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 wer ehonored at the National Committee on American Foreign Policy Gala in New York in November 2017

David Rubenstein is a Carlyle Co-Founder. He has close friends on both ends of the political spectrum, including President Joe Biden. Joe Biden will be spending Thanksgiving at his Nantucket residence. They were honored at the National Committee on American Foreign Policy Gala, New York, November 2017. 

Jill Biden, the President of the United States and Joe Biden have stayed with their extended family at Nantucket property owned by David Rubenstein, an entrepreneur turned philanthropist.

Rubenstein was born in a blue-collar, middle-class family. He started his career in the government, just like Biden. However, he decided to leave the public service and start his private equity business that would become a multi-billionaire.  

Rubenstein met the wealthy and powerful along the way and was friends on both the left and right of the political spectrum: George H.W. Bush was his adviser, and Jimmy Carter is close friends (who also stayed at Rubenstein’s Nantucket house). 

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. 

After it was announced that Rubenstein (72), arrived in Nantucket on Tuesday night with their children and grandkids to celebrate Thanksgiving at Rubenstein’s compound on the island, Rubenstein was once again the center of attention. 

According to reports, Rubenstein was in Europe. 

Rubenstein owns a $20 million 13-acre property on Nantucket Harbor that the Bidens will be staying in. Rubenstein has previously hosted Biden at his Nantucket home, where he served as vice president in 2014. The Bidens are paying rent but it’s unclear how much. exclusive photos show an expansive property that sits in the inner courtyard of the island with stunning views over the water and the setting sun. 

Rubenstein, his then ex-wife Alice and their children purchased the waterfront property for him in 2000. A 13,000-square foot home was built from the demolition of the old house.

This house can be found at Abram’s Point on the Polpis Road. It was named Abram Quary after an Indian Wampanoag surviving tribe. 

Rubenstein boasted that he spent only twelve days each year at Nantucket, according to friends. Rubenstein’s front yard rock reads, ‘I would rather work.’ 

He admitted that he is a workaholic.

He stated to The Washington Post that if he was forced to relax conventionally, he would have a heart attack. “I don’t consume alcohol or smoke and I don’t golf. 

Exclusive photos of the home Joe and Jill Biden are staying in for Thanksgiving

Exclusive Photos of Joe and Jill Biden’s Thanksgiving Home

Security cars in the private compound the Bidens are staying in for the Thanksgiving holiday in Nantucket

For the Thanksgiving holiday, the Bidens have secured their private compound.

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

Rubenstein’s $20,000 million compound of 13 acres on Nantucket Harbor is where the Bidens will spend Thanksgiving.

The house has gorgeous views of the secluded innner harbor on Nantucket

Beautiful views from the house’s private innner harbour on Nantucket can be seen.

Security can be seen around the home, owned by David Rubenstein, on the posh island

The security system can be viewed around David Rubenstein’s residence on the luxurious island.

State police cars and Secret Service vehicles have the area around the home closed

The area surrounding the house has been closed off by Secret Service and state police vehicles

The house sits far back on the island, on its inner harbor

This house is situated far back from the outer harbor, which lies on the island.

The Coast Guard patrol around the home the Bidens are staying in

Coast Guard officers patrolled the Bidens’ home.

President Joe Biden and first lady Jill Biden walk down the steps of Air Force One on Tuesday upon their arrival in Nantucket for the holiday

Jill Biden, first lady and President Joe Biden are seen stepping down from Air Force One Tuesday after their arrival in Nantucket.

Hunter Biden carrying Beau Biden disembarks from Air Force One with some of the other Biden grandkids for the Thanksgiving holiday

Beau Biden with Hunter Biden is accompanied by Beau Biden as he disembarks at Air Force One along with other Biden grandkids to enjoy the Thanksgiving holiday.

White House press secretary Jen Psaki defended the first couple’s stay on the island off the coast of Massachusetts amid soaring prices where ordinary Americans are struggling to pay for their Thanksgiving dinners. Psaki claimed that the cost of food is not too high and that everyone should celebrate Thanksgiving with those they love.

White House highlighted that the Bidens had been visiting Nantucket since 1946, when Biden was still a senator. They are expected to be back at the White House Sunday with their first child. 

She said, “This is the time to forget politics, have time with loved ones, and share what you are grateful for.”

Biden will work from the island where he has been visiting frequently, she said. 

“He can do his job from anywhere he goes on any vacation, at any time,” she said. He also has secure telephone capabilities. He can take his staff with him.

She stated that the prices of food are not too expensive.

There are plenty of turkeys. The price is about $1 higher for a 20-pound turkey, which would be expensive if one was feeding many people.

 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 companies are businesses that purchase struggling companies and raise money to re-invest with the intention of making those businesses profitable.

They would seek to earn a substantial return on their investments by selling the company or putting the company up for sale to the general public.

Rubenstein was cofounder of The Carlyle Group with William Conway Jr. in 1987. Bush. As non-executive chair, he now leads the company.

Following the creation of the company from scratch, the three founders were all made billionaires. Investors provided them with capital and they used that money to acquire companies. At first, the company was focused on defense and then it sold for profit.

Rubenstein said that even the riches should be paying more tax, stating that the ‘taxes’ in the United States were not entirely fair.

He also stated that taxing billionaires such as himself would not generate sufficient income to pay off federal debt. 

Rubenstein stated that he didn’t believe a wealth tax would suddenly solve all our problems.

“If you only tax those with the highest incomes, it’s not enough to have a significant wealth distribution effect. He said that there aren’t enough wealthy people.

Rubenstein is now a speaker and host of a Bloomberg TV show. The Washington Economic Club’s chairman is also Rubenstein. When it airs, he chairs Kennedy Center Honors. 

Rubenstein also regretted that he had been offered an opportunity to meet Mark Zuckerberg before Zuckerberg left Harvard, but opted against the offer. 

He stated that he refused to buy 20% of Amazon in the beginning years. He also stated that he regretted not having invested in Twitter before Bezos bought the Washington Post. 

Rubenstein was a New York lawyer between 1973-75 before cofounding The Carlyle. As chief counsel, he was a member of the U.S. Senate Judiciary Committee Subcommittee on Constitutional Amendments. 

Rubenstein served as a senior domestic policy adviser for the President’s Administration. 

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. Although I had no idea what a leveraged purchaseout was, it seemed more appealing than the practice of law.

Rubenstein’s business methods have been criticized. 

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. 

After the terrorist attacks of September 11, 2001, conspiracy theories were also thrown at him. 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. Rubenstein returned $2 million that bin Laden had invested in the Carlyle Group to calm things. 

Rubenstein speaks often about his own personal journey, in addition to his efforts to promote his cause.  

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. 

In 2016, he gave $25 million towards a Memorial Sloan Kettering Cancer Center pancreatic cancer centre. He also donated $100 million to Duke University.

Recent years have seen him make large contributions to Washington’s cultural institutions such as the Smithsonian Institution (National Archives), the Library of Congress, and the Kennedy Center (where he is Chairman). 

An aerial view of the 13-acre compound owned by billionaire Carlyle group co-founder David Rubenstein on Nantucket Harbor

Aerial view of 13-acre property owned by billionaire David Rubenstein, co-founder of Carlyle Group.

David Rubenstein, 72, is an American billionaire businessman with a net worth of $4.5 billion

David Rubenstein, 72, is an American billionaire businessman with a net worth of $4.5 billion

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

David Rubenstein, pictured with Nancy Pelosi on November 21, 2012 in D.C.

In 2007 Rubenstein bought a copy of the Magna Carta for $21.3million, which he has loaned to the National Archives; he practices what he calls 'patriotic philanthropy'

Rubenstein spent $21.3 million to purchase a Magna Carta book. He then loaned the National Archives the copy.

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

He is like Bill Gates and has pledged at least half of his wealth to charity as part of the Giving Pledge. 

He is a history enthusiast and practices what he refers to as ‘patriotic Philanthropy’ in order to protect historical artifacts.  

Rubenstein contributed $12.3million to the restoration of Arlington House in 2014. This house was home to Confederate General Robert E. Lee and is located on Arlington National Cemetery’s grounds.

In 1860, the columned home was restored to its historic appearance. It originally served as a monument for George Washington, between 1802-1818.

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 at the time. I believe it’s important that people remember the good parts and the worst of history when you are trying to restore the past.

In 2016, Rubenstein donated $18 million to repair the Lincoln Memorial. This money was used for the repair of the Lincoln Memorial’s roof and cleaning the marble. It also helped to add a second elevator, which made it more accessible. 

Rubenstein stated that Lincoln’s admiration drew Rubenstein to the project. He said that Lincoln merits a beautiful memorial. 

Rubenstein purchased a Magna Carta copy for $21.3 million in 2007. He has since loaned it to the National Archives. The Magna Carta is signed by King Edward I. It was dated 1297. One of only 17 handwritten versions of Magna Carta are known. This document established a rule of law tradition that any king could respect.

Rubenstein spoke to The Times about his philanthropy. Everyone must ask that question. Is there something you are doing that justifies your existence here on earth? How can I help? Maybe fixing up businesses isn’t so great. You could say it does help the economy. It is a good thing to remind people of the past, but I don’t mind giving it away.