Artist grandson, 19, of wealthy New York socialite and Clinton donor Denise Rich and her late ‘King of Commodities’ financier husband Marc dies in London after ‘taking his own life’
- Emerging artist Kai Schachter, 19, committed suicide in London last week
- The 19-year-old is the grandson of New York socialite Denise Rich and her late ‘King of Commodities’ financier husband Marc Rich
- Kai is the son of art dealer Kenny Schachter and Ilona Rich Schachter
- Sources say Kai took his life after being left ‘heartbroken’ by a ‘busted romance’
- At the time of his death, Kai was living between London and New York
- He shared an apartment in New York’s Lower East Side with his brother Adrian and two other artists
- He had also built up a close circle of prominent friends in London, including Jude Law’s son Rafferty and socialite Lady Lola Crichton-Stuart
- Kai’s grandmother Denise, a well-known songwriter, donated more than $1 million to the Democrats while Bill Clinton was president
- Hours before leaving office in January 2001, Clinton issued a presidential pardon to Denise’s husband Marc, who was indicted on 65 criminal counts in 1983
- Marc fled to Switzerland after learning about the indictment charges, which included tax evasion, fraud, and trade with Iran during the oil embargo
The artist grandson of wealthy Manhattan socialite and Clinton donor Denise Rich and her late financier husband Marc reportedly killed himself in London last week.
Kai Schachter, the 19-year-old son of art dealer Kenny Schachter and artist Ilona Rich Schachter, took his own life in London last Monday, Page Six reports.
Sources claim Kai was left ‘heartbroken’ by a ‘busted romance’.
‘Kai’s death is a devastating loss, he was a hugely gifted artist with a wonderful spirit and a sense of humor that touched everyone he met,’ the Rich and Schachter families said in a statement.
‘The family is asking for privacy at this time as they take time to grieve and gather all of the details.’
Kai Schachter, 19, the grandson of Manhattan socialite Denise Rich and her late husband Marc died in London last week after reportedly taking his own life
Denise, 75, is a well-known songwriter, and was also a big donor to Bill Clinton, handing over $1 million to the Democrats during his presidency. She is pictured with Hillary Clinton in 1999
Kai is believed to have have been living between London and New York at the time of his death. He was an artist enrolled at London’s Slade School of Fine Art at the time.
Kai was one of four children of artist Ilona Rich Schachter and art dealer Kenny Schachter, pictured together in 2006
In Manhattan, Kai was understood to have shared an apartment with his brother Adrian and two other artist friends on the Lower East Side.
He had also built up a close circle of prominent friends in London, including Jude Law’s son Rafferty, and socialite Lady Lola Crichton-Stuart.
Kai and his brother Adrian had also previously been featured in the pages of Vogue Italia.
The talented teenager was one of four children of Kenny and Ilona, who is the daughter of late financier Marc – known to many as the ‘King of Commodities’ – and songwriter Denise.
Marc died at the age of 78 in June 2013 at a hospital in Lucerne, Switzerland after he fled to Europe 30 years earlier when he and his business partner were charged with more than 50 counts of fraud, racketeering and tax evasion.
The charges could have earned him 300 years in prison – however, in 2001, Clinton decided to pardon him hours before leaving office, leading to speculation he was motivated by receiving thousands of dollars in donations from the financier’s ex-wife Denise, who is said to have given around $1 million to the Democrats during Clinton’s presidency.
Rich spent nearly two decades on the FBI’s Most Wanted list, and narrowly escaped capture in Finland, Germany, Britain and Jamaica.
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Kai, who is pictured with British socialite Lady Lola Crichton-Stuart was understood to be living between London and New York at the time of his death
According to Page Six the talented teenager, who is pictured far left with family including his grandmother Denise (third from left), was left ‘heartbroken over a busted romance’
Among the most serious crimes of which he was accused was trading with Iran during the U.S. Embassy hostage crisis, when he was alleged to have taken advantage of the oil embargo to make huge profits in the energy market.
Kai’s grandfather was late financier and ‘King of Commodities’ Marc Rich
He had previously insisted that he was neutral on all matters of international relations, saying: ‘In our business we’re not political. That’s just the philosophy of our company.’
Switzerland refused to hand Rich over to U.S. authorities because of its secretive tax laws and neutral policy towards Iran, and his lawyers repeatedly pressed the Department of Justice to drop the case against him.
When DoJ officials refused to negotiate, Rich’s attorneys turned to Clinton, and on January 20, 2001 he granted the fugitive a pardon – just hours before he handed over the White House to George W. Bush.
Critics pointed out that Denise Rich had donated $200,000 to the Democratic Party in the previous year, as well as giving money for Clinton’s presidential library.
However, a federal investigation did not find evidence of wrongdoing, and the outgoing President insisted that he had taken advice from independent legal experts.
Kai, whose artwork had been shown in London and the US, was a member of a fashion-art-music collective co-founded by Rafferty Law. Pictured, the pair in an Instagram snap
Rafferty Law, 22, son of Jude Law and Sadie Frost, wrote eloquently of the loss of his ‘friend’ and ‘brother’ before urging followers to speak out about mental health issues, pictured
Socialite Lady Lola Crichton-Stuart has led tributes to artist and ‘love of her life’ Kai Shcachter following his death last week. Pictured, the couple in a Valentine’s Day Instagram post
Lady Lola, also 19, who was named one of Tatler’s English Roses, penned a heart-wrenching Instagram post remembering Kai, just weeks after sharing the loved-up Valentine’s Day photo
In the last 48 hours Lady Lola has shared photos of a memorial for Kai, in which paper lanterns were released into the sky, pictured
Sharing the memorial images, pictured, Lady Lola wrote: ‘We sang to you. my best friend, my love, my other half forever’
British society beauty Lady Lola Crichton-Stuart, daughter of the 7th Marquess of Bute, was among those who paid tribute to Kai on Instagram, describing him as the ‘love of her life’.
‘My heart will always be YOURS, Kai Kai,’ the 19-year-old wrote in a post shared last week. ‘The love of my life and now my guardian angel forever.’
Meanwhile, close friend Rafferty Law, who is the 22-year-old son of Jude Law and Sadie Frost, paid tribute to his ‘friend’ and ‘brother’ before urging followers to speak out about mental health issues.
Sources told Page Six that Kai was ‘heartbroken over a busted romance’ before his death. It is not clear if Lady Lola and Kai were in a relationship at the time and a representative for Lady Lola declined to comment.
The socialite, who appeared in the February issue of Tatler with her mother Serena Bute, often posted about Kai and thanked him for the ‘best year of her life’.
On Valentine’s Day Lady Lola wrote: ‘Thank u for making me the happiest person in the world & thank u for putting up with me ! i love u forever [sic].’
Last Tuesday, she shared a post saying goodbye to Kai, writing: ‘Thank u for being the light of my life. knowing you and loving u was the best thing that ever happened to me [sic].’
She wrote another lengthy tribute to Kai four days ago, in which she said: ‘The thought you were in pain and suffering in silence breaks my heart. I wish I could have done more to save you.’
‘I cannot wait to meet again some day soon and catch up on all our lost time and do all the things we planned to do together in another life. I love you endlessly forever and ever my baby.’
In the last 48 hours, Lady Lola has shared photos of what is believed to be a memorial for Kai, in which paper lanterns were released into the sky. She wrote: ‘We sang to you. my best friend, my love, my other half forever.’
Friends have offered their support to Lady Lola, including Sadie Frost, who wrote: ‘Sending love’.
Kai, whose artwork had been shown in galleries in London and the U.S., was a member of a fashion-art-music collective co-founded by Rafferty Law, known as Raff.
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