Nine Years, Four Jurisdictions: How Epstein Tried to Buy a Palace in Marrakech

In April 2010, Mark Lloyd emailed Epstein from Marrakech: "there is an offer of €30m on Bin Ennakhil. Are you still interested. My guess is that it will be turned down. Marc Leon tells me that Kiss is still looking for offers around €50m." Lloyd, a British expat who brokered real estate and military deals out of Morocco, was Epstein's eyes on the ground (EFTA01781836-0).

Three years later, in September 2013, Epstein wrote to Jabor Al Thani, nephew of Sheikh Hamad bin Khalifa Al Thani, Qatar's former Emir: "i was looking at a house in marakash in the palmerai that looks like th alhambra, great gardens but the house looks old, do you know it." Jabor asked for a photo. Epstein sent him a Kensington Morocco listing link (vol00009-efta00970662-pdf-0, EFTA01956390-0).

By August 2014, Epstein's ambitions in Morocco had expanded beyond Bin Ennakhil. He asked Jabor: "do you know a great moroccan architect so that i can build something on the island, I'd like it built in morocco and then reassembled here in the caribbean." Jabor replied: "Yes my friend i know very good architecture i will send you his contract" (vol00009-efta00995780-pdf-0, vol00009-efta00995886-pdf-0). Epstein wanted Moroccan craftsmanship for his Caribbean island, sourced through his Qatari connection.

By July 2015, Marc Leon, Kensington's managing director in Marrakech, had laid out the ownership structure for Epstein. The palace was owned by Pamur Anstalt, a Liechtenstein entity whose trustee was Arcana Treuhand Anstalt in Vaduz. Pamur Anstalt was in turn owned by Rilton Investments Ltd, a BVI company, with MMG Trust (BVI) Corp as trustee (vol00009-efta00851887-pdf-0).

In June 2016, Jabor sent Epstein plot plans for a new development near Bin Ennakhil. Sheikh Hamad had "specially marked out" Plot No. 1 for Epstein: 46,114 square metres facing the golf course. Epstein replied the same day: "i think hamad idea is the right one. you and i need to design together . It will be in your family for a LOONNGG time. we should think of how an arab household works. ie separate women quarters, etc." (vol00009-efta00655754-pdf-0).

In April 2017, Lloyd reported that Kiss, the owner, "will not entertain the idea of any further inspections of his property without a substantial 'non-refundable' deposit being put on the table in advance" (vol00009-efta00634448-pdf-0). Epstein was unfazed: "I am coming down with jacques lang. i thought id show it to him. no problem for me if not. silly for them" (EFTA02655372-0).

The deal accelerated in August 2017. On August 22, Epstein emailed Jabor with questions about the corporate chain: "not sure what they did four years ago. pamur anstalt was owned by another anstlat . and i think they old or tranferred the interest to a bvi co. . why? what would we be buying , it appears Not the anstat but the BVI co." (EFTA02642186-0).

The next day, August 23, Epstein forwarded Jabor a lawyer's memo. The lawyer had reviewed the proposed acquisition of Bin Ennakhil, structured as a purchase of 100% of the shares of Pamur Anstalt from Rilton Investments Ltd for 25 million euros. The conclusion was blunt: "the optics of a tax avoidance motivated structure...rather than directly acquiring the real property itself, would in our opinion unnecessarily subject the US Purchaser and its beneficial owner to questions under tax, AML and other similar laws and should be avoided." The memo went further: "you are being asked to close in no time at all for 25MM Euro, on essentially a blind purchase of shares in a Liechstenstein Anstahlt." The recommendation: "we believe strongly that you should pass on this transaction" (vol00009-efta01036804-pdf-0).

Epstein did not pass. On August 24, after Marc Leon sent his explanation of the corporate chain to Jabor, Epstein wrote: "with these types of answers they must think we are stupid." He objected to a clause requiring the buyer to bear all taxes: "=NACCEPTABLE" (EFTA02638849-0). The original word was UNACCEPTABLE. The leading U has been lost to a quoted-printable encoding artifact in the DOJ source archive.

On August 25, Epstein laid it out for Jabor in plain language: "just so you have the facts. , morocco was owned by a lichtenstein anstalt called pamur which held the deed." He traced the shell-company chain, then concluded: "you and I cant send money to liechtenstein to buy a BVI co in todays world. Every bank alarm goes off. This is why I told you that old bankers are dangerous. their ideas are outdated." In the same email, he added a warning: "please take extra care. Im aware of the meeting in Riyand. as well as washingtons reaction to recent decisions. I can only assume that they have ignored your uncles good advice" (vol00009-efta01037141-pdf-0).

Fifteen months passed. In December 2018, Epstein sent Karyna Shuliak to Marrakech. Lloyd connected her to Alex Peto, Kensington's local partner: "Karyna arrives in Marrakech later this evening and would like to inspect some of the premium properties that you have on your listings such as Bin Ennakhil" (vol00009-efta00550789-pdf-0). Shuliak wrote to Peto: "Besides Bin Ennakhil, which I would like to see very much, if you could show any other properties that you consider best and biggest, that would be greatly appreciated" (vol00009-efta00551699-pdf-0). After the viewings, Lloyd emailed: "Did you see anything you think might have suited Jeffrey?" Shuliak replied: "Everything seems to need a lot of work" (vol00009-efta00550731-pdf-0, vol00009-efta00551696-pdf-0).

Peto followed up on December 23 with a summary. Bin Ennakhil's asking price was 55 million euros, but Peto said he believed "an offer circa 35m euros would be acceptable" (EFTA02313354-0). In January 2019, Shuliak told Peto: "Our interest will expire at the end of this month as we will move on to another house" (vol00009-efta00551657-pdf-0).

They did not move on. In February 2019, Shuliak resumed negotiations. She opened with a pointed question: "I heard that your buyer walked away, is that true?" Peto said it was not (vol00009-efta00552317-pdf-5). The draft contract arrived. Shuliak tore it apart: "this 'real estate contract' is highly irregular for Americans. 1. It is not a real estate contract, it is a purchase of an offshore entity, creating many complexities for americans." She noted the due diligence on a Liechtenstein company would take months, the purchase would be "very high profile," and the contract date referenced August 2017, meaning "this contract was drafted years ago and it appears no one was willing to sign" (vol00009-efta00552317-pdf-5).

The next day, Shuliak sharpened her objection: "We assume we are not the first to be surprised at a Christies Broker suggesting payment to a trust in the BVI re shares in a Lichtenstein co with no due diligence, no guarantees, no insurance, no title, relating to property in Morocco and bank accounts in the United States in an attempt to avoid both capital gains and transfer tax" (vol00009-efta00552317-pdf-5).

By March 2019, Marc Leon was negotiating directly with Shuliak. Kensington proposed closing at 19 million euros for the shares plus 1 million to Kensington, with a warning: "This transaction has too many risks" (vol00009-efta00552022-pdf-8). Shuliak pushed back on the structure, suggesting buying the property outright for 8 million euros "and the stock of the anshalt for any agreed balance." Leon pushed for 23 million. The ownership had shifted again: "The offer should be for Khan Stiftung - Vaduz, now owner of Pamur" (vol00009-efta00552022-pdf-6).

On March 13, 2019, Epstein dropped the mask. Writing as "J" from [email protected], in an email addressed to Marc Leon but routed through Shuliak's thread, he laid out the terms himself: "The buyer is haze trust , the ultimate owner , me. the bank is deutsch bank." He asked whether Marc's 1 million fee should be referenced in the offer or kept aside (vol00009-efta00552078-pdf-0).

Shuliak had been negotiating as though she were the buyer. The email confirmed she was not. Four jurisdictions, three shell companies, one palace. Epstein had been chasing Bin Ennakhil since at least 2010. His lawyers told him to walk away. He ignored them. Kensington's own broker called it too risky. He kept going. By March 2019, the deal structure had cycled through Pamur Anstalt, Rilton Investments, Khan Stiftung, and Haze Trust. Deutsche Bank was the bank. Epstein was four months from arrest.

On April 26, 2019, Epstein emailed Marc Leon and Mark Lloyd one last time. He compared Marrakech prices to the US market, then delivered his verdict on the palace he had pursued for nine years: "I don't think anyone who is a serious buyer will pay more for bin enikhil than the original 10 m I proposed 6 years ago, they are buying a garden. with a very large gazebo. a great one true work of art, but not a house." He added: "When Mr Kiss dies. Mrs kiss will become realistic" (EFTA02314180-0).