David Zaslav loses $80 million camp bid to hedge funders
David Zaslav fought a good fight, but not even $80 million could push him over the finish line within the camp war that’s rocking New York’s wealthy Westchester County.
The Warner Bros. CEO and President was hoping to save his kids camp after “summer camp kings,” brothers Michael and David Shabsels, $400 million summer camp empire went bankrupt. Zaslav initially bid $68 million on Mohawk Day Camp — the camp his adult children attended in their youth — and the bidding war was so intense, Zaslav upped it to a whopping $80 million, we’re told.
Unfortunately, that still wasn’t enough. We hear several entities stepped up to the plate, with one alleged real estate hedge funder offering nearly $100 million for the camp.
A source familiar with the bid told Page Six the reason Zaslav increased his bid was because he “wanted to keep it as a family tie.”
Zaslav previously told Page Six, “This is a personal family investment that reflects our lifelong belief that summer camp can be a wonderful part of a child’s growth, and Mohawk’s history as a successful camp experience for so many kids, including our own.”
Mohawk is one of the 30 camps that was thrust into bankruptcy at the start of summer, kicking off a battle amongst real estate “sharks,” camp alumni, healthcare moguls, and mega wealthy media execs like Zaslav to grab a piece of the campfire.
There’s a fear within the camp partner community that outsiders are only interested in taking over the land and pushing them out. “Some of them claim they only want to be silent partners, but they really want to change these camps that have been operating for generations,” they said.
Hedge funds such as Rubric Capital and Sam Drazin of Drazin Capital are also “scooping up camps,” from the Shabsels’ bankrupt properties.
We hear principals from those funds set up American Youth Camping to bid on at least five properties, including $14.6. million for Camp Echo and $5.4 million for North Star.
Drazin, who’s Canadian and seemingly has no ties to the camps, bid $8.7 million on Camp Windsor Mountain. The Shabsels’ Camp Mesorah even attracted nursing homes mogul Daryl Hagler to bid $6 million on it.
We hear the fate of all bidders may come to light by Tuesday.
