John Paulson, the hedge-fund billionaire who owns Saudi Prince Bandar bin Sultan’s former estate on Star Mesa, is selling another property near McLain Flats Road for nearly $30 million.
Experts say Paulson lost close to $1 billion in the recent downturn in gold prices, but that’s apparently not why he’s selling Aspen Lakes Ranch on Sunnyside Lane.
A spokesman for his company told Bloomberg News that Paulson is selling the ranch property because he’s moving into Bandar’s old home after doing some work on it. His new digs include a 56,000-square-foot, 15-bedroom, 16-bath home.
Paulson bought Aspen Lakes Ranch and its 13,000-square-foot mansion for $24.5 million in 2010, and then paid $49 million for Bandar’s property last summer in one of the most expensive real estate transactions in the upper valley’s history.
The 8.5-acre Aspen Lakes Ranch is listed by Aspen real estate agent Bob Bowden, who built the home.
He said Friday that he built the home on spec. The site was chosen because it “has all-day sun, expansive views and year-round running water,” Bowden said. “I know of no other property that has that.”
The spring and lakes on the site “make it an absolutely unique property, which is the reason John bought it in the first place,” he said.
The home has seven bedrooms, seven bathrooms, and a movie theater. There is 9,200 square feet of patios alone. The property has water falls, a beach and stocked ponds, as well as a guest house.