Hedge fund buys TOUSA's Ariz. properties for $42.3 mil

Hedge-fund billionaire John Paulson's RERF Acquisitions Corp. has paid $42.3 million for TOUSA's land and model homes in Arizona, Colorado and Nevada. TOUSA, parent of Engle Homes, filed for bankruptcy in 2008 and has been liquidating assets. The deal gets Paulson prime lots in communities across metro Phoenix. The largest Arizona asset is the 1,840-acre Red River community in Pinal County, where 6,900 homes are planned. Paulson, known for successfully betting on investments tied to the real-estate crash, also acquired land in Peoria's Vistancia, Buckeye's Verrado Gilbert's Layton Lakes, Chandler's Gila Springs, Scottsdale's DC Ranch, Goodyear's Estrella Mountain Ranch, Phoenix's Blossom Hills, Pinal County's Entrada, Gilbert's Power Ranch, the town of Maricopa's Tortosa and Rancho Cabrillo developments, and Surprise's Sierra Verde.

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