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Hedge fund billionaire John Paulson is expected to lose hundreds of millions of dollars in the Puerto Rican debt crisis, but it hasn’t stopped the big spender from living the high life with real estate mogul Fahad Ghaffar in San Juan.

A source says Paulson and Ghaffar, who’s also managing director of Paulson & Co., have gone on a “buying spree,” scooping up properties including luxury hotels St. Regis, La Concha Resort and the Vanderbilt.

“They see Puerto Rico as an incredible buying opportunity with high returns,” says the source.

The duo even convinced Vittorio Assaf and Fabio Granato, owners of Italian eatery Serafina, to move there and shell out millions to open their 25th location at La Concha. The restaurateurs “are getting Puerto Rican residency. It will be their base while they travel around the world managing other locations,” says our spy.

On Tuesday, they all celebrated the swanky new restaurant with Mayor Carmen Yulín Cruz Soto and models including Joan Smalls’ sister Erika. Carmelo Anthony attended with Lou Amundson.