ASPEN — Billionaire financier and hedge fund operator John Paulson is the money behind last week’s purchase of the Hala Ranch in Aspen, a spokesman for Paulson’s firm confirmed today.
The $49 million purchase of the opulent 90-acre ranch home, built in 1991 by Prince Bandar bin Sultan of Saudi Arabia while he was ambassador to the U.S., includes a smaller adjoining 38-acre ranch, known as Bear Cabin.
Paulson, 56, plans to “reduce the scale of the house,” according to a statement issued by a spokesman for Paulson’s firm, Paulson & Co. in New York City, but it’s unclear by how much. Currently it sits at 56,000 square feet — larger than the White House — with 15 bedrooms and 16 baths.
Pitkin County records show Paulson’s Star Mountain Ranch LLC — initially known as Hala Ranch LLC when it was formed in March, according to state corporation records — purchased the Hala property for $41 million and paid $8 million for the smaller property.
The whole 130-acre property is located in Aspen’s exclusive Starwood section, a gated community on the slopes of Red Mountain, and will be renamed Star Ranch, according to the statement.
The Hala property, once listed at $135 million and the most expensive residence in the country, has fallen into disrepair.
Paulson, whose wealth is listed by Forbes at $12.5 billion and once was ranked 45th richest in the world, has vacationed in Aspen for more than 25 years. Two years ago he purchased a 12,500-square-foot home for $24.5 million.
“He and his family intend to stay in Aspen for many years to come,” the statement said.
Starwood Mountain Ranch also purchased four weeks — including Christmas and Thanksgiving — of ownership in a pair of adjoining units at Aspen’s exclusive slopeside St. Regis Residence Club for $500,000 each at the same time the Hala Ranch deal was inked, records show.
Paulson has two children.
David Migoya: 303-954-1506 or dmigoya@denverpost.com
