Moore Capital's Louis Bacon is running out of ideas amid a volatile macro-economic environment. His Colorado donation of 167,000 acres on the Trinchera Blanca Ranch to the US Fish and Wildlife Service was the largest it ever received. Long before the puddle, Nygard clashed stylistically with much of the Lyford Cay establishment. [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. 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. The battle between hedge-fund billionaire Louis Bacon and clothing magnate Peter Nygrd escalates with accusations in a New York court. He no longer holds his Sunday-night pamper parties, which offered everybody free spa treatments. 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. 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. 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. A second estate in Lyford Cayfor spillover guests or staffhas an indoor squash court. Louis doesnt like attention in the first place, says his college friend and Lyford neighbor, Chris Brady. Mr. Bacon is also a member of the Board of Directors of the Foreign Policy Association. Eddie Lampert, Louis Bacon and James Dinan are the latest drop-offs. But Nygard got off to a bad start. Nygard says he never tried to join the club, and also denies being a bully, adding, Most of my relationships with the Lyford Cay community were pristine until Louis Bacon came and destroyed many of them. He bought his house, a modest beach bungalow, in 1984 for $1.76 million. Is there any chance this could lead to prison time? Louis Bacon, founder of The Moore Bahamas Foundation, an affiliate of The Moore Charitable Foundation (MCF), pledged $1m for a combination of short-term and long-term hurricane relief and reconstruction following the devastation caused by Hurricane Dorian. They managed an agreement (via their groundskeepers) on choices of island ficus and bougainvillea to plant along the easement. The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of Cond Nast. They confiscated the speakers. [2] He subsequently received his MBA degree in finance at Columbia Business School in 1981. Headquartered in New York, with additional offices in London and Hong Kong, Moore Capital provides investment management services to its institutional and high net worth clients through several privately-offered funds, including two global diversified hedge funds, as well as funds that concentrate in the global fixed income and emerging market sectors. He paid $5.9 million, then over the next 15 years purchased two adjoining pieces of land for an additional $20 million. 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 court granted Bacon's application to serve a Norwich Pharmacal Order by email against these websites. Then a sex scandal rocked his marriage and ended his lucrative stewardship of the evangelical education empire founded by his father. His personal wealth is estimated to be over $1.5 Billion and his hedge fund Moore Capital Management has AUM close to $15 Billion. Hedge fund billionaire Louis Bacon's gardener is found in the buff and in the Jacuzziand also dead. 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. Nygard doesnt deny his participation in the campaign. As a former yacht captain, if I am sailing and my owner decides to cross with another boat, the other captain and I wont even refer to our boats owners by name. "[11][15] Automattic, which owns WordPress, said Bacon would need a court order but agreed to remove any defamatory material from its websites. Meanwhile, Lyford residents and the L.C.P.O.A. 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 . During the first three semesters, he lost money and was forced to borrow money from his father to pay for necessities. In the late 1980s, Suffolk County nearly purchased it to help preserve the land which was one of the last largely undeveloped areas on the East End but politics got in the way of a deal. It was smelly. Louis Moore Bacon married Gabrielle de Heinrich Sacconaghi in Manhattan in 2007, five years after his divorce from his first wife Cynthia Pigott. Its blood sport to him. He acknowledges that he feels something similar, with no intention of raising the white flag. And were talking about a land of eight-figure beachfront properties, where the houses are very close to each otherwhere one mans dining room is only about 200 feet from the others revolving acrylic discotheque floor and the glass walls that enclose it with a steady cascade of water. 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. As for his place in Lyford, Point House, you might never guess that the owner is this rich. 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. [16] Nygrd and Bacon had been previously engaged in a protracted legal dispute over two adjacent properties they own in the Bahamas. 2023 Forbes Media LLC. How Much Is Louis Bacon Worth Forbes magazine named Louis Bacon as the 746th . He uses the yacht as an office. He started casing the joint, looking at it as a place to buy, and did nothing. [27] Bacon has donated more than one million dollars to the environmental non-profit organization Riverkeeper. 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. ), even though his lots location at the tip of the peninsula meant that it was not deeded within the L.C.P.O.A. Its quiet money, says David Laughlin, a New York financier (second-generation Lyford) and chairman of the Lyford Cay Club. That was settled two years ago, a rare moment of dtente that could have opened the way to broader peace talks. 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. 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? Bacon announced he was closing his hedge fund and returning outside investors' money in November 2019, citing years of "disappointing results.". Forbes once summed up his investment strategy as secretive, risk-conscious, a bit paranoid. If, on a lark, he were persuaded to read for a movie part calling for a handsome Wall Street kingpin type, hed probably be turned down because the fit seems too perfect to be credible: sculpted mandible, enviably tousled locks. A battle between hedge-fund billionaire Louis Bacon and a Canadian clothing magnate spills into New York court. Smith, who organized a parade where many participants wore K.K.K. Louis Bacon, 62, has accused neighbor Peter Nygard, 72, of hiring two hit men to kill him Bacon and his conservation nonprofit have been trying to block Nygard's attempts to expand his 150,000 sq . He flies there in a private jet that bears the words PETER NYGARD N FORCE and once reportedly had a strippers pole inside. [10], In May 2011, Bacon obtained a court order in Great Britain, where he owned property, compelling the Wikimedia Foundation, WordPress and the Denver Post to reveal the identity of anonymous persons who allegedly defamed him on their websites. [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. But that wasnt why he did it. But in 2010, Nygard received distressing news from the prime ministers office. I might have done that. The circumstances don't appear suspicious until Bahamian police also find some. 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. Those disputes allowed Bacon to swoop in to buy Robins Island on the cheap. 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. one goal in mind--to make it America's next great downhill mecca. Hes a member of the Racquet and Tennis Club and the Union Club of the City of New York. He is known for his business prowess, his charitable works, and his wealth. Cow Neck Farm, Long Island, New York: Bacon's Cow Neck Preserve, LLC purchased the farm in 1998 and donated a 540-acre conservation easement to the Peconic Land Trust, thus preventing development and ensuring the protection of the area's habitat. 8 His latest yacht has an indoor paddle tennis court. 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 turning it in to one of the most lucrative hedge funds ever.But while most masters of the universe tend to take an interest in Hamptons real estate once theyve made their fortune, Bacons interest in Robins Island started back in his college days, when he worked on a charter fishing boat out of Montauk and regularly sailed past the island. But dont worry too much about Bacon: he still has Captain Kidds treasure to fall back on. Bacons hedge fund is name-checked, too: MOORE CAPITAL MANAGEMENT. Sacconaghi is a Canadian socialite and art adviser. Ill never have that recipe again. Hes got no idea how much money he put into it the first time. You know that song, Someone left the cake out in the rain? Of course he does. Now it kind of looks like what the English call a ha-ha: the road drops and it feels more private. Nevertheless, he has fought to have the footage ruled inadmissible. Bacon also has a prop plane, a 1999 Mooney M20. They approved it by letter and after a while it sort of grandfathers itself in, he says. Bacon, who founded Moore Capital in 1989 with a $25,000 inheritance. (For a while, he advertised it as a rental for $294,000 a week.) guests over, including royalty from around the world., Yet, Laughlin says, When somebody comes in whos of a different character and doesnt make much of an effort to assimilate, some communities are better able to deal with that than others. 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. The objections to offshore drilling are economic, environmental and bipartisan. He is the founder of Moore Capital Management, one of the leading investment firms in the trading industry. The case was eventually settled. 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. 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. He is the founder and chief executive of Moore Capital Management. Nygard and one of the outsize lion heads at Nygard Cay, 2015. 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. 03 - YACHT CLUB AT PORTOFINO 04 - MURANO 05 - CONTINUUM TOWERS 06 - MURANO GRANDE 07 - ICON 08 - APOGEE 09 - ONE OCEAN 10 - SOUTH POINTE PARK Louis Bacon files $50 MILLION defamation suit against The exclusive Bahamas compounda favorite of billionaires and playboyshas been thrust into the spotlight by a a decades-long feud between neighbors Peter Nygard and Louis Bacon. A part of the collection travels with him at his yacht. 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. [5], In 2007, he married Gabrielle Sacconaghi in Manhattan. But it may very well be the most valuable private estate in all of the Hamptons and the most untouchable. 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. New York hedge-fund manager Louis Bacon, 61, has filed a $50million defamation suit against Canadian clothing tycoon, Peter Nygard, 71. I would tell him what happened, and he said, Take photographs and refer it to the legal department. He responds to Peter Nygard as a problem that needs to be taken care of., Until he filed his defamation suit, this year, Bacon fought Nygard mostly under the auspices of an environmental campaign, joined by many Lyford residents, that sought to rectify changes to the coastline they claim Nygard is responsible for. Does Peter like the fact that his beach got bigger? Under a program to improve forest health, philanthropist Louis Bacon owns a saw mill near his Colorado ranch that helps thin forests, clear dead tree and reduce the threat of catastrophic fire. 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. Elena Ambrosiadou, founder of hedge fund, Ikos, owns one of the most luxurious super yachts ever made. The 289-foot yacht is the largest private sailboat in the world based . The common denominator is his engagement in natural resources, an astute sensitivity to all the components that make a habitat conducive to the area in question, says Peter Talty, an architect who works for Bacons own personal property-management company. [36] In 2016, Bacon received a Theodore Roosevelt Conservation Partnership's Lifetime Conservation Achievement Award for authorizing conservation easements on more than 210,600 acres in the US. Moore Capital, founded in March 1989, is a private investment management firm that invests in the global financial markets and private equity markets. Bush.) It just screamed resolution, one of their lawyers says. With the government lacking the funds and mandate to conserve American land, a handful of billionaires have filled the void. There was also the matter of sand. All rights reserved. The former was founded in 1989, and the latter in 1990. Chesapeake Bay Foundation Chairman Harry Lester and philanthropist Louis Bacon say offshore drilling in the Atlantic and related seismic airgun blasting could harm East Coast economies, marine life and our environment. 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. Resting off the coast of Long . But no. That mystery owner is 64-year-old billionaire financier Louis Bacon, who purchased Robins Island in bankruptcy court in 1993 for a mere $11 million. In February 2007, the pair married in a civil ceremony in his Manhattan residence. Peter Nygard is a hard-partying retail tycoon, whose estate is fit for a Mayan emperor. Mr. Bacon is also the Chairman of The Moore Charitable . At that time the islands ownership was under dispute it had been under dispute since the Revolutionary War, when it was seized from its Loyalist owner, Parker Wickham, by Patriot members of the Culper Spy Ring. There is a formal process to get into Lyford, says Chris Brady, a lifelong member. LOUIS KKK BACON. But just as one mans driveway is another mans easement, one neighbors cocktail party is anothers sleepless night due to the fact that there are 2,000 Bahamiansplus a lot of young women from islands throughout the Atlantic, not to mention Europewhooping it up at the topless bacchanal next door. The policemen didnt wear nametags. Bacon was mortified and says the chief of police told him that the sergeant in charge of the raid had acted without authorization and that Nygard had put him up to it. Nygard says that he and his guests had merely called the police because, that week, they were exposed to intolerable screeching from Bacons speakers. Louis Bacon is one of the most famous traders in the world. Hes also mortified to have his public identity joined with his antagonists. Now, a nearly decades long-feud between neighboring billionaires, Peter Nygard, a Canadian-born fashion baron, and Louis Bacon, a New York financier, has thrust the notoriously press-shy. 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. (To give Nygard credit, hes industrious, Bacon concedes. 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. Asked by The Post about the island, both the Sag Harbor harbormaster and a village policeman shrugged. A squadron of peacocks strut on the grounds. He is the founder and chief executive of Moore Capital Management. 2023 Cond Nast. Bacons hedge fund firm, Moore Capital Management, will be returning all client money in its three main funds, further signaling tough times in the hedge fund business. Hedge fund giant Louis Bacon was honored for his land conservation at the star-studded National Audubon Society's gala dinner in New York. Bacon, who attended college at Middlebury in Vermont, has a long history of involvement in conservation efforts []. He is the founder of Moore Capital Management LLC and Moore Global Investments. (The queen was Noor of Jordan.) Even as its distasteful. Nygard believes Bacon has a nasty habit of accusing other people of what he is guilty of himself., Bacon says Nygard Cay is nothing more than eye pollution.. 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. [1], Bacon was born in Raleigh, North Carolina on July 25, 1956. Linney acted alongside Kevin Bacon in Clint Eastwood-directed Mystic River ( 2003). The multi-hued structures are festooned with thousands of colored lightbulbs. The Klan characterizations were especially incendiary because of the Bahamas history as a hub of the American slave trade. The Longleaf Alliance awarded Louis Bacon with the honor to acknowledge his contributions to forest health and his efforts to restore longleaf pine forests in North Carolina. 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. He ignored Bacons offer and soon hit him with another lawsuit, and the Internet campaign against him was launched. (The road itself he saw fit to name E. P. Taylor Drive.) Mr. Bacon is also the Founder and Co-Chair of The Moore Charitable Foundation, Inc. (Foundation). 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. 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