Remember when the juiciest stories about hedge funds were about misbehaving fund managers instead of billion-dollar scams and unbelievable losses? Those were the good old days.
We were reminded of those times by a story in the New York Times about how the economic storms are bearing down on Fisher Island. The Times relates how many of the residents are being forced to sell their homes to deal with the downturn, with a quarter of the islands 695 condos up for sale.
One of those guys is Bruce McMahan, who the Times describes as a “hedge fund executive” with a 7,300 square foot condo on the market for $30 million.
Well, yes. McMahan is a hedge fund executive. He’s the president of The Argent fund management company, which managed around $3 billion at some point. Reports say the company has approximately 1,200 investors, mostly from outside the US.
But we remember him for something else. Back in 2006, McMahan was best known for the allegations that at the age of 65 he married his 35 year old daughter. And that he had seduced her while watching Braveheart. And lots and lots of more stuff along those line–involving dna on a dildo, some other weird incest-y stuff, a love triangle with Jeffrey Epstein–that, frankly, we never thought we’d think about again.
We guess it was bound to happen. The hedge fund madman of 2006 has crashed the contemporary party we were throwing for the real estate and hedge fund meltdown.
So there he is, in the New York Times, still apparently living large. Here’s how the Times describes his house:
Its walls are covered with copies of paintings from the Hermitage Museum in St. Petersburg, Russia. The paintings were done by a team brought over from Russia by Mr. McMahan, who heads the Argent Funds Group. There is also a collection of Fabergé eggs and boxes and original correspondence from the Romanov family, which ruled imperial Russia, all housed in what is called the “Romanov bedroom.” Two Rodin sculptures adorn a terrace that fronts the ocean and is guarded by a German shepherd.
Mr. McMahan did not return phone calls seeking comment.
Really? He didn’t want to talk to the press? We can’t imagine why.