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Reclamation At Nygard Cay 'Is Worth $25-$30m'

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Peter Nygard

By NEIL HARTNELL

Tribune Business Editor

nhartnell@tribunemedia.net

The environmental campaign to ‘Protect Clifton Bay’ seems likely to ignite another round in the ongoing feud between neighbouring Lyford Cay billionaires, Peter Nygard and Louis Bacon.

This is because the Coalition to Protect Clifton Bay, which includes hedge fund magnate, Mr Bacon, among its leading members and sponsors, is alleging that Mr Nygard engaged in a reclamation project that has gained him property worth $25-$30 million.

The reclaimed property at Nygard Cay is seabed, or Crown Land, but Mr Nygard is disputing allegations that this was done without the required government approvals and permits.

The dispute, according to the Coalition, is currently before the Supreme Court after Mr Nygard filed a Judicial Review action, seeking a declaration that he owns the land now accreted to Nygard Cay.

On its website, the Coalition alleged that Simms Point, or Nygard Cay, had allegedly “almost doubled in size” from 3.25 acres in 1984 - when Mr Nygard bought it - to 6.1 acres come 2012.

“This accreted Crown land reputedly has a value of between $25 to $30 million,” the Coalition alleged, suggesting that the land reclamation had negatively damaged the surrounding marine habitat and environment.

Mr Bacon and Mr Nygard’s feud, which has made the headlines several times in recent years, is related to a ‘right of way’ or easement over the former’s property into Nygard Cay.

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