Closely-followed billionaire hedge fund manager John Paulson, who famously bet against the subprime housing market in 2007, just bought more than 875 acres of land in the Las Vegas area for $17 million, Bloomberg News Prashant Gopal and Kelly Bit report.
According to the report, his Paulson Real Estate Recovery Fund, which builds houses with the intent to resell them, purchased the mostly undeveloped land at Lake Las Vegas in Henderson, Nevada.
Las Vegas has the most beat up housing market in the country, but lately it’s shown signs of life.
Here’s an aerial shot of what the region looks like.
Photo: Wikimedia Commons