Billionaire Paulson Buys Rest of Puerto Rico Tower, Ending Fight

Billionaire investor John Paulson has acquired the remaining 44% stake in the Vanderbilt Residences project in Puerto Rico, ending a long-standing legal dispute with his former partner, Fahad Ghaffar. The acquisition, valued at an undisclosed amount, gives Paulson & Co. absolute control of the development, allowing for its expeditious completion. The project, a 22-story luxury residential tower located in the heart of Condado, San Juan, is expected to generate more than 500 direct and indirect jobs, representing a significant investment in the local economy and benefiting Puerto Rican contractors and suppliers.



The resolution of the legal dispute surrounding the project has a significant impact on its timeline and potential success. With the acquisition, Paulson & Co. can now focus on completing the development without any further delays or interruptions due to litigation. The project has already reached 19 levels of construction and is expected to reach its final height within the next six weeks. Upon completion, the Vanderbilt Residences will offer 66 exclusive units that combine the concept of condo-hotel with ultra-luxury accommodations, featuring panoramic ocean and city views, high-end finishes, and world-class amenities.



The acquisition aligns with Paulson's strategic considerations and previous investments in Puerto Rico. His focus on unique locations, luxury appeal, economic recovery, job creation, and resolving litigation demonstrates a consistent approach to investing in the island's real estate market. The project's unique location, offering panoramic views of the ocean and the city, and its high-end amenities, make it an attractive investment opportunity. The company's confidence in the project is evident in their statement, expressing that it is "the most exciting residential project in Puerto Rico."

The expected economic benefits of the completed project for Puerto Rico are significant, particularly in terms of job creation and local supply chain support. The project is expected to create more than 500 direct and indirect jobs, representing a significant investment in the local economy and benefiting Puerto Rican contractors and suppliers. The investment is expected to total as much as US$2 billion by the end of 2015, which will have a positive impact on the local economy and support the growth of downtown San Juan. The project is part of the government's economic development strategy to add high-end properties to Puerto Rico's hotel mix, which is expected to boost the tourism sector and support local businesses.

In conclusion, the acquisition of the remaining stake in the Vanderbilt Residences project by John Paulson marks the end of a long-standing legal dispute and paves the way for the project's completion. The project's unique location, luxury appeal, and expected economic benefits make it an attractive investment opportunity in Puerto Rico. The acquisition aligns with Paulson's strategic considerations and previous investments in the island's real estate market, demonstrating his confidence in the Puerto Rican economy's recovery and future growth.