Dallas Police and Fire Pension System Sells Napa County Resort Property at a Big Loss

In the 2000s, the fund's former leaders sank hundreds of millions of dollars into unusual alternative investments

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.

Read more from our media partner The Dallas Morning News.

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