I know that it is easy to jump to this conclusion, but I don't think so.
He was married before, and he has always had nice looking GF's.
I think he adnires this guy for other reasons:
1) the guy is very rich and he admires men who are entrepreners. He did inherit his money but he invests it in real estate, etc. My fiance is also an entrepreneur.
2) This guys likes fast boats and fasts cars too. I guess this guy makes my fiance feel young and he is probably having a midlife crisis.
3) This guys has helped him more than once with his stuff, lending him things, etc.
And the young guy probably admires the fact that my fiance used to be a racer.
My fiance is a very masculine type. He has told me that he never had ANY gay tendiencies and would have have them. He also checks out pretty young women everywhere we go (which often pisses me off but I pretend not to notice).
So I guess he likes the young guy's freedom and lifestyle (he has women all over him). My fiance is not into anything feminine: fashion, art, etc. All his interests are masculine.
I am 44 and good looking and outgoing. My fiance is not so great looking, shorter than me and has a belly that doesn't go away (he's an apple).
Anyhow, I do consider your point of view, although I am not convinced of it. I am usually very good in noticing these things. I was born in Brazil, and Brazilians usually have a very good "gaydar"...
Anyhow, maybe I should talk to him about this. it might be just that he likes the guy, period, like we sometimes like a girlfriend we have and admire her. So I have to be careful how I address this.