A group of investors led by a California real estate firm has purchased 127 acres at Lake Las Vegas from hedge fund manager John Paulson's real estate investment arm for $12.5 million, Dow Jones Daily Bankruptcy Review reported today. R.Y. Properties, an Alhambra, Calif.-based developer, said Wednesday that it had bought 344 lots from Paulson's real estate unit and plans to develop three communities on the site of what was formerly The Falls golf course at Lake Las Vegas.
