$800-million mistake

Lewis does not bat 1.000. Beginning in 2007, he assembled a 9% stake in Bear Stearns, buying shares, typically, under his own name and through corporate entities like Cambria, Darcin, Mandarin and Aquarian Investments — all of which list a Tavistock managing director, Jefferson Voss, as vice president. Lewis lost as much as $800 million when the crumbling firm sold itself to JPMorgan Chase in early 2008. The massive loss generated enough publicity that Tavistock issued a press release reassuring the community that it would not affect the progress of Medical City; a similar release went out to reassure fans of the Tottenham Hotspurs, the English soccer team that’s part of Lewis’ portfolio.

Lewis’ and Tavistock’s exertions on behalf of Medical City are, of course, not without self-interest. He owns the 7,000 acres that comprise the Lake Nona development.

“Joe’s going to make money out of this,” says UCF President John Hitt, “and I think it’s great. Isn’t it the genius of our economy that people can do well out of doing good?Joe has a better understanding of how to create value than anybody I’ve ever seen. He’s not worried about the next quarter. I don’t know him all that well, but if Joe Lewis looks me in the eye and shakes my hand, it’s a deal. I’m ready to go.”

Tavistock’s Empire

Tavistock Group’s holdings encompass some 170 companies in 15 countries.

Life Sciences
Through its life sciences division, Tavistock invests in early-stage bioscience companies, including several San Diego-based firms developing drugs to treat muscular sclerosis, cancer, hospital-acquired infections and other illnesses.

Real Estate
In addition to the Isleworth and Lake Nona communities in Orlando, Tavistock is developing the Albany Resort Community on New Providence Island in the Bahamas with Tiger Woods and Ernie Els as partners. Tavistock has partnered with the Jamaican government on a 2,300-acre resort community called Harmony Cove in Jamaica, and Lewis has bought a major interest in a Bulgarian property development company.

Financial Services
The company operates investment operations in Europe and the U.S. along with an accounts receivables company, a mortgage company and other financial services companies.

Manufacturing
Tavistock has distribution rights to Puma, Vans (apparel and footwear), Gottex (swimsuits) in some Latin American countries, Freddo (ice cream), Bristol Cars, Condici (women’s apparel) and Microdyn (antibacterial and water-purification products).

Sports
Tavistock hosts the Tavistock Cup golf tournament and the Isleworth Collegiate Invitational Tournament in Orlando. It owns the Tottenham Hotspurs and Slavia Prague soccer teams and a sports and gaming company called Enic.

Restaurants
Based in San Francisco, a Tavistock subsidiary operates the Alcatraz Brewing Co., Blackhawk Grille, Café Del Rey, California Café, Napa Valley Grille, ZED 451 and Freeb!rds World Burrito.

Albany Resort Community in the Bahamas [Photo: Tavistock Group]

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