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By simply ordering new business cards that read “Louis Bacon, Ski Impresario,” the Moore Capital Management chief has made it so.
Local real-estate agents call it the “Bacon bounce”: Property sales at Taos Ski Valley, a rugged resort with European flair in the mountains of New Mexico, have multiplied since December, when New York hedge fund founder Louis Bacon said he was buying the ski area from a family that has owned it for decades. The deal is raising expectations that long-planned improvements will now happen….
“For two weeks after the deal was announced, the phone rang off the hook,” said Keith Dowell, owner of Taos Ski Valley Realty. “It’s quite unusual, especially at this time of the year,” added Jolie Jones, a real-estate agent with Piñon Investments of Taos who sold the units….
In an email, Mr. Bacon said his investment in the resort would be “substantial.” “I knew it was a once-in-a-lifetime opportunity,” he said. “Taos Ski Valley is one of the top ski areas in the country.” Mr. Bacon, 57, is the founder and Chief Executive of New York-based Moore Capital Management, one of the biggest hedge funds in the U.S. with $14.9 billion under management. In 1992, he founded the Moore Charitable Foundation to support nonprofit organizations with a focus on land and water conservation. Mr. Bacon said he owns around 61.5 acres of land in Taos. He said he is an enthusiastic outdoorsman and has skied almost every run at Taos Ski Valley last winter.