Newly disclosed documents show that Jeffrey Epstein received a $387 million property investment proposal in 2016 involving buildings leased to the Pentagon and other key US federal agencies.
The proposal came eight years after Epstein pleaded guilty to soliciting prostitution of minors in 2008 and became a registered sex offender.
The emails reveal that intermediaries forwarded the high-value real estate pitch to Epstein despite his criminal conviction.
The case raises fresh questions about how the disgraced financier continued to access major financial discussions linked to US government institutions.
What do the newly released emails reveal about Jeffrey Epstein’s property proposal?
Documents show that in 2016, property executive Jonathan Fascitelli pitched a deal involving the Pentagon Center complex in Arlington, Virginia.
David Stern, who had previously acted as an intermediary between Epstein and Prince Andrew, forwarded the proposal to Epstein.
The complex, made up of the Polk and Taylor buildings, sits around one mile south of the Pentagon. Since 1993, the buildings have been leased exclusively to the US War Department.
According to the proposal:
- Purchase price: $387 million
- Equity required: $116 million
- Projected net operating income: $27 million annually
The proposal described the site as a “mission-critical asset” because it is the only Arlington property, apart from the Pentagon itself, capable of meeting the Department of War’s space and infrastructure needs.
In 2015, the US General Services Administration (GSA) renewed the lease through 2025.
Why does this matter years after Epstein’s 2008 conviction?
Epstein pleaded guilty in June 2008 to soliciting prostitution of minors. He served 18 months in jail under a controversial plea deal and registered as a sex offender.
THE SLEEPOVER. FOUR DAYS AFTER LEAVING THE ISLAND.
Internal staff memo, December 1, 2014:
“Reid Hoffman will probably spend the night here at 71st on Thurs. Dec. 4th… He will participate in the Bill Gates breakfast on Fri. Dec. 5th from 8-10am.”
[EFTA00357971]
Hoffman… pic.twitter.com/GjCLwmoHaQ
— Kevin Bass (@kevinnbass) February 20, 2026
Despite that conviction, the emails suggest Epstein still received serious investment opportunities involving buildings tied to:
- The Pentagon
- The FBI
- US courthouses
For UK readers, this matters because it reinforces long-standing concerns about how Epstein retained access to elite financial and political circles even after his conviction. His connections extended internationally, including links to prominent British figures.
Epstein later died in custody in 2019 while awaiting trial on federal sex trafficking charges.
Who was involved in the Pentagon Centre proposal?
The 2016 email chain involved several high-profile real estate executives.
Jonathan Fascitelli
Founder and chairman of Seregh and former CEO of Harris Blitzer Sports & Entertainment Real Estate. He led the development of the Philadelphia 76ers’ planned $1.5 billion arena and played a role in major US sports property projects.
Al Iudicello
A former 14-year executive at the US General Services Administration and Air Force Academy graduate.
Robert Riley
Originated more than $2 billion in commercial real estate loans tied primarily to government agency tenants.
Chris Penrose
A developer specialising in Class A office buildings leased to federal agencies. The involvement of senior property professionals highlights the scale and seriousness of the proposed transaction.
Was this the only government-linked proposal discussed?
No. Emails from October 2015 show Fascitelli also pitched Stern on acquiring:
- Two FBI buildings
- Multiple US courthouses
Stern reportedly responded that the idea “could be interesting.” The broader portfolio suggests the discussions extended beyond a single Pentagon-linked asset and involved multiple federal tenants.
How significant was the $387 million Pentagon Centre deal?
To understand the size of the proposal:
| Detail | Figure |
|---|---|
| Total purchase price | $387 million |
| Required investor equity | $116 million |
| Estimated annual income | $27 million |
| Lease renewal | Extended to 2025 |
An annual net operating income of $27 million would have delivered strong returns for investors, particularly given the stability associated with government tenants.
Government-backed leases are typically considered low-risk due to long-term agreements and reliable rental payments.
What does this mean for the UK public?
While the proposal involved US government property, the wider implications resonate in the UK.
Epstein’s connections to British figures, including Prince Andrew, remain a point of public scrutiny. The revelation that he continued to receive major financial proposals years after conviction reinforces concerns about accountability among elite networks.
It also raises broader questions about due diligence in high-value property investments and the willingness of financial intermediaries to engage with controversial figures.
