Billionaire John Paulson’s New Headache: Porsche Dealership Catches Fire
A Porsche dealership at the center of a battle between hedge fund titan John Paulson and his Puerto Rico business partner erupted in flames this week, a dramatic development in an already cinematic legal saga.
Paulson, the financier best known for shorting the housing market in 2007, is battling former business partner Fahad Ghaffar for control of his Puerto Rican hospitality empire, which includes luxury hotels, condos, and car dealerships. Ghaffar sued Paulson in September, alleging he illegally locked him out of his half of F40, a company that owns numerous luxury car dealerships on the island.
On Tuesday, one of those dealerships caught fire while mechanics were working on a car in the attached workshop, according to local newspaper El Vocero. The paper reported that approximately 25 firefighters were called to the scene of the 11:40 a.m. fire and battled the blaze for 90 minutes. The Bureau of Emergency Management and Disaster Administration also responded.