By Prashant Gopal and John Gittelsohn
Bloomberg Business
(Editor’s note: Rose Law Group represents Paulson interests in Arizona)
Hedge-fund manager John Paulson, who made billions wagering against subprime mortgages, has started to profit from a U.S. housing bet that took longer to ripen: owning land.
After acquiring about 35,000 lots since 2009, Paulson & Co. shifted toward selling last year and is accelerating its disposition pace, according to Michael Barr, who manages the firm’s real estate. Paulson’s funds had invested $770 million, mostly in lots bought out of bankruptcies or other distressed sales, and acquired two-dozen communities in Arizona, California, Colorado, Florida and Nevada.
