John Paulson Falls On Hard Times

Posted by Bess Levin, Sep 02, 2008, 11:16am

paulsonhamptonscityfile.jpg
His home wasn't foreclosed on so I'm not sure this technically falls under the category of "ironic" but I think we can definitely consider it rich: John Paulson, who made a killing shorting the individual mortgages of down-on-luck friends out East, has been forced to slash the asking price of his Southampton home. The 6,800 square foot house is now going for the bargain basement price of $16.9 million, after sitting on the market for four months at $19.5.

John Paulson's Southhampton Price Cut [City File]

1Recommend this! 12Comments
Posted in: The Hamptons
Tags: John Paulson

Comments

1

Posted by guest, Sep 02, 2008 11:40AM

any relation to hank and also is vince Offer involved in this ??

2

Posted by guest, Sep 02, 2008 11:53AM

TLDR

3

Posted by Anal_yst, Sep 02, 2008 12:00PM

So he just upgraded to a new place for ~$40m, hope its not as dated or fugly as this one

4

Posted by Cincinnatus C, Sep 02, 2008 12:10PM

that house would cost $6ooK in the city I grew up in. (and yes i followd the link and looked at the rest of the pix)

5

Posted by guest, Sep 02, 2008 12:19PM

@4 -- true, but its Southhampton

6

Posted by guest, Sep 02, 2008 12:21PM

4 Before you compare SHampton prices to where you grew up you need to ask: 1) Was it within a mile of the ocean? 2) What were prevailing wages like?

7

Posted by guest, Sep 02, 2008 12:59PM

Buy the most house you can in the best neighborhood you can find. You'll always make more money and , hey, they don't make real estate anymore! Get out of the "rent race" and buy a part of the American Dream. All great fortunes come from real estate so if you want to retire comfortably all you have to do is take the equity out of your home and buy as many rent houses as possible.

Oh...I have to go now. My methadone is here.

~Jack Mahogoff, Real Estate Broker

8

Posted by guest, Sep 02, 2008 1:42PM

apart from the fct the big bad wolf could blow it down..(i hate US wooden huts in general) it looks quite ..."quaint"...

9

Posted by guest, Sep 02, 2008 2:01PM

@3
do you know what a philistine is?

10

Posted by guest, Sep 02, 2008 2:17PM

Based upon his recent performance, who would want to buy something he is selling?

11

Posted by guest, Sep 02, 2008 4:59PM

Anyone else find it strange that the guy with the biggest shorts on housing is asking, after the mark down, over 30% more than he paid at peak prices in 2006?

Apparently Mr. Paulson joins the rest of the home owners in full fledged denial about valuations (and just enough buyers who think they are getting a deal to sprinkle some hope).

12

Posted by guest, Sep 02, 2008 7:02PM

i doubt paulson is crying into his crunchberries over this. $2.6mm is a fraction of the swing in his daily p/l

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