Credit crisis hits home for John Paulson painlessly

Shed no tears for hedge fund manager John Paulson. He's the magic man right now. After his phenomenal 2007, during which his bets on the subprime collapse earned him more than a $1 billion, he has continued his winning ways in 2008. Except when it comes to South Hampton real estate. His 6,800-square-foot home languished on the market for four months at $19.5 million. Now Paulson is bowing to reality, cutting the price to $16.9 million, according to cityfile. Paulson bought it for $12.75 million in 2006. So if he can get a deal, he's still in the black. He apparently has purchased a nearby pad for $41.3 million.

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