The pension fund that covers the retirement of Dallas police officers and firefighters has lost about $60 million in speculative investments involving luxury homes in Colorado, Hawaii and elsewhere.
The loss was explained Thursday during a board meeting of the Dallas Police and Fire Pension. It comes amid mounting concern over investment returns for the $3.4 billion fund, particularly in the way officials have invested in real estate.
Officials have invested $133 million in luxury homes since 2006, but The Dallas Morning News reports (http://bit.ly/1pQ9iNZ ) the fund has received $65 million from sales and values the remaining properties at $24 million. The numbers don't include $16 million paid in loan interest.
Officials still await appraisals and audits for hundreds of millions of dollars in real estate and private equity investments.