Paulson takes control of $260M Vanderbilt Residences in Puerto Rico
The luxury development in Condado moves forward after resolving litigation, with completion expected in February 2027.
John Paulson, the founder and president of the investment management firm Paulson & Co., has taken full ownership of Vanderbilt Residences, a high-end luxury development in the Condado district of San Juan, Puerto Rico.
“By acquiring full ownership, we will be able to move forward expeditiously with completing this iconic project,” Paulson said. “With its unique beachfront location in the heart of Condado, this building offers an unparalleled level of luxury never before seen in San Juan.”
The 22-story tower, rising along Ashford Avenue, has already reached the 19th floor and is on track to reach its final height within the next six weeks. The project represents a $260 million investment, with unit deliveries expected to begin in the third quarter of 2025 and full completion scheduled for February 2027.
Designed to “redefine high-end living” in Puerto Rico, the building will feature 66 units that combine “condo-hotel living with ultra-luxury accommodations.”
“With floor-to-ceiling windows, every apartment offers breathtaking oceanfront and city views,” said Rolando Padua, president of Paulson Puerto Rico. “Featuring top-of-the-line finishes and world-class amenities, this is the most exciting residential project in Puerto Rico.”
The company described the development as a major economic investment in Puerto Rico, emphasizing its reliance on local contractors and suppliers. It is expected to generate more than 500 direct and indirect jobs while establishing a new landmark in Condado’s luxury real estate market.
Paulson secured full ownership after acquiring the development from his former partner, Fahad Ghaffar. All litigation related to Vanderbilt Residences has been resolved, clearing the way for its timely completion.
As reported by News is my Business, in a motion filed in the U.S. District Court for the District of Puerto Rico in 2024, Ghaffar sought dismissal of an amended complaint presented by Paulson, arguing it “lacks standing.”
“Plaintiffs’ [Paulson] amended complaint is not only late but futile, because plaintiffs lack standing, a fatal flaw that requires dismissal before the need to reach other dispositive issues that require dismissal of plaintiffs’ [Racketeer Influenced and Corrupt Organizations Act (RICO)] claims as amended,” states the motion filed in February 2024.
Ghaffar accused Paulson of making false representations in federal court regarding the ownership of Vanderbilt, La Concha, and Bahía Beach Resort hotels, alleging he sought to evade compliance with their partnership agreements.
