Newport Beach-based William Lyon Homes said on Monday that it has gotten a $30 million investment from New York-based hedge fund giant Paulson & Co. Inc.

The homebuilder sold a combination of common stock and convertible preferred stock to affiliates of Paulson & Co. Inc., a hedge fund which reportedly had close to $20 billion in assets under management as of this summer.

The subscription agreement calls for William Lyon Homes to increase its board of directors from seven to eight, with Paulson & Co. having a say in the new member, among other changes.

The builder did not disclose what it plans to do with the new funding. The company emerged from a short stint in bankruptcy earlier this year.

William Lyon Homes and its predecessors have sold some 100,000 homes since 1956, becoming one of the better-known builders on the West Coast over that time.

Paulson & Co.’s president, John Paulson, made a fortune during the last downturn by betting against the sub-prime mortgage market.

Last week his hedge fund was reported to have made an investment in another real estate-related company, Realogy Holdings Corp., the owner of the Coldwell Banker and Century 21 real-estate brokerage brands.