NEW YORK (VINnews)-Warner Bros. CEO David Zaslav was outbid in his effort to purchase Mohawk Day Camp in Westchester County, despite raising his offer to $80 million, according to a report.
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Zaslav, whose adult children attended the camp, initially bid $68 million for the property after the $400 million summer camp empire operated by brothers Michael and David Shabsels entered bankruptcy. The intense bidding war prompted him to increase his offer, sources told Page Six.
That amount was still insufficient. Multiple parties entered the fray, with one alleged real estate hedge fund offering nearly $100 million for the camp, the report said.
Zaslav had described the bid as a personal family investment. “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,” he previously told Page Six.
A source familiar with the process said Zaslav raised his bid because he “wanted to keep it as a family tie.”
Mohawk is among roughly 30 camps affected by the Shabsels’ bankruptcy, which has drawn interest from real estate investors, camp alumni, healthcare executives and other wealthy bidders. Some in the camp community have expressed concern that outside buyers may seek to change the operations of the long-running facilities rather than maintain them as traditional camps.
Hedge funds including Rubric Capital and Drazin Capital have also pursued properties from the bankrupt portfolio through an entity called American Youth Camping. That group has bid on at least five camps, including $14.6 million for Camp Echo and $5.4 million for North Star. Canadian investor Sam Drazin of Drazin Capital bid $8.7 million for Camp Windsor Mountain. Nursing homes executive Daryl Hagler offered $6 million for Camp Mesorah.
Its a real shame that camps became a cash cow for private equity. Everyone outbidding the next and the kids plus parents end up being the victim bec now its a busienss where they charge the highest price. Sleepaway camps was so part and parcel of how we grew up yet now its not affordable. Part of this is also sadly, the regulations of local govts that ban new camp grounds bec of sfaety and opther regulations. Only the ones grandfathered in are allowed. Now let me ask you, if its safe for 100- year old camps to be open, why can’t we open new ones too? Its insane that nobody fights those silly rules. It drive sup cmap prices and it results in camps that do exist to become cash cows for hingry investors on our backs. Its a chutzpah and maddening
Did anyone bother looking at what these camps charge, I did 16000 plus and there was an asterisk it said Hershey park trip fee $445 not inc.
I followed this whole auction closely , ohel bid 12mill for a camp , achim has a bid for 7mill…no word yet on the price for the shema camps..