Billionaire hedge fund boss John Paulson buys Saudi prince's luxurious Aspen ranch for $49m... and boasts of 'substantial discount'
Hedge fund giant John Paulson purchased a ranch owned by a Saudi Arabian prince for $49million.
Paulson, 56, bought the 90-acre ranch in Aspen, Colorado last week that was once considered the most expensive home for sale in the U.S.
The billionaire's new 56,000-square-foot Hala Ranch estate, larger than the White House with 15 bedrooms including a master suite with a beauty and barber room, was built in 1991 by Prince Bandar bin Sultan.
Real estate: Billionaire John Paulson purchased an Aspen, Colorado ranch owned by a Saudi Arabian prince for $49million once considered the most expensive home for sale in the U.S.
The purchase is considered the largest U.S. home sale so far this year, according to Forbes.
Home sweet home: John Paulson and wife Jenny live in New York City but have several U.S. properties
As part of the $49million deal, the Wall Street titan bought a smaller, 67,000-square-foot property for $8million called Bear Cabin.
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In a statement, Paulson called the acquisition a bargain.
'Initially offered for sale for $135million the purchase price represents a substantial discount to the asking price,' he said.
'In addition, the purchase also includes the Bear Cabin located on a separate 38 acre parcel that was never previously offered for sale.'
'Discount': The 56,000-square-foot Hala Ranch estate was built by Prince Bandar bin Sultan of Saudi Arabia
Estate: The property has 15 bedrooms, 16 bathrooms and a master suite with a beauty and barber room
The hedge-fund operator said he was quite pleased with his decision.
He said: 'Hala Ranch is one of the most beautiful properties in Aspen located on over 90 acres located in the exclusive Starwood community.'
The property is located in a luxurious, gated community within the slopes of Red Mountain.
The master suite's beauty and barber room is equipped for massages and pedicures.
Lavish: Guest rooms open to a courtyard with a waterfall that leads into a reflecting pond
Relax: The property also has horse stables, an indoor swimming pool and a tennis court
The ranch's 16 bathrooms have gold fixtures, according to Forbes.
Guest rooms open to a courtyard with a waterfall that leads into a reflecting pond.
The property also has horse stables, an indoor swimming pool, a tennis court, a water treatment plant and a high-tech security system.
A mechanical shop is also on the property with gas pumps and car washes.
'Bargain': Paulson called the property sale a 'substantial discount to the asking price,' once $135million
The property will be renamed Star Ranch.
The Saudi prince, a former ambassador to the U.S., originally purchased the property for $3.5million.
He put the enormous property on the market in 2006 for $135million.
As the economy declined, so did the prince's asking price as he had trouble finding a buyer.
Paulson, who resides in New York City, has properties across the country from Hawaii to Florida.
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