FIRE ISLAND GETS SUBSTANTIAL INVESTMENT FROM TANGLEWOOD
Carter Giacobini (Owner of Fire Island and CEO of Rivercrest Properties, LTD) has welcomed a significant capital investment from Archangel Yesheyev (Owner of Tanglewood Private Equity) to develop the Fire Island Estate and allow the company to expand and continue to raise the bar as the most upscale GLBT Island in Second Life.
The substantial strategic cash investment in Fire Island's future will fund the expansion of the Estate and secure FIRE ISLAND'S program of special events over the coming year. Additional sims will appear at Fire Island over the coming weeks, dramatically increasing the land size of the Estate and providing unique accommodations, imaginative events and public spaces for all residents.
Welcoming the partnership, Carter Giacobini said, "Archangel understands and supports the REAL sense of community that we've been developing since I bought the island last April. It's such a joy to find someone that shares the same vision of that we all have and is willing to invest into that. This is going to be a real windfall for the GLBT community as we continue to expand and offer more services to the community!"
Originally, plans were made to launch a public offering and entice multiiple investors. However, negotiations opened between Giacobini and Yesheyev, and terms were very quickly agreed upon.
"There were no road blocks. There were no disagreements. I really feel this is a perfect match," Giacobini said of the talks that led up to the partnership.
Commenting on the investment Archangel Yesheyev said, "Carter's ambitions for building and nourishing a geniune sense of community around Fire Island was a tremendous incentive for us to invest in his unique vision in Second Life. I have complete confidence in his single-minded dedication to Fire Island and in his abilitiy to building the Estate into the leading glbt destination in SL. The investment we've provided through our venture capital fund will allow him to develop his vision in many new and, I hope, remarkable ways. This injection of capital marks the latest investment by TANGLEWOOD PRIVATE EQUITY in 2008 and we plan several more straegic interventions in the coming year in other enterprises that show the same degree of promise."
Fire Island, as it is today, arose from the ashes of the "old" Fire Island. The original island was founded by Vito Desoto and was a totally non-commercial or public residential island. In the latter part of April, 2007, Vito decided that it was time for him to close Fire Island. His decision to close the island was not easy for him and it was not a snap decision. However, he felt it was best for him and his life.
Carter Giacobini bought Fire Island from Vito and re-opened it on May 22nd 2007. Carter's desire to keep the island open and to make it self-sustaining led to the decision to make the island a mixed-zone island. The necessity to dedicate some of the island to income producing ventures was not out of shear monetary concerns. Additional activities and interest is a way of ensuring that the island stays vital and relevant.After meeting with the folks that frequented the island the most; considering what he loved most about the old Fire Island; and considering his financial concerns - Carter made the decision to have the island flanked on two sides by shops or residential accommodations and keep more than one half of the island totally open and free to the public.
The stores allowed many of the regulars of the old Fire Island to open shops and the residential area allowed many of the regulars to realize their desire to live on Fire Island. And, the public areas include a dance floor, pool area, campfire and pond (as the old Fire Island had similarly created spaces).
All of this, combined with daily events, live peformances and dj'd events make this one of the hottest places to call home and to meet up with friends for a fun night out!
TANGLEWOOD ESTATE is another gay multi-sim estate in Second Life funded by TANGLEWOOD PRIVATE EQUITY. Tanglewood owns and operates five sims including exclusive and high-end rental properties; an imaginative programme of regular large scale events including Gay Rodeos, WinterWonderland Extravaganzas, Halloween Celebrations, Valentine Galas and numerous concerts throughout the year and benefits from a concert venue that it shared with its neighbours on Heron - the unique Heron Island Performance Space.
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