Paulson Buys Up Las Vegas Land

Aug 9 2012 | 1:46pm ET

John Paulson made his name—and his fortune—betting on a collapse in the real-estate market. Now, he’s betting on a revival in one of the U.S.’s hardest-hit, but fastest-growing, markets.

Paulson’s hedge fund has bought up more than 875 acres of the Lake Las Vegas resort—most of the remaining undeveloped land in the community in Henderson, Nev., 20 miles east of the Las Vegas Strip. Paulson & Co.’s Real Estate Recovery Fund paid $17 million for land.

Paulson’s bet on a turnaround in Las Vegas comes as the region’s inventory shrinks and home prices rise. What’s more, vacant lots are at a premium in the area, with few for sale.

Lake Las Vegas is built around an artificial lake and features two hotels, a golf course and, of course, a casino.  There are already 1,800 homes on the 3,600-acre site.

Lake Las Vegas’ master developer filed for bankruptcy in 2008.


In Depth

Q&A: Quad Advisors’ Borish Is Looking For Real Traders, Not Index Huggers

Aug 20 2014 | 1:43pm ET

Peter Borish, who served as founding partner and director of research at Tudor Investment...

Lifestyle

Nicky Hilton To Wed James Rothschild

Aug 20 2014 | 5:23am ET

When it comes to husband-material, socialite Nicky Hilton is sticking with finance...

Guest Contributor

Looking Ahead: What’s In Store For Managed Futures?

Aug 22 2014 | 12:52pm ET

The last five years were phenomenal for investors in equity indices. Will the next...

 

Editor's Note

 

Futures Magazine

PREVIEW July/August 2014 Cover

Inside Futures' 500th Issue

The July/August 2014 issue is our largest in years—filled with the best trading strategies and stories from 43 years of being the primary publication for commodity, stock, options and forex traders.

The Alpha Pages

TAP July/August 2014 Cover

Real talk on alternative investments, business & finance

The Alpha Pages Editor's Note