BUSINESS
04/28/2010 05:12 am ET Updated May 25, 2011

John Paulson's Real Estate Bet: Hedge Fund Billionaire To Buy Enormous Land Portfolio In American West

A real estate recovery fund backed by Paulson will, with court approval, be the first bidder on a portfolio of land assets up for auction from bankrupt homebuilder TOUSA Inc (TOUSQ.PK), according to two sources with direct knowledge of the matter, who spoke about it on Wednesday and Thursday. They asked not to be named because they are also potential bidders.

TOUSA picked the Paulson entity to bid on a portfolio consisting of lots in various stages of development in Arizona, Colorado and Nevada.

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