Wall Street hotshot’s downfall deepens as bankruptcy filing lists guinea pigs, Apple watch among assets
A hot-shot hedge fund manager admitted last month that the once-wealthy entrepreneur has just $240,000 left in assets, following a cascade of financial setbacks, including defaulting on a mortgage placed on his family’s $13 million home, being sued by his mother and leading a failed multibillion-dollar casino takeover.
Jason Ader, a former Wall Street activist investor known for unseating Marissa Mayer as CEO of Yahoo in 2017, disclosed $1,700 in cash, a Tesla Cybertruck, a Glock G26, an Apple Watch valued at $250 and two guinea pigs worth $25 each, according to court filings dated Jan. 16.
The 59-year-old owes roughly $2 million to creditors, including his estranged wife and mother, according to court filings and a court-ordered call with creditors last week, the New York Post reported. Of that total, about $101,000 is owed to non-insider creditors, documents show.
The latest court appearance comes after Ader appeared to maintain a lavish lifestyle despite mounting financial troubles. During the telephone conference, he reportedly acknowledged being able to maintain a $6 million, four-bedroom Miami condo in the same building where English soccer star David Beckham, co-owner of MLS team Inter Miami, also owns a property.
RESTAURANT GIANT FILES FOR BANKRUPTCY UNDER MASSIVE DEBT SHORTLY AFTER TOUTING MAJOR EXPANSION
Ader told creditors that the condo is owned by one of his companies, 826 Capital Holdings LLC, which places it outside his personal bankruptcy proceedings, the NYP said.
In 2024, he also spent roughly $370,000 during a spending spree in the south of France, just months before his 82-year-old mother, Pamela, sued him for leaving his late father’s Upper East Side estate liable for the debt, the outlet added.
Ader, who reportedly filed for personal bankruptcy in Florida in December, earns roughly $25,000 a month from the Israeli-based cybersecurity firm Qyprotnic LLC, according to documents.
NEARLY 100-YEAR-OLD CANDY COMPANY FILES FOR BANKRUPTCY AMID RISING COSTS, HEAVY DEBT: REPORT
He pleaded with the Miami court, which is still deliberating the case, not to seize his wardrobe, estimated at $10,000, and his 2024 Tesla Cybertruck, which he values at $70,000, according to the NYPost.
The outlet added that when asked how he ended up in financial trouble, Ader said: "It’s a combination of the divorce proceedings, a long-standing family dispute, which relates to the activity around the townhouse, and an unexpected IRS liability that I am working through. I am looking to reorganize my debts and then emerge with a plan."
MOST SAKS OFF 5TH LOCATIONS NATIONWIDE TO CLOSE AMID BANKRUPTCY PROCEEDINGS
Ader also emphasized that he has paid roughly $1 million in housing support for his estranged wife, Julie Ader, and up to $3 million for his five children, the outlet said. Despite the reported payments, a New York court ruled in 2023 that he failed to pay the agreed child support for four of his children, in violation of court orders and his prenuptial agreement, according to the NYPost.
CLICK HERE TO READ MORE ON FOX BUSINESS
In 2021, Ader also entered an agreement to buy the Okada Manila casino in the Philippines for $2.6 billion. In the failed takeover, Austrian billionaire Harald McPike reportedly alleged that Ader scammed him out of $25 million in the deal.