Paulson Said to Buy 875 Acres of Land in Las Vegas Area
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Paulson & Co., the hedge fund run by billionaire John Paulson, purchased more than 875 acres of land in a resort community in the Las Vegas area, a bet on a housing recovery in the region as the supply of homes shrinks.
The $17 million purchase at Lake Las Vegas in Henderson, Nevada, was made through the Paulson Real Estate Recovery Fund, which seeks to build houses on raw land and resell the properties to homebuilders, said a person with knowledge of the deal. The fund bought the majority of what remains undeveloped at the 3,600-acre (1,456-hectare) site, said the person, who asked not to be named because the details were private.