Monday, December 6, 2010

Buffett Loses to Desmarais as Power Exceeds Return

July 30 (Bloomberg) -- Deep among the pine forests of rural Quebec lies a private estate the size of Manhattan, a refuge where French President Nicolas Sarkozy has gone to relax.

Former U.S. Presidents George H.W. Bush and Bill Clinton have played golf here, on 18 meticulously groomed holes with a bright-yellow cottage for respite at the 13th tee. Pheasant shoots are orchestrated from the hunting lodge; opera is performed in the music pavilion. An original of Auguste Rodin’s The Thinker and a statue of Thomas Jefferson adorn the rough, granite hills.

At the heart of the property is a grand residence surrounded by formal gardens called Cherlieu -- which means beloved place -- that’s modeled on a 16th-century Palladian villa. This is the home of Paul Desmarais Sr., a white-haired, Canadian billionaire whose obscurity outside Quebec masks his family’s vast connections and influence in global business and politics.

“They keep a very low profile,” says Brian Mulroney, who met Desmarais in 1965 and, as Canada’s prime minister from 1984 to 1993, introduced him to President Ronald Reagan and Bush. “That’s the way they like it.”
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