The Dallas Police and Fire Pension System is finally free from one major piece of its costly plunge into luxury real estate.
Executive Director Kelly Gottschalk said the system recently sold 3,100 acres that includes the historic Aetna Springs Resort in Pope Valley, Calif., to Alchemy Resorts for $22 million.
On paper, the sale — a year and a half in the making — is a financial disaster for the retirement fund. Gottschalk said the system has spent nearly $111 million on the property, which it purchased in 2006.
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