John Paulson’s Latest Investment: A $49 Million Ski Country Retreat
Hedge fund titan John Paulson is known for betting big on housing — his 2008 position against the U.S. subprime mortgage market famously made him a billionaire several times over, and earned his clients returns of over 600 percent — but now he is taking things in the opposite direction, dropping a reported $49 million on an Aspen, Colo. area ranch that was built for Saudi Prince Bandar bin Sultan. Paulson's firm confirmed the purchase — which consisted of two transactions: $41 million for the 90-acre main property and an additional $8 million for a 38-acre parcel known as Bear Cabin — on Tuesday, according to CNBC.
Naturally, Paulson scored a deal. The 56,000-square-foot property, known as Hala Ranch, was originally listed for $135 million and was at one time considered the most expensive home in the country. Case in point: When the prince sold off the ranch's 15,000-square-foot "guest house" for $36.5 million in 2006, it was the highest price ever paid at the time for a single-family home in Aspen.
"Hala Ranch is one of the most beautiful properties in Aspen, located on over 90 acres located in the exclusive Starwood community," read a statement released by Paulson & Co. on Tuesday. "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."
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