Tag Archives: Mustique

Wonder why you keep tripping over Walter Noel at the RHC this season?

CityFile

Wonder no more. Page Six reports that he’s rented out Villa Mustique to Bill Gates and may be selling it. Walt and Monica have nowhere else to go! Try not to show your annoyance at seeing them at your club -it’s temporary.

Walter Noel and his family haven’t been seen yet this winter in Mustique, where the Fairfield Greenwich fund king has a big estate. Noel, who lost $7 billion of his clients’ money to Bernie Madoff, usually makes a big splash on the private island with his wife and four [sic] daughters and their husbands, who worked for Noel around the world. But sources say this year he rented the place to Bill Gates, who was spotted with his wife and friends at Firefly, one of Mustique’s fanciest inns. “The rumor is that Gates loves it so much, he plans to buy it,” said one source.

Hmm. I assume that the same angry creditors who slapped liens on Walt’s Round Hill home must have found a way to do the same thing in Mustique, but surely Bill Gates’s lawyers can figure a way around that difficulty.

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Madoff boys’ Greenwich property coming up for sale?

Maybe, although each Greenwich home, Andy’s at 57 Tomac, Mark’s at 21 Cherry Valley Road (or vice versa – does it matter?) is attached to the tune of $2.5 million already so probably can’t move readily. In any event, Irving Picard, Trustee of Papa Madoff’s bankruptcy, is going to sue the boys and their uncle and their cousin for $200 million. Picard sounded positively gleeful that his suit might drive the Madoffs into bankruptcy and, interestingly, also opined that there are “millions” stashed away just waiting to be discovered. I’ll volunteer to go to Mustiqe and look there, assuming Irv will front my expenses.

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Has Walter been doing the dirty in Mustique?

Thanks to the Greenwich Diva, here’s a new Ponzi scheme operating out of St. Vincents and, the Diva says, Mustique. More to follow as we dig around a bit.

Bloomberg’s got the story too.

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Well you liked me when I had money

286331man-wearing-barrel-postersMustique neighbors shun Walt and Monica. To be fair, this dislike is not solely related to the Noels losing all their money – the neighbors seem to have invested their own money with FGG and don’t like the results.

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Well this is a relief!

Thanks to a reader directing me there, I learn on the NYPost’s Page 6 that the Noels have managed to rent out their villa Mustique. The article goes on to say that the other richies on the island don’t much like the Noels – they put on airs, apparently – but I’m sure that’s not true. They are members of the Round Hill Club, after all, and have you ever encountered a snob there? I thought not.

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The first Noel

The Times reports on another fund that, like Walter Noel’s Fairfield Greenwich Group, took investors money and instead of managing it itself, dumped it in Bernie Madoff’s coffers and forgot about it (although they didn’t forget to extract their fees).

J. Ezra Merkin took three brief paragraphs last Thursday to notify investors in his Ascot Partners fund that nearly all the $1.8 billion they had given him to invest had instead been entrusted to Bernard L. Madoff, a Wall Street wizard who is now accused of running a huge Ponzi scheme.

Limited partners in the fund are pondering their legal options, including going to court to freeze other assets held by Mr. Merkin and seeking other emergency relief.

“Certainly, a lot of his investors have good reason to be upset,” said Harry Susman, a lawyer in Texas who was flying to New York on Monday to help a group of investors who had retained him in the matter.

The Ascot Partners fund is just one of what is likely to be many that were decimated in the collapse of Bernard L. Madoff Investment Securities.

Mr. Susman said the strategies promised in Mr. Merkin’s documents are a far cry from what he apparently did, placing all of the investors’ eggs in Mr. Madoff’s basket and charging a hefty fee for doing so.

Attorney Susman and his clients may be the first to file claims against their general partner but surely Mr. Noel knows that he’s next. Uneasy lies the head that wears the crown, even if that head is thinking about retreating to Mustique. With Buffy, no less. More pictures here.

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