Juan Paulson Bidding Adios To Puerto Rico?
Family office magnate John Paulson is stuck living in the high-tax hellscape that is Joe Biden’s America—which he did not vote for, thank you very much—for at least another two years, when his youngest child finally fucks off to college and allows him to live his best life. For years now, it seemed that best life would be lived by the warm sands of Puerto Rico, in spite of warnings that the bankrupt island looks a good deal better than residing there actually is. As the big day approaches, however, it seems JP may be having second thoughts about spending quite so much of the year in even the most salubrious parts of what is essentially a third-world country. Either that or he’s trying to make up for all the tax savings he’s missed out on these last eight years/preparing for the next giant tax bill, and looking for a cheaper place to park his billions.
Hedge-fund manager and real estate owner John Paulson, who has invested heavily in Puerto Rico in recent years, is testing the market for the Condado Vanderbilt Hotel and La Concha Renaissance San Juan Resort through real-estate firm JLL…. Mr. Paulson purchased the Condado Vanderbilt and La Concha Resort for $260 million in 2014. If the global debt and equity markets open up to Puerto Rico, they could fetch a total of more than $500 million, other hotel owners and brokers say….
Homes at Dorado Beach that sold for $1.5 million to $2 million two years ago are going for double that today, Mr. Blatt said. “Most of these people are looking to relocate to Puerto Rico for tax purposes,” he said.
John Paulson Looks to Sell into Puerto Rico’s Hotel Boom [WSJ]
