Billionaire summer camp is in session, y'all.
That's right, everyone who wants to be anyone in the world of media is convening in the place where Ernest Hemingway blew his brains out, and they aren't there to hang out. They are in Sun Valley to make deals.
But this year's guest list for Allen & Co.'s little conference is - once again - another sign that the line between austere media billionaires and tech bros with billions, is blurring beyond recognition.
Sure, old fogies like Bob Iger and Rupert Murdoch will be rubbing elbows in the mountains with old pals like John Malone, Barry Diller and Michael Bloomberg, but they might end up being forced to take selfies with children like Mark Zuckerberg, Elon Musk and even Airbnb’s Brian Chesky. However, if any of those pics turn out to be NSFW, they can always turn to 25-year-old Snapchat CEO Evan Spiegel for help, because he'll be there too.
How much are things changing at the conference? Well, while Google's Sergey Brin and Larry Page take up the mantle of establishment old guard, Wall Street pariah Dick Fuld is literally disappearing from Sun Valley as fast as he can.
Former Lehman CEO Dick Fuld is selling his 71-acre Idaho ranch, in what is likely to become the most expensive residential property ever sold at auction, according to sources familiar with the transaction.
Concierge Auctions has announced it will sell the Sun Valley ranch on Aug. 19 to the highest bidder. Concierge estimates the property will fetch $30 million to $50 million—but it could sell for even more. It previously was quietly listed in an unofficial "whisper listing" for $59.5 million, but failed to attract a buyer, these sources said.
With all the youth and tech flash jetting into Idaho, Sun Valley could the birthplace of some interesting deals between septuagenarian media barons and startups that they barely understand. But if they're closing that deal while in line for the lunch buffet, young and old alike better stay on their toes, because Chris Christie will also be in attendance this year.