Deceased sex-offender Jeffrey Epstein’s two Caribbean islands have been purchased by a private equity billionaire, who plans to create a five star luxury resort on the site.

On its website on Wednesday, Stephen Deckoff’s investment firm, SD Investments LLC, has announced that it has purchased the islands Little St. James and Great St. James.

Situated in the picturesque US Virgin Islands, the islands had been up for sale for over a year, priced at $125 million, before they sold to Deckoff for $60 million, according to Forbes. With a mansion and several guest villas, a helipad, and several pools, Epstein reportedly used the islands for years as the base of operations of a human trafficking and blackmail operation targeting elites and leaders in a range of areas in society and government.

According to the statement from his company, “Mr. Deckoff plans to develop a state-of-the-art, five-star, world-class luxury 25-room resort that will help bolster tourism, create jobs, and spur economic development in the region, while respecting and preserving the important environment of the islands.”

“A significant portion of the sale proceeds,” under a previous settlement agreement with Epstein’s estate, will be paid to the government of the Virgin Islands.

Deckoff is the co-founder of Black Diamond Capital Management, with $9 billion under management. He i reportedly worth $3 billion according to reports, and is a resident of the US Virgin Islands.

Jeffrey Epstein reportedly committed suicide while incarcerated in a Manhattan federal prison, awaiting trial on charges of sex-trafficking. He was convicted a decade prior of soliciting prostitution from a minor in a case brought in Florida, which resulted in him being registered as a sex offender. The allegations against him included trafficking girls for sex who were as young as 11 years old.