Paulson’s Old Hamptons House Gets Cheaper

Dec 1 2008 | 2:04am ET

The collapse of the mortgage market has made John Paulson an extremely rich man, but it may be costing him in the sale of his old Hamptons getaway.

The Paulson & Co. founder, who bet big against the subprime mortgage market last year and rode the wave to triple-digit returns, making his firm one of the biggest hedge fund managers in the world, has cut the asking price for the seven-bedroom digs in Southampton, N.Y., by another $3 million, just months after reducing it by $2.6 million.

The 6,800-square-foot “cottage” on three acres—and featuring an enclosed pool—is now listed for $13.9 million. Paulson paid $12.75 million for the home two-and-a-half years ago.

Earlier this year, the hedge fund billionaire decamped to even grander digs nearby, a 10.4-acre estate known as “Old Trees.” The new lakefront home cost Paulson $41.3 million.

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