The $30million Nantucket compound where Joe and Jill Biden will spend Thanksgiving

The $30million Nantucket compound owned by Biden’s private equity billionaire pal where first family will spend Thanksgiving: Security will lock down sprawling property for holiday where President could decide his 2024 plans

  • President Joe Biden, his wife Jill and the extended Biden clan will spend Thanksgiving at the luxurious Nantucket compound owned by billionaire businessman turned philanthropist David Rubenstein
  • Over holiday, the Bidens will discuss whether Joe will make another run in 2024
  • Massachusetts state police and military cargo planes swarmed island ahead of the president’s arrival; Bidens scheduled to touch down on Tuesday
  • Bidens have been coming to Nantucket for Thanksgiving since 1975 

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President Joe Biden, his wife Jill and the extended Biden clan will once again camp out at the luxurious Nantucket compound owned by billionaire businessman turned philanthropist David Rubenstein for the Thanksgiving holiday.

The Biden clan arrives on the island on Tuesday evening, where they’ll spend the week eating turkery and talking about the 2024 presidential race at the same 13-acre estate they stayed on last year.

Biden has said the holidays – a time when the extended family is together – is when they’ll have serious talks about another White House bid. 

‘I hope Jill and I get a little time to actually sneak away for a week’ to discuss running for a second term, the president said earlier this year at a press conference. 

Preparations have already begun on the island for the first family’s arrival. A large military cargo plane was at the town’s airport on Sunday, carrying the equipment necessary to secure the president for his stay.

On Monday, a fleet of Massachusetts state police motorcycles and SUVs drove off the ferry and onto the town’s main drag to be on hand for Biden’s visit. 

Hundreds of people follow the president where ever he goes – Secret Service agents, support staff, and members of the military. They’ll lock down the area around Rubenstein’s 13,000 square foot home while the Bidens are in residence. 

The Bidens will once again camp out at the luxurious Nantucket compound owned by billionaire businessman turned philanthropist David Rubenstein - the same place they stayed last year for the holiday

The Bidens will once again camp out at the luxurious Nantucket compound owned by billionaire businessman turned philanthropist David Rubenstein – the same place they stayed last year for the holiday

Another view of the waterfront home where the Bidens will be staying

Another view of the waterfront home where the Bidens will be staying 

Massachusetts state troopers arriving ahead of President Biden's visit to Nantucket

Massachusetts state troopers arriving ahead of President Biden’s visit to Nantucket

President Joe and Jill Biden arrive on Nantucket on Tuesday for the Thanksgiving holiday

President Joe and Jill Biden arrive on Nantucket on Tuesday for the Thanksgiving holiday

It's unclear if the Bidens' puppy Commander will join the family on Nantucket, Commander was on the Truman balcony on Monday - with Biden granddaugther Natalie and grandson Beau - during the annual turkey pardoning

It’s unclear if the Bidens’ puppy Commander will join the family on Nantucket, Commander was on the Truman balcony on Monday – with Biden granddaugther Natalie and grandson Beau – during the annual turkey pardoning

President Joe Biden shops on Nantucket last year with granddaughter Maisy (in red coat) and grandson Hunter Jr. (right)

President Joe Biden shops on Nantucket last year with granddaughter Maisy (in red coat) and grandson Hunter Jr. (right)

President Biden shopping in a bookstore in Nantucket last year

President Biden shopping in a bookstore in Nantucket last year

David Rubenstein's 13-acre compound where the Bidens are staying

David Rubenstein’s 13-acre compound where the Bidens are staying

It’s unclear if the first family’s puppy, Commander, will be joining them although the president hinted the dog might be present.

‘The only red wave this season is going to be a German Shepherd, Commander — knocks over the cranberry sauce on our table,’ he said on Monday when he pardoned the Thanksgiving turkey. His remark was a poke at Republicans, who did not pick up as many House seats as predicted in the midterm election. 

It’s also unclear exactly which members of the family will be joining the first couple. Last year Hunter Biden, wife Melissa Cohen and son Beau Biden were on hand. Hunter’s children from his first marriage – Naomi, Finnegan and Maisy – were also on the island. As were Natalie and Hunter Jr., the children of the late Beau Biden.

But Naomi Biden married Peter Neal on Saturday. Jill Biden, on Monday, appeared to reveal they were on their honeymoon to the island nation of the Seychelles in the Indian Ocean. It’s where Prince William and Kate Middleton had their honeymoon.

‘So, they went on a honeymoon … in the Seychelles,’ the first lady could be heard saying at a ‘Friendsgiving’ for the troops at Marine Corps Air Station Cherry Point in North Carolina 

On Nantucket, the Bidens are expected to, as they did last year, attend the town’s Christmas tree lighting on Friday evening. Last year they also had lunch in town and walked around for some holiday shopping. 

The president will call American troops stationed overseas on Thanksgiving Day. 

The Bidens have been going to Nantucket for 46 years since Biden was a senator. The first couple are scheduled to return to the White House on Sunday.

In his 2017 memoir ‘Promise me Dad,’ Biden wrote that Thanksgiving in 1975 was the first holiday he and his now-wife Jill spent together, going to Nantucket with his young sons Beau and Hunter for a little bonding time.

They rarely have missed a holiday on Nantucket since. 

The island became a spot of many memories for the family. Beau proposed to his future wife Hallie at the town’s 2001 Christmas tree lighting and married her at a downtown church. 

One of the few Thanksgivings the Bidens missed in Nantucket was in 2015, which took place about six months after Beau Biden died. The family went to Rome instead. They also skipped going in 2020 because of the COVID pandemic. 

‘We had some great years in that span, and we had some lousy years, but whatever was happening, whatever bumps and bruises we were suffering, we put it all aside and celebrated Thanksgiving in Nantucket,’ the president wrote in his memoir. 

‘The holiday trip was a constant in our grandchildren’s lives from the time they were aware, and they made it clear how much it meant to them.’

While on the island, the Bidens are staying at Rubenstein’s $20million 13-acre compound on Nantucket Harbor. Biden has previously stayed at Rubenstein’s place on Nantucket, including in 2014 when he was vice president. 

Exclusives pictures from DailyMail.com show a sprawling property sit on the island’s secluded inner habor with gorgeous views of the water as the sun sets in the background. 

Carlyle Co-Founder David Rubenstein has friends on both sides of the political aisle including President Joe Biden, who is staying at his Nantucket home for Thanksgiving. The two men were honored at the National Committee on American Foreign Policy Gala in New York in November 2017

Carlyle Co-Founder David Rubenstein has friends on both sides of the political aisle including President Joe Biden, who is staying at his Nantucket home for Thanksgiving. The two men were honored at the National Committee on American Foreign Policy Gala in New York in November 2017 

Rubenstein bought the waterfront property in 2000 for his now ex-wife Alice and their three children. He tore down the existing house and put up a 13,000-square-foot home which features a tennis court, swimming pool and private dock.

The location of the house is historic Abram’s Point off the Polpis Road – named after one of the last surviving Native American Wampanoag race, Abram Quary.

Like Biden, Rubenstein grew up in a middle-class, blue-collar family and originally started his career in government service. But he left that path to form a private equity company that would make him a billionaire many times over.  

Along the way, Rubenstein made friends with the rich and the powerful and on both sides of the political aisle: George H.W. Bush was an adviser to his company while Jimmy Carter is a close friend (who’s also stayed at Rubenstein’s Nantucket home). 

And billionaire businessman has even admitted his regrets – and financial loses – that include turning down opportunities from Mark Zuckerberg to invest in Facebook and from Jeff Bezos to invest in Amazon. 

Rubenstein’s company – the private equity firm The Carlyle Group worth $293 billion – has come under fire at times for its business practices but Rubenstein, who has a net worth of $4.5 billion according to Forbes, has reshaped his image, become one of the most visible philanthropists in the world, buying copies of the Magna Carter and the Emmancipation Proclamation in what he’s called acts of ‘patriotic philanthropy. 

Rubenstein has reportedly boasted to friends that he only spends 12 days a year at the Nantucket estate. A rock on his front lawn reads: ‘I’d rather be working.’ 

He admits he’s a work-a-holic.

‘If I were forced to relax in conventional ways I’m convinced I’d have a heart attack,’ he told The Washington Post in 2003. ‘I don’t drink alcohol, I don’t smoke, I don’t play golf.’ 

Massachusetts state police arrive on the island, which has a heavy security presence

Massachusetts state police arrive on the island, which has a heavy security presence

The Bidens are staying at Rubenstein's $20million 13-acre compound on Nantucket Harbor

The Bidens are staying at Rubenstein’s $20million 13-acre compound on Nantucket Harbor

Naomi Biden married Peter Neal at the White House on Saturday and they are believed to be on their honeymoon in the Seychelles - they are pictured with the president and first lady at the White House on Saturday

Naomi Biden married Peter Neal at the White House on Saturday and they are believed to be on their honeymoon in the Seychelles – they are pictured with the president and first lady at the White House on Saturday

Hunter Biden carrying Beau Biden disembarks from Air Force One last year when the family arrived on the island, with him is his wife Melissa Cohen (left) and his sister Ashley Biden (right)

Hunter Biden carrying Beau Biden disembarks from Air Force One last year when the family arrived on the island, with him is his wife Melissa Cohen (left) and his sister Ashley Biden (right)

President Biden and his family are expected to attend the town's Christmas tree lighting on Friday night, as they did last year (above)

President Biden and his family are expected to attend the town’s Christmas tree lighting on Friday night, as they did last year (above)

Jill Biden shopping on Nantucket last year

Jill Biden shopping on Nantucket last year

Biden ran for president as a symbol and representative of the middle class and has come under fire for staying at the home of Rubenstein, whose company, the Carlyle Group, has been subject of controversy and conspiracy theories.

Private equity firms are companies that take struggling companies that are not traded on the stock exchange and raise cash, which they then re-invest in those companies with the goal of making them profitable.

These firms would then try to get a handsome return on their investment by either offering the company to the public which can buy shares, selling the company, or recapitalization.

Rubenstein cofounded The Carlyle Group in 1987 with William Conway Jr and Daniel D’Aniello and managed the company’s advisers, which included George H.W. Bush. He now serves as non-executive co-chairman of the company.

All three co-founders became billionaires after building the company from the ground up. They raised money from investors and used it to purchase companies – early on they focused on defense companies – and then sold them for profit.

Rubenstein also indicated the rich need to pay more in taxes, saying ‘taxes in the United States are not completely fair for anyone.’

But he’s also said that taxing billionaires like himself wouldn’t generate enough income to help the federal government wipe out its debt. 

‘I don’t think all of a sudden a wealth tax, for example, would solve all of our society’s problems, if one could ever actually be implemented,’ Rubenstein told CNBC during the 2020 presidential campaign about Elizabeth Warren’s wealth tax proposal.

‘If you tax the upper income, there aren’t enough of those people to really make a wealth distribution effect that’s going to be significant. There just aren’t enough highly wealthy people,’ he added.

Rubenstein now gives speeches and hosts a show for Bloomberg TV. He also serves as chairman of the Washington Economic Club. He chairs the Kennedy Center Honors when it airs on CBS. 

Among his regrets, Rubenstein said he was once offered the opportunity to meet Mark Zuckerberg and invest in Facebook before Zuckerberg dropped out of Harvard but decided against it. 

He also said he turned down a 20% stake in Amazon during the early years of the company. He’s also said he regrets not investing in Twitter and turning down an opportunity to buy the Washington Post before Bezos purchased the newspaper. 

Before cofounding The Carlyle group, Rubenstein practiced law in New York between 1973 and 1975. He served as chief counsel to the U.S. Senate Judiciary Committee’s Subcommittee on Constitutional Amendments. 

Rubenstein then went on to serve as an official for President Jimmy Carter’s Administration as a deputy domestic policy adviser to the President. 

He told the New York Times how he got involved in private equity: ‘I read that Bill Simon had done a leveraged buyout in the early 1980s where he bought Gibson Greeting Cards and made $80 million on a $1 million investment. I didn’t know what a leveraged buyout was, but it sounded more attractive than practicing law.’

Rubenstein’s business practices have come under fire. 

John Oliver, in a segment on his HBO show, accused him of buying up mobile home parks and sharply increasing the rent on tenants, who often can’t afford the increase or the high cost to move the home. 

He was also subject to conspiracy theories after the September 11, 2001 terrorist attacks. On the day of the attack, he was attending a conference sponsored by the Carlyle Group in Washington DC where Osama bin Laden’s brother was also in attendance, which led to unfounded gossip the compnay was somehow complicitous. To calm matters, Rubenstein returned the bin Ladens’ $2 million investment in the Carlyle Group. 

In addition to promoting his causes, Rubenstein also often talks about his personal story.  

He grew up the son of a postal worker and homemaker in Baltimore, earning high enough marks to attend Duke University as an undergrad, then the University of Chicago for law school.

He has three children – Alexandra, Gabrielle, and Andrew – and has said he’s given them Ivy League educations but did not give them trust funds. 

He gives millions to charity  – including $7.5million for the repair of the Washington Monument after the 2011 earthquake and $4.5 million to the National Zoo for its Giant Panda program. 

And in 2016, he donated $25 million for a pancreatic cancer center at Memorial Sloan Kettering Cancer Center and has given $100 million to his alma mater Duke University.

He has made large gifts in recent years to Washington’s cultural institutions including the Smithsonian Institution, the National Archives, the Library of Congress and the Kennedy Center, where he is chairman. 

David Rubenstein is a billionaire businessman turned philanthropist

David Rubenstein is a billionaire businessman turned philanthropist

David Rubenstein pictured November 21 with Nancy Pelosi in D.C.

David Rubenstein pictured November 21 with Nancy Pelosi in D.C.

David Rubenstein and his now ex-wife Alice at the 2015 state dinner for Chinese President President Xi Jinping

David Rubenstein and his now ex-wife Alice at the 2015 state dinner for Chinese President President Xi Jinping

Like Bill Gates he is among the list of billionaires that have pledged to give at least half their money to philanthropic causes in their lifetime as part of The Giving Pledge. 

A history buff, he practices what he calls ‘patriotic philanthropy’ to preserve historical artificats.  

In 2014, Rubenstein donated $12.3 million to restore Arlington House, the home of Confederate General Robert E. Lee on the grounds of Arlington National Cemetery in Virginia.

The columned home, originally built as a monument to George Washington between 1802 and 1818, was restored to its historical appearance in 1860, before the start of the U.S. Civil War.

Rubenstein said the site crowns the most sacred land in America but needed major repairs.

The money he donated to National Park Foundation will also go toward fixing the grounds and slave quarters, and overhauling the site’s museum exhibits.

‘The goal is to remind people of American history,’ Rubenstein said at the time. ‘I think when you’re restoring history, you should remind people of the good and the bad.’

In 2016, Rubenstein donated $18million to fix up the Lincoln Memorial. The money was used to fix the memorial’s roof, clean the marble and improve accessibility by adding a second elevator. 

Rubenstein said his admiration for Lincoln drew him to this project. ‘Lincoln deserves to have his memorial in tip-top shape,’ he said in a phone interview at the time. 

In 2007 Rubenstein bought a copy of the Magna Carta for $21.3million, which he has loaned to the National Archives. The Magna Carta bears the seal of King Edward I and is dated 1297. It is one of 17 known handwritten copies of the text that established a tradition for the rule of law that even the king would honour.

Rubenstein told the Times of his philanthropy: ‘In the end, you have to say what is the purpose of life, and what are you doing here? Everybody has to ask themselves that question. What are you doing that makes your existence on the face of the earth justified? What am I doing? Well, maybe fixing up companies isn’t such a great thing. It does add to the economy, you could argue. But giving away the money, reminding people of history, is one thing that I’m now a little bit focused on.’ 

 

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