Paulson Buys Aspen Ranch Formerly Owned By Saudi Prince For $49 Million

http://blogs.wsj.com/deals/2012/06/05/paulson-buys-aspen-ranch-formerly-owned-by-saudi-prince-for-49-million/

Not Bad at all if you ask me.

Billionaire hedge fund manager John Paulson has bought as a personal investment a ranch previously owned by a Saudi Arabian prince, Paulson’s spokesman said.

Bloomberg News

Paulson bought a 90-acre ranch home called Hala Ranch in Aspen, Colo., and a nearby 38-acre parcel known as Bear Cabin for a total of $49 million through an entity called Starwood Mountain Ranch LLC.

“Initially offered for sale for $135 million the purchase price represents a substantial discount to the asking price. In addition, the purchase also includes the Bear Cabin located on a separate 38-acre parcel that was never previously offered for sale,” according to a statement issued on behalf of Paulson’s firm, Paulson & Co.

Hala Ranch, with a 56,000 square-foot house, was built by Prince Bandar bin Sultan of Saudi Arabia in 1991 while he was ambassador to the U.S. It was Paulson’s fourth personal investment in real estate. He already owned three other properties: a townhouse in Manhattan, a house in South Hampton, and another property in Aspen.

Paulson, who rose to fame with his multibillion-dollar windfall from shorting subprime mortgages in the financial crisis, has been investing on the other side of the trade since 2009. His private equity-styled Paulson Real Estate Recovery Fund, with $350 million assets, bets on a recovery of the property market, having scooped up vacant land with approval rights to build hundreds of single-family homes and bankrupt hotels, among other properties.

“John Paulson, both directly and through his funds, has substantial real estate interests across the United States, including other properties in Colorado, Arizona, California, Nevada and Florida and Hawaii. Mr. Paulson continues to be interested in real estate opportunities across the U.S.,” the statement said.

 

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