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Leon Black will step down from Apollo three months sooner than expected.

Leon Black, the Wall Street billionaire who was the main client of the disgraced financier Jeffrey Epstein for the last decade of his life, is stepping down as chief executive of Apollo Global Management, several months ahead of schedule.

Mr. Black also will give up the chairmanship of the private equity firm, which he helped found roughly three decades ago, according to a statement issued by the firm on Monday. Jay Clayton, the former Securities and Exchange Commission chairman who recently joined the firm as an independent director, will take over as chairman.

In a statement, Mr. Black, 69, said he had decided to leave now to focus on his family and his and his wife’s health. In January, the firm had said he would step down as chief executive before his 70th birthday in July while retaining the chairman role..

Apollo had previously announced that Marc Rowan, another Apollo co-founder, would succeed Mr. Black as chief executive following the release of a report by an outside law firm that detailed how Mr. Black had paid Mr. Epstein, the registered sex offender who killed himself in August 2019 while facing federal sex trafficking charges, $158 million in fees to Mr. Epstein and lent him nearly $30 million. The review found no wrongdoing by Mr. Black, who planned to remain as chairman.

The New York Times reported that Mr. Black had paid at least $75 million in fees to Mr. Epstein from 2012 to 2017.

Over the past several months, shares of Apollo have underperformed the stocks of other big publicly traded private equity firms.

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Jeffrey Epstein’s Manhattan Mansion Sold for $51 Million

Jeffrey Epstein’s Manhattan mansion has been sold to an unidentified buyer for about $51 million, which will go to a fund providing restitution for the disgraced financier’s sexual abuse victims.

A lawyer for Mr. Epstein’s estate said the seven-story mansion on East 71st Street was sold earlier this week — although for considerably less than the initial $88 million asking price.

The sale was completed after a judge in the U.S. Virgin Islands rejected an attempt by the territory’s attorney general to freeze the sale of any further asset by his estate, which is now worth about $240 million. Once valued at nearly $600 million, the estate has been paying out expenses including taxes and contributions to the restitution fund, which has distributed about $55 million to dozens of Mr. Epstein’s accusers.

The attorney general, Denise George, requested the asset freeze after the estate said a cash crunch was preventing it from providing new money to the restitution fund. The judge overseeing the administration of Mr. Epstein’s estate ruled that Ms. George did not have legal standing to request the asset freeze.

A deed for the sale has yet to be recorded, but Daniel Weiner, one of the estate’s lawyers, said in an email that funds from the sale were being transferred to the compensation program so that it could “resume issuing new claims determinations.”

Several other major transactions loom, including the sales of Mr. Epstein’s homes in Palm Beach, Fla.; Paris; and New Mexico, and the two private islands he owned in the Virgin Islands. The sale of the islands, however, will not happen anytime soon: Ms. George’s office has placed a lien on them as part of the civil racketeering lawsuit she filed last year against Mr. Epstein’s estate.

Mr. Epstein killed himself while in federal custody in August 2019, a month after his arrest on sex trafficking charges. To date, about 150 women — most of whom claim they were sexually abused by Mr. Epstein as teenagers — have registered with the restitution fund to submit claims.

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