Dallas pension fund sells luxury California resort for loss
DALLAS (AP) — A luxury California resort that helped push Dallas’ troubled police pension system toward insolvency has been sold for a fraction of the nearly $111 million the city sank into the property.
The Dallas Morning News reported Sunday that the 3,100-acre Napa County resort was recently sold by the public pension fund for $22 million.
The property was among many unusual investments that plunged the Dallas Police and Fire Pension System into financial distress before an overhaul last year.
Former pension fund leaders went on lavish “due diligence” trips across the world, visited Napa County regularly and often stayed in luxury hotels.
Dallas City Councilman Lee Kleinman previously served on the pension board. He called the resort the “low-light of the inappropriate purchases” made by the fund.
Information from: The Dallas Morning News, http://www.dallasnews.com