April 14, 2024

Enterprise

unique particulars

Revealed November 13, 2023, 6:00 am ET

Adam Neumann has an opulent new house in Florida, the place he now lives together with his spouse Rebekah and 6 youngsters. Some go to the identical faculty because the Neumanns’ shut pals Ivanka Trump and Jared Kushner. MEGA

As WeWork goes bankrupt, its founder Adam Neumann basks within the sunny climes of Miami, the place the golden seashores are paved with billionaires.

Neumann, 44, was the flamboyant chief of the office-sharing firm whose meteoric rise would change the way in which we work in places of work.

However the American-Israeli entrepreneur was compelled out of WeWork in a botched preliminary public providing in September 2019, setting the corporate on a downward spiral that ended with a chapter announcement this week.

And now that worker morale at WeWork is “horrible,” Neumann is doing simply effective, The Put up can reveal.

He skateboards, socializes and seeks traders for one more startup that he claims will reshape the world – this time our lives at house – by telling them: “I’m a creator, not a destroyer.”

Adam Neumann and his spouse Rebekah Neumann now stay in a billionaire’s paradise – Bal Harbor Marina – in Miami – whereas WeWork heads for chapter.FilmMagic

He nonetheless has an estimated web price of $1.7 billion and sources say he lives in South Florida together with his spouse Rebekah and their six youngsters, in keeping with The Put up.

The Neumanns are shut pals with Jared Kushner and Ivanka Trump and their youngsters.

Jared, Ivanka and their three youngsters stay simply 10 minutes away on ultra-chic Indian Creek Island after shopping for a $30 million fixer-upper.

The Neumanns’ spacious marina complicated in Bal Harbor – on the sting of the water with a jetty. MEGA The home has a pool they usually have their very own boat docked. MEGA

The Neumanns spent the summer season at their house in Amagansett – which is subsequent door to Rebekah’s cousin Gwyneth Paltrow – and have now settled within the unique Bal Harbor Marina neighborhood.

We have been informed they host Shabbat dinners at their native synagogue. A pal from Bal Harbor added: “Adam and Rebekah are an enormous a part of the Jewish group.”

One other Bal Harbor supply added: “Adam skateboards on a regular basis, throughout city, and takes work calls. Everybody meets him – he’s very pleasant. He stops and kibitzes with individuals.”

Adam Neumann bought the Miami property in 2021 for $44 million.MEGA

Rebekah, 45, is now “off the grid” after the WeWork debacle and is staying out of the highlight. One one that is aware of her known as her “a drive of nature…that’s for certain.”

In 2021, Neumann bought two properties for $44 million from native investor Joseph Imbesi in an off-market deal.

The deal included two 50,000-square-foot tons — on which Neumann deliberate to construct a 14,500-square-foot mansion for his household — in addition to 360 ft of waterfront and several other marina slips.

Neumann attends the opening bell ceremony at Nasdaq in New York as WeWork prepares to go public in January 2018.AP

“From lots of people’s perspective, you possibly can by no means wager towards Adam, he’s all the time the one who wins as a result of the world sucks,” a former WeWork worker informed The Put up.

“Adam has cleaned up his picture, he takes half in panel discussions and offers speeches. He appears very humble, very modest and has realized from his errors. However I don’t assume he realized his lesson in any respect.

“I do know him personally, he’s a really, excellent salesman and is aware of learn how to get to the purpose.”

Neumann stated he realized many classes from WeWork when he spoke on CNBC from Saudi Arabia final month.CNBC

In recent times, Neumann has been centered on his newest startup, Movement, which acquired a $350 million funding from enterprise capital agency Andreessen Horowitz together with mega-investors Marc Andreessen and Ben Horowitz and reached a $1 billion valuation in August 2022. {Dollars} acquired – even earlier than operations started.

The corporate says it’s going to construct rental communities that promote a way of possession and group.

Neumann has transferred the a minimum of six houses he already owned in Florida and Nashville, Tennessee, to the corporate.

Chatting with CNBC’s “Squawk Field” final month from Saudi Arabia – the place he was courting potential traders at a convention known as “Davos within the Desert” – he boasted: “Now we have a number of the greatest Fortune 500 nations “Their wants have modified, however the want for collaboration, the necessity for group has by no means been better.”

Adam and Rebekah Neuman out and about in New York in September 2009. Theo Wargo

However, in keeping with a former WeWork worker, after two years there’s nonetheless nothing greater than a touchdown web page for Movement.

“No one actually is aware of what they’re doing apart from attempting to reinvent the housing market. So he purchased and managed actual property – however lots of people try this,” stated the previous confidant.

“Adam has $1 billion and $300 million in actual property. He needs to be the subsequent large disruptor and show he can do what he couldn’t do with WeWork. However he hasn’t achieved that but, so he’s in all probability pissed off and sitting on a pile of actual property.”

Jared Leto and Anne Hathaway as Adam and Rebekah Neumann within the Apple TV+ present “WeCrashed”.Peter Kramer

Neumann’s story was tailored into the Apple TV+ present “We Crashed” starring Jared Leto and Anne Hathaway.

However as all the time, nothing is as unusual as the reality.

In accordance with the Wall Road Journal, on the top of the WeWork increase, the Neumanns spent practically $90 million buying six properties.

These included a townhouse in Greenwich Village, a $35 million Gramercy compound (the Neumanns purchased 4 of the constructing’s seven models), a 60-acre farm in Westchester, New York (with a waterfall, tennis court docket and horseback using observe ), two properties within the Hamptons and an 11-acre property north of San Francisco — full with a guitar-shaped lounge, a pool, a three-story waterslide, a spa, a racquetball court docket, an orchard and “a sequence of…” Slender home windows conjure up[ing] “Out the opening chords” to a Grateful Useless track.

Neumann and his WeWork co-founder Miguel McKelvey attend the energetic opening get together in London in November 2015.David M. Benett

Since then, they’ve offered the San Francisco property, the New York townhouse and the Westchester farm. The Gramercy home remains to be available on the market.

There was a $60 million Gulfstream G650ER firm — even though, in keeping with the 2021 ebook “The Cult of We,” a constitution firm, Gama Aviation, claimed Neumann’s passengers spit tequila on one another and didn’t tip the crew given.

And the WSJ reported that in 2018, when a non-public jet carrying Neumann and his entourage landed in Israel, the crew found a cereal field containing marijuana.

Neumann with Prime Minister Shri Narendra Modi in New Delhi in January 2016.

The jet’s proprietor was reportedly so disturbed by the invention – the drug had been introduced throughout overseas borders – that he stopped the airplane, leaving Neumann and his pals with no return flight to New York.

There have been loud and lavish company occasions, whereas Rebekah, who was given the title of “chief model and impression officer” at WeWork, reportedly turned identified for firing individuals if she didn’t like their power.

Then there was Neumann’s extravagant fortieth birthday bash – a three-week journey that ended with inviting two dozen pals to a seashore resort within the Maldives – whereas Rebekah invited pals like Jared and Ivanka to Italy for her fortieth birthday.

The Neumanns stay simply 10 minutes from their pals Jared Kushner and Ivanka Trump.WireImage

In a 2019 Self-importance Truthful story, an worker reported that “Rebekah fired a mechanic for WeWork’s Gulfstream … as a result of she didn’t like his power.”

WeWork filed for U.S. chapter safety on Monday after its bets that firms would use extra of its workplace area failed.

The transfer represents an admission by SoftBank, the Japanese know-how group that owns about 60% of WeWork and has invested billions of {dollars} in its turnaround, that the corporate can not survive except it renegotiates its costly leases in chapter.

Rebekah Neumann is cousin of star Gwyneth Paltrow – they usually stay very shut within the Hamptons.FilmMagic

The previous worker stated: “Everybody has seen this coming for six to 12 months, they’re all getting paid however morale is horrible.” There isn’t a company tradition and everybody simply watches the inventory preserve falling.

“Individuals have been accumulating paychecks and ready for the corporate to blow up – the unique model of WW has fully disappeared.”

As well as, WeWork landlords concern that the chapter will go away them with vacancies in a tough market that they can’t fill.

WeWork filed for chapter this week.AP

Chatting with CNBC, Neumann claimed he had realized his classes from WeWork. He stated he drew inspiration for his new enterprise from his childhood on a kibbutz in Israel – and the truth that so many 30-year-olds and underneath can solely afford lease.

In language eerily just like his hype about WeWork, he stated: “Bringing individuals collectively and constructing group has all the time been what we and I’ve been about.

“An important phrase in our partnership is alignment, and we’re very aligned with our views around the globe, we’re very aligned with our ethical requirements, and we’re very aligned with what we wish to construct.

WeWork in Shanghai – the corporate has filed for chapter. ZUMAPRESS.com

“Movement is one other repetition of the identical story: When individuals stay in a group, when individuals stay collectively, when individuals clearly have variations however truly work out what passions they will share, after they discover a technique to share companies, there’s all the time one frequent floor.” ”

In a press release about WeWork’s chapter, he known as it “disappointing” to see the corporate collapse and that he had been watching “from the sidelines” since 2019, accusing present administration of failing to “leverage a product , which is extra related immediately than ever earlier than.” Earlier than.”

“I consider that with the suitable technique and the suitable staff, WeWork can emerge efficiently via a reorganization,” he stated.

He didn’t point out that, not like the corporate’s bondholders, he may truly get extra money out of chapter.

A glance inside Neumanns’ gorgeous Gramercy Park complicated, now available on the market.Compass

His agreed exit from the corporate included a $430 million mortgage from SoftBank with an fascinating twist: Neumann’s collateral was WeWork shares. He can merely return them to repay the mortgage, and now that they’re just about nugatory, he can get $430 million in free cash.

“The truth that Adam managed to get a billion-dollar valuation says all of it – he won’t ever change,” the WeWork worker stated.

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