Over the course of three decades, Julian Robertson turned an $8 million dollar investment in his Tiger Capital Management hedge fund into a $23 billion money-making machine.Now estimated to be worth $2.4 billion, Robertson owns homes in Manhattan, Nassau County and New Zealand, and maintains residences in Sun Valley and the Hamptons.
Robertson’s apartment on Central Park South technically makes him a New York resident. It also means he faces a 3.6 per cent levy on his income from the city. As James B. Stewart reports in this week’s issue of The New Yorker, Robertson would have faced a tax bill of $26.7 million in the year 2000.
But Robertson, like many other wealthy New Yorkers, has painstakingly avoided paying that bill.
The city deems you a resident only if you reside in the city for more than 182 days.
So Robertson and his cohort maintain assistants to track “NYC” and “non-NYC” days, and drivers and private jets to whisk them away at the drop of a hat if they come close to their yearly limit, Stewart writes.
“Friday nights were particularly risky,” Stewart writes, “since Robertson or his wife often had social events scheduled in the city. In order to ‘earn a tax day,’ as he put it, he usually left town on Friday before midnight, even if his wife stayed at the apartment…As long as they crossed the Queens border [to a second home] by midnight, Robertson didn’t have to ‘waste’ a Saturday as a New York day.”
Business Insider Emails & Alerts
Site highlights each day to your inbox.