Paulson To Sell Smaller Aspen Ranch

May 14 2013 | 10:16am ET

Having moved into his new mountain retreat, John Paulson is offloading his old.

The Paulson & Co. founder has listed his smaller home in Aspen, Colo., for $29.9 million. The billionaire bought the 8.4-acre Aspen Lakes Ranch in 2010 for $24.5 million.

The 13,000-square-foot home has seven bedrooms, seven bathrooms, seven fireplaces, a spa, a home theater and nearly 10,000 square feet of patios, and features views of the Elk Mountains and the Snowmass Ski Area. The ranch also includes several "stocked ponds" and waterfalls.

Paulson bought his new home in the area, Star Ranch, last year for $49 million. He's spent the interim renovating the former home of Prince Bandar bin Sultan, the former Saudi Arabian ambassador to the U.S., which is by far the largest home in Pitkin County.

"He's selling the house because he's moving to Star Ranch," Paulson spokesman Armel Leslie told Bloomberg News. "He said back then he'd be doing some work on the house and eventually moving in, so now he's moving in."

In addition to his Aspen digs, Paulson owns homes in New York City and Southampton, N.Y.

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