Billionaire landlord reportedly dropping $15M on his daughter’s Italian wedding

UPDATED, Aug. 30, 1:30 p.m.: Jeff Sutton, the billionaire real estate investor and founder of Wharton Properties, is reportedly planning to drop $15 million on his daughter, Renee’s, wedding to Eliot Cohen this weekend.

According to the Commercial Observer, which translated reports from foreign newspapers, the wedding will be taking place on a private beach of Lido Santo Stefano in Monopoli, Italy.

While it’s not clear how anyone arrived at the $15 million sum, the plans do sound pretty lavish.

400 guests are expected to attend the event (among them, Ivanka Trump), which will last a few days. Sutton is said to have hired three planes to fly guests between New York and Italy. Once they get there, those guests will be able to select their meals from a 20-page kosher menu. The couple is staying at the five-star Borgo Egnazia hotel.

A source familiar with the wedding plans said “that number is not accurate,” but did not elaborate.

Sutton is worth about $3.6 billion from his retail ventures, according to Forbes. He controls some of the city’s most valuable retail properties, including 650 Fifth Avenue, which will house the Nike’s flagship store.

Sutton got his start as a retail broker, and his first client was the discount shoe brand Payless. Somehow we don’t think anyone will be wearing Payless to this wedding (though we would like to give credit to anyone who dares). [CO]

This story has been updated to reflect CO’s updated post.