John Paulson in Southampton, Estate of the Day
It's hard to feel sorry for the hedge fund managers. They not only have lavish New York apartments they also often have sprawling Hamptons vacation homes. Today we consider the case of John Paulson, founder of Paulson & Co. In January, he plunked $41.3 million for a Southampton estate known as Old Trees. Of course this meant selling his existing Southampton home. Paulson bought the home for $12.75 million in 2006 so when he put it on the market in April he priced it at $19.5 million, anticipating a tidy profit. No takers so in late August he dropped the price to $16.9 million. In October he finally got a nibble but he had a buyer with a signed contract walk away from the deal. Paulson really needs to unload this puppy so now it is down to $13.9 million which means he resigned himself to not making a huge profit on the sale. What do you get for your money? The 6,8000 square foot cottage has seven bedrooms and an enclosed pool with a sauna room. It is on three acres and has a private master suite with a sitting room and two separate baths and has a charming cottagey decor.
As the Wall Street Journal's Private Properties reminds us, on Thursday, Mr. Paulson testified on Capitol Hill at a closely watched hearing on whether hedge funds require more regulation.
Gallery: John Paulson in Southampton