On July 23rd, 2015 it was announced that John Paulson’s $20 billion hedge fund, Paulson and Company has agreed to terms to purchase the San Juan Beach Hotel in Puerto Rico for $20 million. As originally reported by the New York Times, Paulson’s Hedge Fund to Purchase Hotel, the infusion of capital will renovate the hotel in the upcoming months and turn it into a luxury boutique hotel.
Paulson’s hedge fund’s purchase of the San Juan Beach Hotel is another example of the large net worth and enormous sums of money associated with hedge funds and brings to mind Citadel Founder and CEO, Kenneth Griffin. In March of this year, in divorce proceedings filed by his wife, it was revealed that Griffin makes approximately $68 million a month after taxes. Extrapolating this number further, Griffin makes $2.2 million a day and approximately $90,000 per hour.For lack of a better word, Griffin’s financial assets are significant.
While Paulson’s personal net worth was not disclosed in regard to his firms recent purchase of the San Juan Hotel both his firms enormous net worth and that of Griffin point to astronomical amounts of money being associated with hedge funds. Future titans of Wall Street would be wise to take notice of Paulson and Griffin and attempt to mimic their pattern of financial success.