Louis Bacon is an American investor and hedge fund manager who founded Moore Global Investments in 1989, which is a New York-based hedge fund with a Q4 13F portfolio worth over $5 billion, as. 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. He also owns a grouse moor in Scotland and a hunting lodge in the North of England. Prior to founding Moore Capital, Mr. Bacon was a Senior Vice President-Futures at Shearson Lehman Brothers Inc. The pool and gazebo at Nygards six-acre estate. It just tore a heart out of me, Nygard says. And it helps if you buy an expensive piece of land and you keep your bad behavior on the down low. Peter Nygard is a hard-partying retail tycoon, whose estate is fit for a Mayan emperor. (Bacon has said he made no such offer and was never interested in acquiring Nygards land. In this world, you dont disclose a lot, says Ian Levy, who, with his wife, Charlotte, manages the household staff of seven (more when the Bacons are there). [27] Bacon has donated more than one million dollars to the environmental non-profit organization Riverkeeper. Louis Bacon, who's almost as famous for feuding with Canadian fashion tycoon Peter Nygard as he is for running one of the world's most successful hedge funds, is throwing in the towel as an. one goal in mind--to make it America's next great downhill mecca. The hedge fund he owns and runs has some $15 billion under management, and his estimated net worth is $1.75 billion. My wife called him, and he came over to our house. He sued the government. He created hedge fund Moore Capital in 1989 using trading profits and a small inheritance. Nygard and one of the outsize lion heads at Nygard Cay, 2015. Moore Capital Management LLC, the $15 billion hedge fund run by Louis Moore Bacon, cut 10 to 15 investment jobs as it restructures one of its equity teams, according to three people with knowledge . This was my dream, my life wrapped up in here. But tonight hes still having fun. The fellowship brings together emerging leaders from government, business, and NGOs who . We hired a sound consultant in the U.K. to see if we could somehow muffle the sound from Nygards by emitting a counter-sound, but that proved terribly complicated, so we went and got four huge rock-concert speakers to play something loud in response, Bacons architect, Peter Talty, says. Two yachts and a private plane; Contributions to Andrew Cuomo: $48,600 Contributions to New Yorkers for a Balanced Albany: $325,000. 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. In a series of exclusive interviews, Falwellaccompanied by his wife, Beckidescribes the events that led to his ouster, their fallout, and why hes finally ready to admit he never had much use for his fathers church anyway. 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. The pair live in the Clifton Bay area of the Bahamas. Billionaire Louis Bacon purchased the soulful New Mexico ski valley with They approved it by letter and after a while it sort of grandfathers itself in, he says. Best Restaurants in Fort Lauderdale It had been going on for years, but in 2009, around the time the fire burned down his house, it really got out of control. Vanity Fair may earn a portion of sales from products that are purchased through our site as part of our Affiliate Partnerships with retailers. [23] Bacon also served as a fundraiser for American politician Mitt Romney, who was elected governor of Massachusetts and later ran for president. Billionaire Louis Bacon Is Closing Legendary Hedge Fund To Clients, America's Richest Hedge Fund Managers Keep Falling Off List Of Nation's Wealthiest, Billionaire Louis Bacon's Charitable Foundation Sues PJT Partners Over The Andrew Caspersen Fraud, 5 Louis Bacon Holdings Attracting Short Sellers, Hedge Fund Billionaire Louis Bacon Says Clothing Mogul Peter Nygard Plotted Murder Over Beach House, Billionaires Bacon, Nygrd Trade Nasty Allegations In Bahamas Spat. In the early days, my dad would sit at the little kitchen counter in the window and do his designs on napkins, says his eldest daughter, Bianca, who works for the Nygard corporation. New York hedge-fund manager Louis Bacon, 61, has filed a $50million defamation suit against Canadian clothing tycoon, Peter Nygard, 71. 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. 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. Born to wealthy family in North Carolina, Bacon made his bones on Wall Street as an investor and hedge fund manager, starting Moore Global Investments in 1990 with $25,000 of family money and. Former Interior Secretary Ken Salazar and conservation philanthropist Louis Bacon say super fires should not be the new normal. Soon, theyre joined by a couple of other women, who have just arrived from Miami, and several members of the Bahamian mens volleyball team. In January 2015, he leveled a $100 million defamation complaint against Nygard in New York, where both mens businesses are headquartered. The circumstances don't appear suspicious until Bahamian police also find some. [2][4][6], In 1987 Bacon founded Remington Trading Partners. In August 2010, just after the police raid, Nygard wrote to Bacon in an e-mail, LouisAre you sure its worth it to escalate this Bahamas scrimmage? Coiled stone cobras hiss steam at sunset. Media mogul Ted Turner and Louis Bacon both own ranches in the San Luis Valley, which straddles the border . Elena Ambrosiadou, founder of hedge fund, Ikos, owns one of the most luxurious super yachts ever made. This easement will provide the founding tract for the proposed new Sangre de Cristo Conservation Area. Nygard had mentioned in a letter to the prime minister that a stem-cell center on the island could provide employment for hundreds of Bahamians, but insists that he had no intention of building it at Nygard Cay. agencies in clover.In one 2015 suit, Nygard accused Bacon of floating $50,000 worth of cocaine in the waters just off shore The bickering has been so prolific that it produced court actions from New York to London to Los Angeles, where a former Nygard employee was accused of stealing video footage for Bacon's benefit.The litigation took its most recent turn on Nov. 15, when the Bahamas Supreme Court sentenced Nygard, 76, to 90 days in prison and fined him $150,000 over his alleged theft of . In February 2007, the pair married in a civil ceremony in his Manhattan residence. Instead, everybody stays up until three A.M. playing poker. The court granted Bacon's application to serve a Norwich Pharmacal Order by email against these websites. But it may very well be the most valuable private estate in all of the Hamptons and the most untouchable. He has never denounced his great-grandfather, Smith says. And somehow, what began in 2007 with a bit of irritation over runoff has escalated to a battle royal encompassing no fewer than 16 legal actions between Nygard and Bacon and their associates, in which both sides are claiming damages in the tens of millions of dollars and lobbing allegations of activities that include vandalism, bribery, insider trading, arson, murder, destruction of the fragile seabed, and having a close association with the Ku Klux Klan. The houses have names that are playfully colonial: Tra La La, Safari, Tea Time, Out of Bounds. [30], Bacon owns the Trinchera Blanca Ranch located in the San Luis Valley. Theyre not parties the typical Lyford Cay family is having with their grandchildren. In addition to his work in Colorado, Bacon has helped preserve and protect environmentally sensitive land in New York, North Carolina, and the Bahamas. Nygard, unable to obtain government permits to rebuild his six-acre, Mayan-inspired compound after an electrical fire in 2009 demolished most of the structuresincluding the 32,000-square-foot grand hall, with its 100,000-pound glass ceilinghas been left to live out of his study when he does visit, and has stopped throwing parties altogether. 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. Hes a member of the Racquet and Tennis Club and the Union Club of the City of New York. Mr. Bacon is also a member of the Board of Trustees of the U.S. He also serves on the Leadership Council of the Center for Public Leadership at Harvard Kennedy School and is a member of the Corporate Fund Board of the Kennedy Center. Nygard says he wants Bacon to leave Lyford Cay: I think, at this point, it would be better if he did. He would consider nothing less a satisfactory end to their grudge match. I had some of my boats out there. This metric is just one way to look at short data, but this is a metric we here at Holdings Channel find particularly useful [], Updated with extended comment from Peter Nygard's spokesperson. It was horrible squawking sounds that would drive you out of your mind, says Eric Gibson, Nygards former property manager. 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. 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. (Bradys father, Nicholas Brady, was secretary of the Treasury under President George H. W. One side of the environmental clash paints the. Resting off the coast of Long . 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. He is known for his business prowess, his charitable works, and his wealth. Boats to the island depart from the North Sea Harbor in Southampton. (Trust me, its a full-time job.) Bacon is fond of the judicious (and tax-deductible) gambit known as a conservation easement, deploying it, for example, to restore the eastern-mud-turtle population and preserve the habitat of endangered shorebirds on Robins Island. They divorced in 2002, after having four children together. ), Nygard vows he will never sell and says that he has never met anybody that smart, that competitive, in my life. He dated Anna Nicole Smith for several years. In 1997, Bacon granted a conservation easement for most of the island to the Virginia-based global environmental organization the Nature Conservancy, making Robins Island a protected wilderness area. Moore Capital, founded in March 1989, is a private investment management firm that invests in the global financial markets and private equity markets. 10 He resides in Lyford Cay in the Bahamas. In the time since Nygard began living there, his piece of land has grown from 3.25 acres to 6.1 acres. But I agree with it. Has he bankrolled it? Bacon has two luxury craft: a 74-foot 1954 Marinette Marine Corp. vessel docked in New Suffolk, and 'Kanga' a 38-foot boat he keeps on Robins Island. Mr. Bacon is also the Founder and Co-Chair of The Moore Charitable Foundation, Inc. ("Foundation"). The Foundation and its affiliates support non-profit organizations that work to protect land, habitat, and water resources in specific geographic priority areas including Southern Colorado, Northern New Mexico, Long Island, Eastern North Carolina, The Bahamas, and Panama. Use of this site constitutes acceptance of our User Agreement and Privacy Policy and Cookie Statement and Your California Privacy Rights. He paid $5.9 million, then over the next 15 years purchased two adjoining pieces of land for an additional $20 million. Mr. Bacon is also the Chairman of The Moore Charitable . When he turned him down, the agent replied that Bacon would get the property one way or another, Nygard claims, adding that he doesnt know the mans name and cant remember where he worked, because it was such a joke to me. Even so, he says, he took it as a threat. Every Finn starts with the saunas.. louis bacon Bacon, Louis, banker; born Boston, 1872; son of Francis E., and Louisa (Crowningshield) Bacon; attended St. Paul's School, Concord, N. H., and graduated from Harvard College, A.B. Getting younger., More than anything, Nygard is proud of his concrete sanctuary, which in 1992 he persuaded the Bahamian government to rename Nygard Cay to coincide with a Lifestyles of the Rich and Famous segment. Reclusive billionaire Louis Moore Bacon is emerging from the shadows in a southern Colorado showdown over solar-power transmission lines. Jerry Falwell Jr. was the Trump-anointing dark prince of the Christian right. What is it that Im working on? Nygard and his friends sometimes refer to his estate as Disneyland on steroids. Chichn Ibiza is more like it. 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. Years earlier, Nygard had obtained a government permit to redirect the sand. 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. A key component of Bacons defamation suit, which his attorney, Orin Snyder, vows will have its day before a jury, is a 1,000-hour cache of footage shot by Nygards personal videographer, Stephen Feralio. Does Peter like the fact that his beach got bigger? He always said he would never be done., Nygard initially joined the Lyford Cay Property Owners Association (L.C.P.O.A. [5], In 2007, he married Gabrielle Sacconaghi in Manhattan. His first major conservation purchase occurred in 1993, when he bought Robins Island, a 434-acre, mostly undeveloped property in the Great Peconic Bay off Long Island. 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.. Giant urns belch smoke like volcanoes. 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. Peter Nygard is a force for good.. Many from Lyford Cay would celebrate their weddings, anniversaries, and other special events at Nygard Cay, or bring their V.I.P. Hes also mortified to have his public identity joined with his antagonists. Even though theres a custom-made board game called Baconopoly sitting on a credenza, with squares named for all of Bacons properties (Rutland Gate, Coral House), their identities turn out to have been affixed via printed stickers, a utilitarian gift. [14], In early 2019, it was reported that Peter Nygrd had filed a complaint with the U.S. Federal Court in Manhattan alleging that Bacon had violated sections of the Racketeer Influenced and Corrupt Organizations Act. 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. [37], American hedge fund manager and billionaire, Litigation involving the Wikimedia Foundation Outcomes in favor of the plaintiffs, "Billionaire Louis Bacon battles to protect his ranch from big utilities' solar-power plans", "Louis Bacon Tries to Turn Around Taos Ski Valley", "The 5 Stocks Billionaire Louis Bacon Can't Stop Buying", "US billionaire wins high court order over Wikipedia 'defamation', "U.S. Law Protects Anonymous Speech, Not Billionaires", "Peter Nygard files RICO suit against billionaire Bahamas neighbour", "Meet cash king Louis Bacon: the richest hedge fund manager in London", "Weddings and celebrations - Gabrielle Sacconaghi, Louis Bacon", "Conservationist buys state's biggest ranch", "Tory donor funds British marine reserve", "Million-Dollar Donors in the 2016 Presidential Race", "Board of Overseers: About: Louis Bacon '81", "Non profit news and comments - "Donor of the Day: Helping Protect the Hudson River." Those disputes allowed Bacon to swoop in to buy Robins Island on the cheap. Bacon arrived next door at Point House in 1994. Started in 1992, the Foundation supports conservation non-profits that ensure the preservation of land, water and wildlife habitats for future generations. [16] Nygrd and Bacon had been previously engaged in a protracted legal dispute over two adjacent properties they own in the Bahamas. 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. (The queen was Noor of Jordan.) Around the same time in 1989, Wickhams descendants sued to regain control of the island, which they claimed had been stolen from their family. But unlike his peers, who have built out-of-scale, Bond villain-esque lairs in the Hamptons, South Florida, Beverly Hills or Aspen, Bacon gave his fortress of solitude to the birds. Hes a philosopher, a visionary, a genius. Bacon took a job on the floor of the New York Cotton Exchange, working as a "runner". 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. 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. If you have any problems, any concerns, any annoyancesjust ask me direct Im sure we can work them out amicably., To which Bacon replied, You are the one with the various lawsuits against me Peter, so I find this quizzical. He is the founder of Moore Capital Management, one of the leading investment firms in the trading industry. 8 His latest yacht has an indoor paddle tennis court. Louis Bacon and New Mexico Senator Martin Heinrich advocate for a new approach to fighting wildfires in the American West. For a 27-year-old, Bacon deployed a powerful Rolodex. [2], In 2006, Forbes magazine ranked Bacon as the 746th richest person in the world;[3] in 2011 it ranked him as the 736th richest man. It has reached a point where neither man, though each used to consider Lyford Cay his rightful home, spends much time there anymore. 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. 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 . This chart appears in the Mar. 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. It was smelly. He has a lot of them. Bacon announced he was closing his hedge fund and returning outside investors' money in November 2019, citing years of "disappointing results.". Louis Bacon is a buttoned-up hedge-fund king, whose passion is conservation. But Nygardwho has estimated that he spends a good 5 percent of his day battling Baconwasnt interested. The battle between hedge-fund billionaire Louis Bacon and clothing magnate Peter Nygrd escalates with accusations in a New York court. Bacon hasnt set foot in the Bahamas in more than a year, claiming it would put his personal safety at risk. I was part of his search committee. Bacon relates the same incident, though he says that Nygard was most ungallant. Early residents included Henry Ford II, Aga Khan IV, Prince Rainier III of Monaco, Huntington Hartford II, Babe Paley, and certainly the most beautiful women and some of the most powerful men in the world, Town & Country reported in 1975, marveling at how the private telephone directory for 120 villas listed Heinz and Menzies, Goulandris and Niarchos, McMahon and Mellon. The piece was accompanied by a lavish Slim Aarons photo spread. 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. Nygard says the accretion to his acreage was brought about by a severe change in ocean currents in the 1990s, and points to a study he commissioned that concluded his dredging had little impact on the coastline. Later he left the firm and returned to Walter N. Frank & Co. where he traded currencies. Moore Capital still manages internal money and scored 70% returns in 2020 for Bacon and his employees. If it were just raw land, Id guess Robins Island would be worth about a $100 million, Corcorans Susan Breitenbach guessed, noting that she has never visited the island. Bacon, who founded Moore Capital in 1989 with a $25,000 inheritance. Robins Island, the private estate of finance billionaire Louis Bacon (inset), could be worth as much as $500 million, local brokers said.
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