VIZZDA—September 14th, 2012 — John Paulson’s Paulson & Co purchased 194 finished lots in Rancho Cabrillo for $4.5M, which constitutes a per unit price of $23,196 per lot or $422 per front foot. The seller was Stearns Bank. Paulson acquired through an agent, Mr. David Hewitt of Raintree Investments. Rancho Cabrillo is located in Peoria, West of the Southwest corner of Jomax & Dysart Roads.
All 194 lots are within parcel “D” of Rancho Cabrillo and measure 55’ x 115’ (6,000 square foot minimum). The parcel totals 256 lots on 72.21 acres zoned R1-6. The remaining 62 lots within Parcel D are all owned by an entity tracing back to Paulson- who acquired the lots as part of their purchase of Tousa in 2010.
Stearns Bank previously acquired the subject lots February 11th, 2010 at trustee sale as beneficiary for $6.301M credit bid, after being assigned the original $17.07M note in a FDIC structured loan sale April 6th, 2009.