The Wexner Relationship
Les Wexner, the founder and long-time CEO of L Brands (formerly The Limited), which owns brands including Victoria’s Secret and Bath and Body Works, was the most important single individual in the story of how Jeffrey Epstein became wealthy. Wexner trusted Epstein with an extraordinary range of financial authority beginning in the late 1980s, giving him powers of attorney over personal and family finances that are almost without precedent in the documented history of financial management relationships.
The origin of the Wexner-Epstein relationship has been examined in detail by investigative reporters and remained incompletely explained. The two men were introduced through social connections in the mid-1980s, and Wexner rapidly came to trust Epstein with responsibilities far exceeding those typically assigned even to the most trusted private bankers or financial advisors.
Powers of Attorney
Wexner granted Epstein sweeping powers of attorney that allowed Epstein to conduct financial transactions, acquire property, manage investments, and otherwise act on Wexner’s behalf with little apparent oversight. These powers were extraordinary in their breadth and were not subject to the normal checks and balances that typically govern the management of large personal financial holdings.
The powers of attorney gave Epstein legal authority to act as Wexner in a wide range of financial and property matters.
The Manhattan Townhouse Transfer
The most controversial and financially significant property transaction associated with the Wexner-Epstein relationship is the transfer of the Manhattan townhouse at 9 East 71st Street. The property had been owned by a Wexner family trust. Records indicate that the property was transferred to Epstein for a price significantly below its market value — in some accounts, effectively gifted.
Wexner has stated in interviews following Epstein’s 2019 arrest that Epstein misappropriated funds and assets from him, suggesting that the transfer of the Manhattan property and potentially other assets was accomplished through Epstein’s use of his powers of attorney without Wexner’s full understanding or authorization. Wexner described the betrayal as devastating and stated that he had trusted Epstein completely and that this trust had been abused.
Art Collections and Other Assets
The Wexner family art collection and other personal assets were also under Epstein’s management authority for a period. The extent to which Epstein’s personal art holdings incorporated pieces that had originated in or been funded by Wexner accounts has not been fully established through litigation, partly because the civil and criminal proceedings that might have produced these findings were mooted by Epstein’s death.
Wexner himself has not pursued public litigation against Epstein’s estate for the alleged misappropriation, and the financial dimensions of their relationship have been established primarily through Wexner’s public statements and investigative reporting rather than through judicial findings.
Wexner’s Public Statements
Les Wexner was one of the more prominent figures in Epstein’s world to speak publicly after Epstein’s 2019 arrest. He told reporters and in statements to the business media that he had cut ties with Epstein approximately a decade before Epstein’s arrest, that he had discovered the misappropriation, and that he was horrified by what Epstein had done.
Critics questioned why, if Wexner had discovered misappropriation, no civil or criminal proceedings had been initiated against Epstein at that point. The absence of legal action by Wexner against Epstein for the alleged theft of his assets remained an unexplained gap in the public record.
Legacy
The Wexner-Epstein financial relationship represents the foundational transaction of Epstein’s wealth accumulation and illustrates how the combination of extreme trust, inadequate oversight, and a charming manipulator can result in the transfer of very large amounts of money and property to an individual without the authorizing party’s full understanding. The full financial accounting of this relationship has never been produced publicly.