Does Peter like the fact that his beach got bigger? [2] He subsequently received his MBA degree in finance at Columbia Business School in 1981. Some people in Lyford refer to Bacons heroism for taking on the neighborhood bully. Im probably the one whos been affected the most, Bacon says, and I have the means to do something about it.. Moore Capital still manages internal money and scored 70% returns in 2020 for Bacon and his employees. In the time since Nygard began living there, his piece of land has grown from 3.25 acres to 6.1 acres. Its not in keeping with what we do here, but people went out there to look at it. [1], Bacon was born in Raleigh, North Carolina on July 25, 1956. Louis Bacon is a buttoned-up hedge-fund king, whose passion is conservation. we used to be friendswhat happened? This easement will provide the founding tract for the proposed new Sangre de Cristo Conservation Area. Aestheticallyshirt unbuttoned to the navel, tight black jeans, and some sort of glitter he applies to his suntanned arms after showeringhe brings to mind a mash-up of Sam Walton and Gunther Gebel-Williams, the circus-animal trainer. Hedge fund managers have been displaced on the Forbes 400 over the last two years not only by tech billionaires, but by a fish stick king, meat processor, vodka distiller and ice tea brewer. When you join or go into somebody elses house or the land, you need to obey their own rules; you need to conform to whatever their standards are, Nygard says. The Moore Charitable Foundation, which primarily works in land and wildlife conservation, claim it lost $16 million in Andrew Caspersens fraudulent scheme and are demanding PJT Partners pay it back plus interest. Buffetts representatives did not reply to requests for comment. Nygard misses the life he had in Lyford before Baconwhom he refers to as my nice neighborbegan to get in the way. A squadron of peacocks strut on the grounds. He has a lot of them. In a court filing, he referred to it as a toilet drain., Nygard likes the idea that people think theyre going to a separate island when they go to his place, says Louis Bacon, a titan of New York finance and the neighbor who constructed the strategic no-parking zone. (The road itself he saw fit to name E. P. Taylor Drive.) Then a sex scandal rocked his marriage and ended his lucrative stewardship of the evangelical education empire founded by his father. They divorced in 2002, after having four children together. How exactly did the alleged illegal activity go down? Forbes Magazine estimates his net worth to be US$1.81 billion, making him the 374th richest person on the Forbes 400 as of February 2017. Mr. Bacon is also a member of the Board of Directors of the Foreign Policy Association. I helped to save his life, Nygard says of the time Bacon and his property manager got marooned during a fishing expedition. Louis Bacon is a conservation philanthropist and the founder and Chairman of Moore Capital Management, LP established in March 1989. Reclusive billionaire Louis Moore Bacon is emerging from the shadows in a southern Colorado showdown over solar-power transmission lines. The Moore Charitable Foundation, founded by lifelong conservationistLouis Baconin 1992, is a family foundation that works to preserve and protect natural resources for future generations. He is famous in the Bahamas. Bacon famously donated a conservation easement of more than 500 acres in Cow Neck to Peconic Land Trust in 2001, according to The New York Times . Bacon responded by suing Nygard and obtaining a court injunction to remove it. And more! The hedge fund he owns and runs has some $15 billion under management, and his estimated net worth is $1.75 billion. Bacon took a job on the floor of the New York Cotton Exchange, working as a "runner". Left, by Phil Roach/Globe Photos/Zuma Press/Alamy; Right, by Yann Dandois. In a letter dated July 21, he was called out for the accumulation of land that came via his strategic renovation and was ordered to not only remove the structures hed built on the Crown landhis marina, lagoon, barbecue pit, and volleyball courtbut also reinstate the coastline. It has reached a point where neither man, though each used to consider Lyford Cay his rightful home, spends much time there anymore. Nygard has filed multiple lawsuits, and the CBC has removed the piece from the Internet. Wendall Jones, the publisher of The Bahama Journal, says, The residents of Lyford Cay say they dont appreciate his flamboyance when what they dont like is the fact that he invites so many black people over. Louis Bacon the bilRead More Hedge Fund Giant Louis Bacon's Bold Mission To Save The American West In the main lodge of his Trinchera Blanca ranch in Colorado, Louis Bacon, the founder of the giant hedge fund firm Moore Capital Management, takes in his pristine and wild 172,000-acre tract from a plush leather chair. Coiled stone cobras hiss steam at sunset. Satellite images reveal two large estate homes on the island, what appears to be a caretakers home, a tennis court, a dock and thick woodlands. Hes gone to a black nation that has pretty decent race relations and tried to stir up this racial thing by staging a Klan rally. Nygard says his involvement in the Klan accusations stemmed from a grassroots movement in which locals came to me and asked for my help.. Im one of them., So was the first President Bush, who struck up a friendship with Nygard after Nicholas Brady took him to Nygard Cay once to marvel at the place. had been lodging complaints with the government for years, even compiling aerial photographs that documented the expanding dimensions of Nygards coastline thanks to a series of underwater, sand-collecting barrierscalled groinsthat jut out from the shoreline. During the first three semesters, he lost money and was forced to borrow money from his father to pay for necessities. HMCo #583s Gamecock [Game Cock]. Later he left the firm and returned to Walter N. Frank & Co. where he traded currencies. He talks about the virtues of exercise and healthy eating, and he takes about 50 pills a dayvitamins, supplements, pharmaceuticals, he says. The houses have names that are playfully colonial: Tra La La, Safari, Tea Time, Out of Bounds. An aerial view of the western tip of New Providence, 2014. And one mans overflow of parked cars along the driveway on that sleepless neighbors side of the property line is another mans reason to have the section of the driveway that cuts through his property re-graded and rebuilt, adding a dip and tall flagstone walls on either side, leaving no shoulder space for anybody to ever conceivably think of parking there, while also screening the driveway from view. [8] In March 2010 Forbes Magazine estimated Bacon's net worth to be $1.5 billion, and ranked him as the 655th richest person in the world. The decision was criticised, as no achievement by Bacon on behalf of Austria was documented. And around it, the adjacent properties are dark., From time to time I see the procession of people coming to his partiesmotorcades full of these attractive girls, says Jean-Charles de Ravenel. The two men are next-door neighbors in Lyford Cay, a gated community on New Providence, an island in the Bahamas, and for years it had been a peaceful adjacency. At 74, with his long white hair and vigorously spread family tree (he has had eight children with five women), Nygard is something like the Hugh Hefner of down-market retail. He is known for his business prowess, his charitable works, and his wealth. The signs are easily seen from the Bacon familys breakfast nook. Today, it has about a dozen lines of inexpensive apparel, aimed mostly at middle-aged shoppers and available in more than 200 Nygard stores and other retail chains in North America, and does $500 million in annual sales. Hes struggling to get approval to rebuild from the Bahamian government but may want the next iteration to resemble a spaceship. It is less a driveway than a roadbut also a portion of road that is shared by both neighbors and nobody else, owing to how it cuts right through one mans property and ends at the other mans, which occupies the westernmost tip of the island. 26 Billionaires edition of Forbes magazine. Mr. Bacon is also a member of the Board of Trustees of the U.S. hoods and carried anti-Bacon signs, said he came up with the idea after he noticed, on some New York library or historical-society Web site, that someone with the same name as Bacons mother mentioned that her grandfather had been a Klan leader in North Carolina. This was my dream, my life wrapped up in here. But tonight hes still having fun. Initially, the Foundation agreed to give the information to Bacon's solicitors,[14] but later said it would cooperate only with a court order in the U.S., saying "Please note that we do not comply with foreign subpoenas absent an immediate threat to life or limb. The Louis and Gabrielle Bacon Environmental Leadership Fellowship is a transformational experience designed to prepare a new generation for environmental leadership. Bacon, who founded Moore Capital in 1989 with a $25,000 inheritance. There was also the matter of sand. Resting off the coast of Long . But Bacon, they insist, has never lost his cool. On his TV is a frozen picture of Bacon bearing the words 5 Lies of Bacon. Outside, on his volleyball court, one of several large signs reads, ITS [sic] TIME TO THROW THE TRASH OUT! He also blamed Bacon for an unflattering documentary that ran on the Canadian TV series The Fifth Estate in 2010, titled Peter Nygard: Larger than Life. It was Bacon's second marriage. As for his place in Lyford, Point House, you might never guess that the owner is this rich. They featured unsubstantiated assertions that Bacon ran an international drug-smuggling operation, was a member of the K.K.K., had been charged in one of the biggest Wall Street insider trading cases ever (a CBS News clip on Raj Guptas infamous case had been altered, with Bacons name spliced in to replace Guptas), and was involved in murdering the Point House caretaker, Dan Tuckfield (who had died of a heart attack in the estates hot tub), after commissioning him to set the fire at Nygard Cay. SueLyn Medeiros and Nygard at Bahamas Fashion Week, in Nassau, 2008. (He bought the entire 445-acre island in 1993 for $11 million.) The battle between hedge-fund billionaire Louis Bacon and clothing magnate Peter Nygrd escalates with accusations in a New York court. His father, Zachary Bacon Jr., founded real estate company Bacon & Co. and later led Prudential Financials and Merrill Lynchs real estate efforts in North Carolina. Bacon is a well-known American investor, hedge fund manager, and philanthropist. Define "Right Sidebebar Menu" from Menu Locations, The Suffolk Times recounts the history of Robins Island and Louis Bacon's work to preserve the jewel of the Peconic.. While neither the notoriously press-shy Bacon nor his philanthropic Moore Charitable Foundation would comment to The Post, a spokesman did make clear that regular hunting parties and celebrity sightings on Robins Island were no more than idle gossip.The official word about Buffett, for instance, is that no one knows anything about the king of the Parrotheads ever dropping by for a friendly visit. Bacon grew up in a wealthy real-estate-business family in North Carolina, boarded at Episcopal High School, in Alexandria, Virginia, and graduated from Middlebury College (where he is now a trustee) and Columbia Business School. Nygard says that he has not seen the footage and that his lawyers dispute this account. In a legal filing, Nygards lawyer characterized them as military-grade speakers that blared dangerous, pain-inducing sound waves toward Mr. Nygards home., It was supposed to create white noise on my side, but that didnt work, Bacon says. (Bradys father, Nicholas Brady, was secretary of the Treasury under President George H. W. His clumsy attempt to clear his name, in a no-holds-barred interview with BBC, Inside Jerry Falwell Jr.s Unlikely Rise and Precipitous Fall at Liberty University. North Havens John Diat, 59, said that the waters around Robins are famed for their fishing but hes less certain about what might happen on the island itself. He didnt want me to leave, Bacon says, meaning that, thanks to being freighted with a ton of neighborly litigation, Point House is essentially unsellable. With accusations of murder plots, assaults, fire bombings and racially-fueled smear campaigns, the feud between hedge fund billionaire Louis Bacon and clothing tycoon Peter Nygard has escalated to a new level. [16] Nygrd and Bacon had been previously engaged in a protracted legal dispute over two adjacent properties they own in the Bahamas. But I agree with it. Has he bankrolled it? Ive been very supportive. Besides, hes not afraid of a $100 million defamation suit because, as I understand it, the biggest award ever given in New York is for one million, he says. You have to take off your top if we go, he jokes with one of the ladies, flipping his hands upward from his shoulders to pantomime. by Melanie Grace West", "AMERICA'S GREAT OUTDOORS: Salazar, Ashe Announce Historic Conservation Easement in Sangre de Cristo Mountains", "90,000 Colorado acres offered for national protected area", "GARDEN NOTEBOOK;Paradise Returns (With Heliport)", "Cohen, Simons, 12 Others Enter Hedge Fund Hall", "Louis Bacon Receives Audubon Medal for Conservation, Environmental Work", "TRCP TO CELEBRATE THREE EXTRAORDINARY CHAMPIONS OF HABITAT CONSERVATION", "Hedge Fund Giant Louis Bacon's Bold Mission To Save The American West," Forbes, How a Neighbors Feud in Paradise Launched an International Rape Case, https://en.wikipedia.org/w/index.php?title=Louis_Bacon&oldid=1121232736, Episcopal High School (Alexandria, Virginia) alumni, Businesspeople from Raleigh, North Carolina, Short description is different from Wikidata, Wikipedia indefinitely move-protected pages, Creative Commons Attribution-ShareAlike License 3.0. [3], In December 2013, Bacon purchased Taos Ski Valley from the Blake family, who had owned it since 1954. We went and got a special barge, huge undertaking, he says of importing them, adding that it was the first building he erected. They searched the house for guns; there werent any, Ian Levy, Bacons property manager, says. Dealing with Nygard, he says, is like having dog shit on your shoe. (Nygards riposte: I recommend that he change his shoes.), He is short on dialogue: he has little to say that his lawyers cant say for him, because hes doing his best to appear aloof, as if to assert that the feud has failed to get the better of him. and crisis-response firm that, in addition to many less controversial clients, has represented the Church of Scientology and Jeffrey Epstein, the New York financier imprisoned in 2008 for soliciting under-age prostitutes. I used to see him out there in his front loader.) Even with the main house at Nygard Cay mostly in ruins six years after the firethe grand staircase that ran through it is now more of an open-air gangwaytheres still plenty to marvel at: carved dragons, 60-foot ziggurats with hundreds of torches lit individually every night by his staff, giant statues of nude women modeled on his former girlfriends, and what he claims is the worlds largest sauna, a 6,000-square-foot A-frame lodge constructed of Canadian-pine logs that are 2 feet thick and 28 feet long. Around the same time in 1989, Wickhams descendants sued to regain control of the island, which they claimed had been stolen from their family. "[11][15] Automattic, which owns WordPress, said Bacon would need a court order but agreed to remove any defamatory material from its websites. Robins Island, the private estate of finance billionaire Louis Bacon (inset), could be worth as much as $500 million, local brokers said. Affiliates include TheTrinchera Blanca Foundation, TheTercio Ranch Foundation, The Taos Ski Valley Foundation, TheRobins Island Foundation, TheOrton Foundation, The Moore Bahamas Foundation, and The Islas Secas Foundation. Nearly 200 years later, in 1979 it was sold for $1.3 million to German investors who tried to unsuccessfully flip it to everyone from Moroccan royalty to Donald Trump. Soon, theyre joined by a couple of other women, who have just arrived from Miami, and several members of the Bahamian mens volleyball team. Thanks for contacting us. He probably enjoys this, Bacon says. Its not actually my product in terms of my invention, he says, giving credit to his lawyer Keod Smith, an activist who has served in the Bahamian parliament. Two yachts and a private plane; Contributions to Andrew Cuomo: $48,600 Contributions to New Yorkers for a Balanced Albany: $325,000. Forbes magazine named Louis Bacon as the 746th . He turned a profit during his fourth semester. 2023 Forbes Media LLC. He created hedge fund Moore Capital in 1989 using trading profits and a small inheritance. [2] In 1989, Bacon used his middle name when he founded Moore Capital Management LLC; in 1990 he founded Moore Global Investments, using $25,000 inherited from his family. He was a bit of a headache, but it was largely cordial at first. Nygard says he and Baconan odd couple if ever there was oneinvited each other for drinks at their homes. Louis Moore Bacon (born July 25, 1956) is an American investor, hedge fund manager, and philanthropist. The owner just wont let you over there to search for it.. Its a better entrance for his guests and better for me too.. Its blood sport to him. He acknowledges that he feels something similar, with no intention of raising the white flag. In January 2015, he leveled a $100 million defamation complaint against Nygard in New York, where both mens businesses are headquartered. As for the real estate value of Robins Island even in a Hamptons market that is out of control with almost nothing available, according to Breitenbach neither Bacon nor his heirs will ever be able to cash in via development. The case was eventually settled. louis bacon, the billionaire hedge funder and philanthropist, and ken salazar, the former u.s. secretary of the interior, announced yesterday that they have formed a new conservation-minded. The 289-foot yacht is the largest private sailboat in the world based . Nygard dispatched workers in the middle of the night to remove the non-locking cast-iron gates from the entrance to Bacons property, to rip up four sets of speed bumps on the portion of the driveway that cut through Bacons land, and to cover the NO TURNAROUND: PRIVATE PROPERTY warning that was painted on the shared road, replacing it with the words NYGARD CAY. In 1962, when President Kennedy flew to Nassau for a series of private world-ranging talks with the British prime minister Harold Macmillan, he stayed at Taylors house and the P.M. stayed next door. Jerry Falwell Jr. was the Trump-anointing dark prince of the Christian right. The retired media executive added that hes heard about well-attended bird hunts on the island.I heard that Jimmy Buffett was shooting there in November, he said. Louis Bacon took a bold step that bewildered and shocked many in the world of finance when he announced two months ago that he would be returning $2 billion to investors. They are like the North-Going Zax and the South-Going Zax in the Dr. Seuss tale, who will not budge, not ever, not one inch. He no longer holds his Sunday-night pamper parties, which offered everybody free spa treatments. Its simply your owner and my owner. Even so, he does acknowledge that a sitting queen and a former king have been guests of the Bacons. 6 He is an art collector. These things cant go unanswered. And the issue of the runoff on the driveway? Home of a champion: Inside the mansion of Bucks star Giann Todd Chrisley serving his time in one of America's cushiest prisons, John Leguizamo buys daughter a co-op on same NYC block as family house, Embattled kicker bought Neb. For the preceding 400 years it had been known as Simms Point. Louis funded our litigation against the factory-farm industry while he was constantly running into the head of Smithfield in his elevator, because they lived in the same building on Park Avenue, Kennedy says. The international conservation organization celebrates Louis Bacons commitment to forest health across the United States. Bacon says the description of his great-grandfather as a Klansman was news to him, and adds that all his life hed been taught instead about one ancestor, a Colonel Roger Moore, who stood down an angry mob to protect black prisoners from being lynched during the Wilmington, North Carolina, race riot of 1898. His key conservation projects include: In 2008, he was inducted into Institutional Investors Alpha's Hedge Fund Manager Hall of Fame. 7 He has owned many yachts, all named Aviva. But it may very well be the most valuable private estate in all of the Hamptons and the most untouchable. Some things you should know about Nygard: His personal history involves emigrating from Finland to Manitoba with his family when he was eight and living out of a converted coalbin. I moved to Nygard Cay because its the most beautiful property in the world, and it happened to be that to get to it I had to go through Lyford Cay., The Lyford Cay Cluba golf-and-tennis facility with a majestically frayed pink clubhouseis the social hub of the community, and according to members, Nygard was discouraged from applying by people who broached the matter on his behalf with the membership committee. (The queen was Noor of Jordan.) Member firm Edgerly & Crocker since 1900; also of Central Aguirre Sugar Co. Republican. Bacon landed at Shearson Lehman Hutton in 1983 as a futures broker, trading on behalf of some of the biggest names in the hedge fund world. Hes a member of the Racquet and Tennis Club and the Union Club of the City of New York. [2][4][6], In 1987 Bacon founded Remington Trading Partners. Eddie Lampert, Louis Bacon and James Dinan are the latest drop-offs. [24] In 2015, Bacon donated $1 million to a Super PAC supporting the presidential candidacy of Jeb Bush. Nygard doesnt deny his participation in the campaign. According to the Moore Charitable Foundations website, the conservation philanthropist has protected more than 214,000 acres of land in perpetuity across the United States, including granting conservation easements in his home state of North Carolina (to protect the Cape Fear river watershed), Wyoming and Colorado. I had some of my boats out there. Was Tiffany involved? He blames the man next door for all of it, citing a string of environmental-degradation suits that Bacon has filed against him in court. He dated Anna Nicole Smith for several years. He is the founder and chief executive of Moore Capital Management. Donald Trump to Evangelicals: You Cant Break Up With Me Because Im Breaking Up With You First, Reality Is Submerged in Fantasy: The Villages Is a Boomers UtopiaAnd Demographic Time Bomb, All the Ways Donald Trump Will Probably Handle Ron DeSantis in 2024, Inside Wealth-Conference Con Man Anthony Ritossas Wild Web of Lies, How Screwed Are Donald Trump and His Adult Children, and Other Questions You Might Have About the Staggering Fraud Lawsuit Against Them. At 24 he purchased a share in a clothing-manufacturing company with an $8,000 loan, and before long renamed it Nygard. 2023 Cond Nast. And in order to come to our place you had to go and wear rubber boots to come and knock on our door, says Peter Nygard, a Canadian manufacturer of womens wear and the neighbor at the end of the road who threw the parties. I dont know if theres any substance to it, but I was told Captain Kidd buried treasure there. Right in Bacons front yard! Louis Moore Bacon married Gabrielle de Heinrich Sacconaghi in Manhattan in 2007, five years after his divorce from his first wife Cynthia Pigott. To revist this article, visit My Profile, then View saved stories. Last night, the famously private hedge fund tycoon Louis Bacon, let down his guard about loving the land. Louis Bacon's House - Virtual Globetrotting West Harbour, New Providence (aka Nassau So, after vacationing with his family on North Island in Seychelles, he bought it for a whopping $35 million. What is it that Im working on? He is obsessed with longevity. The circumstances don't appear suspicious until Bahamian police also find some. Both are locked in an eight-year legal war with each other that has turned each mans paradise into hell. They ended up getting somebody else to come find us. (Nygard says that Bacons then wife was most appreciative and that he has never been interested in Bacons house.). In July, the judge assigned to the case issued a ruling limiting Bacons complaints to alleged smears that were published in mid-January 2014 or laterleaving him with 30 of the original 135 claims against Nygard. Legendary trader Louis Bacon told his investors on Thursday that he would be closing his big multi-manager hedge funds, another signal of the increasing difficulty traders are having making. Lyford Cay was designed as a gated winter community, the brainchild of the aforementioned E. P. Taylor and Sir Harold Christie, a scion of the Bahamian family that owned the original 3,000-acre plot at the western tip of New Providence. He is the founder and chief executive of Moore Capital Management. Earlier this year, he enlisted the help of Sitrick and Company, a Los Angeles P.R. But that wasnt why he did it. But in 2010, Nygard received distressing news from the prime ministers office. Then there was his Georgian town house in Knightsbridge (before he sold it), not to mention spreads he still owns in Panama, New Mexico, and North Carolina, as well as his 172,000-acre Colorado ranch, which, when he purchased it from Malcolm Forbess family for $175 million, in 2007, became the most expensive American residence ever. With the government lacking the funds and mandate to conserve American land, a handful of billionaires have filled the void. His market insights allowed him to profit during the market crash and subsequent rebound. [28][29], In June 2012, United States Secretary of Interior Ken Salazar and United States Fish and Wildlife Service Director Daniel M. Ashe announced Bacon intends to donate a conservation easement totaling approximately 90,000 acres in the Sangre de Cristo Mountains bordering the San Luis Valley in Colorado. Bacon, who attended college at Middlebury in Vermont, has a long history of involvement in conservation efforts []. It may be that the only thing Bacon and Nygard have in common, besides a Lyford Cay address, is their joint refusal to ever back down. Hes also mortified to have his public identity joined with his antagonists. He took steps to sue the Lyford Cay Property Owners Association. [2][4], While at Columbia, Bacon traded commodities using a low interest loan he had received. Boats to the island depart from the North Sea Harbor in Southampton. Yesterday, Moore Capital boss Louis Baconalong with four other plaintiffs--filed a suit in []. Legal experts suggested compliance with the orders was unlikely, given the US tradition of freedom of speech, and the fact that US courts typically required "actual evidence or sufficient allegations of libel" before granting similar orders. From college to career, Bacon founded Moore Capital Management and The Moore Charitable Foundation, making smart investments in financial markets and the environment. New York hedge fund billionaire Louis Bacon announced today his intentions to donate 90,000 acres of land in Colorado toward the creation of the Sangre de Cristo Conservation Area. Photo by Charles Eshelman/FilmMagic/Getty Images. Full-grown oak trees have been replanted to replace ones previously harvested, grasses not native to the area have been removed and the herds of deer once overrunning the island have been culled. 9 He owns a ranch in Argentina, in the country's most beautiful landmark. Its quiet money, says David Laughlin, a New York financier (second-generation Lyford) and chairman of the Lyford Cay Club. Sacconaghi is a Canadian socialite and art adviser. Although I do not think it is right you should be the one buying it as you are the reason I am selling, so be it.. What it did to his side I wasnt really interested in.. This is not a man you just phone up to tell him that a leafs fallen off a tree.