Wall Street Trader Buys Robins Island Off Long Island
WESTBURY, N.Y. (AP) _ The Indians dubbed the 455-acre island the ″place full of timber.″ Its new owner could call it the ″place bought with stock tips.″
Louis Moore Bacon, a Wall Street trader, paid $11 million on Tuesday for Robins Island, among the largest undeveloped islands in the Northeast.
He said he will use the island in Great Peconic Bay off eastern Long Island as a family retreat and will establish a $1.2 million fund to help environmental groups preserve its natural state outside the residential compound.
″He seems like an honorable person who really does have the long term preservation of the island at heart,″ said Southold supervisor Thomas Wickham, whose town includes Robins Island.
Bacon, 37, made his winning bid in federal Bankruptcy Court, becoming the latest owner of a property owned by a series of families dating to the 17th century.
The island, 80 miles from New York City, was targeted by the state and county as parkland and by a private corporation for development.
The island has been up for grabs since 1989, when the Suffolk County agreed to buy it from the Southold Development Corp. for $9.2 million. Southold’s principals, Herbert and Claus Mittermayer, subsequently filed for bankruptcy, preventing the county from taking title.
In awarding the island to Bacon, Bankruptcy Judge Robert Hall set aside the 1989 county contract. Bacon agreed to pay $500,000 to settle claims by Southold Development’s creditors.
Lawyers for the county said they would ask a federal court to block the ruling. They say Bacon has made no promise not to develop the island at a later date.
Bacon, a North Carolina native, lives in Greenwich, Conn., with his wife and two children. He operates Moore Capital Management Inc. in New York City. His earnings last year were estimated at $35 million by financial World magazine, which listed him as the eighth highest paid Wall Street trader.