park, NY.

Google MapsGramercy Park, NY.

Price: Bought in 2014 for $US10.5 million

Estimated current value:
$US12.6 million

2018 property taxes according to PropertyShark:
$US57,258


A property in Westchester County, New York.

Google MapsPound Ridge, New York.

Price: Bought in 2016 for $US15 million

Estimated current value:
$US8.2 million

2018 property taxes according to PropertyShark:
$US135,547

The LLC that owns this $US15 million property is the owner of another property in Westchester County, according to PropertyShark. Though it is unclear how much the LLC paid for the second property, according to PropertyShark, its 2018 property taxes total $US18,569.


A four-unit spread on Irving Place in Manhattan, New York.

Google MapsIrving Place, New York.

Price: All four units were bought in 2017 for $US34.7 million

Estimated current value: N/A

2018 property taxes of all four units according to PropertyShark:
$US199,799


A 13,000-square-foot home in California.

Google MapsCorte Madera, CA.

Price: Bought in 2018 for $US21.4 million

Estimated current value:
$US21.49 million

2018 property taxes of all four units according to PropertyShark:
$US257,259

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