Peter Nygard Net Worth: Inside The Fashion Mogul's Bahamas Mansion

Peter Nygard’s net worth is around $900 million. Here’s how he built his fortune.

Nygard is considered one of the richest men in Canada. He is a fashion designer who heads Nygard Group which makes women’s clothing. The company started in 1967 and expanded in the U.S. in 1978. Now, his business goes by the name Nygard International and makes $500 million in annual revenue, per Celebrity Net Worth. Aside from Nygard International, other brands under his management are SLIMS, TanJay, ALIA and Allison Daley, among others.

The Helsinki, Finland native owns a mansion in the Bahamas that he calls “Nygard Cay.” The Mayan-themed property sits on Lyford Cay. The 150,000 square-foot property features carved dragons, 10,000 pound glass ceiling and torches manually lit by his staff on a nightly basis. Some of the famous people who visited the place were Oprah Winfrey, Prince Andrew, Michael Jackson, Robert De Niro and Jessica Alba. However, the property caused decade-long friction with neighbor and hedge fund billionaire Louis Bacon, a report from Insider revealed.

According to Bacon, an environmentalist, Nygard has been illegally expanding his property that harms marine life. The fashion mogul, on the other hand, claims Bacon once set his property on fire. The allegations were never verified. Both sides have tried putting each other in prison with 25 lawsuits filed in different locations.

The parties on the Nygard Cay apparently served other purpose: sex trafficking. Nygard has been accused of inviting underaged and vulnerable women in his Bahamas mansion to use them for his and his friends’ sexual gratification, NBC News reported. He would allegedly lure women and promise modeling jobs and pamper them with travel and living expenses. The minor women would allegedly be drugged or forced to have sex with Nygard when he is in the Bahamas mansion.

Representatives of the CEO vehemently deny the accusations. Nygard faces several charges including prostitution and racketeering conspiracy. His lawyer, Jay Prober, said his client is already susceptible to COVID-19 due to old age and is not a flight risk. Nygard could apply for bail before his scheduled court appearance in January 2021.

Aside from the recent charges, Nygard has faced lawsuits before. He was sentenced to 90 days in prison and fined due to contempt of court. Now that his illegal acts have been brought forward, it remains to be seen who will be the next prominent figure to be exposed in the alleged sex trafficking ring organized by the world’s richest.