One of the most expensive real estate transactions ever recorded in the valley’s history occurred in May when hedge fund manager John A. Paulson bought Saudi Prince Bandar bin Sultan’s Hala Ranch for $49 million.
The entire 130-acre property is located in Starwood, a gated community on the slopes of Red Mountain. Paulson bought the 90-acre ranch for $41 million and a 38-acre adjoining parcel known as Bear Cabin for $8 million.
The acquisition included the 56,000-square-foot, 15-bedroom, 16-bath home, which will be completely gutted and remodeled. The ranch was originally listed for $135 million in 2006, but it was pulled off the market 16 months later.
Paulson is a billionaire who made a fortune in 2007 betting against the subprime mortgage sector.
In June 2010, Paulson bought a 12,500-square-foot home near Hala Ranch for $24.5 million, located on Sunnyside Lane on eight acres off of McLain Flats Road.
Prince Bandar was Saudi Arabia’s ambassador to the United States from 1983 to 2005. Bandar bought the land in 1989 for $3.5 million, and built the main residence in 1991.