Warner Bros. chief's $80 million bid loses out in Westchester camp auction

Warner Bros. chief David Zaslav entered a competitive bidding process for Mohawk Day Camp, a facility his adult children once attended, starting with a $68 million proposal that he later lifted to $80 million. Despite his personal motivation, the bid fell short of a rival offer from a real-estate hedge fund believed to be near $100 million. The camp is one of roughly 30 properties tied to the bankruptcy of the Shabsels brothers, known as the "summer camp kings," whose empire is being dismantled by various investors.

Hedge-fund entities like Rubric Capital and Drazin Capital have already secured other camps, including Camp Echo and North Star, while Canadian investor Sam Drazin placed an $8.7 million bid for Camp Windsor Mountain. Nursing-home magnate Daryl Hagler also entered the fray with a $6 million offer for Camp Mesorah. Community members fear that new owners may prioritize land value over the camps' historic missions. A final tally of winning bids is slated for release on Tuesday.