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Real Estate

Paulson’s hedge fund starts selling land to reap gains in U.S. housing market

Since 2009, the firm’s funds have spent $770 million accumulating 35, 000 lots.

John Paulson,   president of Paulson & Co. Inc.,   testifies dur

Hedge-fund manager John Paulson, who made billions wagering against subprime mortgages, has started to profit from a U.S. housing bet that took longer to ripen: owning land.

After acquiring about 35, 000 lots since 2009, Paulson & Co. shifted toward selling last year and is accelerating its disposition pace, according to Michael Barr, who manages the firm’s real estate. Paulson’s funds had invested $770 million, mostly in lots bought out of bankruptcies or other distressed sales, and acquired two dozen communities in Arizona, California, Colorado, Florida and Nevada.

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