Paulson Buys Saudi Prince’s Ranch in $49 Million Deal
By Oshrat Carmiel and Kelly Bit - Jun 5, 2012 1:35 PM ET
Billionaire John Paulson bought Hala Ranch, a 90-acre (36-hectare) property in Aspen, Colorado, that belonged to Saudi Prince Bandar bin Sultan, and a separate site in the town for $49 million.
The ranch, built by the prince about 20 years ago, is Aspen’s largest residential property and includes a 55,000- square-foot (5,000-square-meter) main house, according to Tim Estin, a broker with Coldwell Banker Mason Morse Real Estate in Aspen. It was initially marketed for $135 million, making it the most expensive U.S. home listing, the Aspen Times said in 2006.
The backyard of Hala Ranch, a 95-acre estate in Aspen, Colo., built in 1991 for the family of Saudi Prince Bandar bin Sultan, in 2007. Photographer: Michael Brands/The New York Times/Redux
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“Hala Ranch is one of the most beautiful properties in Aspen,” Paulson & Co., the hedge-fund manager’s investment firm, said in a statement. “The purchase price represents a substantial discount to the asking price.”
Paulson also bought Bear Cabin, located on a separate 38- acre parcel that was never previously offered for sale, according to the statement.
The statement didn’t disclose the exact price for the transactions, which were reported yesterday by CNBC. Land records in Pitkin County reflect two sales totaling $49 million to an entity called Starwood Mountain Ranch LLC.
more:
http://www.bloomberg.com/news/2012-06-05/paulson-buys-saudi-prince-s-ranch-in-49-million-deal.html
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