Prince Bandar Bin Sultan sells his luxurious Aspen estate to Hedge Fund billionaire
John Alfred Paulson, a legendary American hedge fund manager, who became multi-billionaire overnight by predicting the real estate collapse in 2007, followed by an equally perfect timed bet that large banks would survive the financial crisis and that the price of gold would scale a new high, is known for accumulating much of his net worth through the controversial practice of short selling subprime mortgages. This strategic businessman, also known for earning what has been estimated as the largest payday in the history of Wall Street, a mindboggling $4.9 billion, has now purchased the world-famed Hala Ranch of Saudi Prince Bandar bin Sultan bin Abdul-Aziz al Saud, along with other property in Aspen for $49 million. However, this deal is Mr. Paulson’s second in the opulent Aspen area in two years. As he bought another 12,500 sq. ft lavish Aspen ranch for $24.5 million in year 2010, which was considered the most expensive single sale in Aspen in that times.
Location: This beautiful Aspen estate was located in the exclusive Starwood community, a gated residential neighborhood on the slopes of Red Mountain, which commands beautiful views of the entire valley.
Hala Ranch, an opulent Aspen estate earlier owned by Saudi Prince Bandar bin Sultan bin Abdul-Aziz al Saud, was once the most expensive property ever listed in the United States in year 2006 for $135 million. This lavish estate includes a 56,000 Sq. ft main house that boasts 15 full bedrooms, 16-bathrooms, beauty salon, barber shop, a master suite, a professional kitchen, waterfall, along with several other buildings, a water-treatment plant, gas pumps, tennis court, stable, racquetball court and various other high-tech features, in fine working order.
This particular $49 million purchase includes two properties; the main 90-acre property and a 38-acre Bear Ranch. According to Aspen real-estate experts, both of Hala Ranch and Bear Rach might have garnered more than $150 million in year 2006 or 2007. Mr. Paulson has future plans to upgrade both of the properties, which was once the epitome of Aspen opulence.
Reportedly, Mr. Paulson, who have been vacationing in Aspen with his family for more than 20 years has grand plans for his new kingdom, which includes restoring the property to a vacation home as well as working ranch and wants to rename his new property as Star Ranch, after the exclusive Starwood area of Aspen.
Prince Bandar bin Sultan originally bought the land for Hala Ranch in year 1989 and built the lavish main house in 1991. But, after he left his post as ambassador to the U.S. in year 2005, he listed the property for $135 million, but, he later on changed his mind and pulled off the 55,965-square-foot property from the market, and sold off one of his other other homes located in Starwood neighborhood, outside of Aspen for $36.5 Million to Jeffrey Soffer, a Las Vegas-area real estate developer.