Officials say bad real estate investments have cost the retirement fund for Dallas police officers and firefighters almost $200 million.
The Dallas Morning News reports the failed investments include a luxury resort and vineyard in California, luxury homes in Hawaii and large tracts of land in Arizona and Idaho. The investments began in 2005.
The fund's board listened to a presentation about the $196 million in losses by its staffers and a fund consultant on Thursday. Nearly half of the losses were recognized on the fund's 2013 books completed this summer.
The 2013 records came from new appraisals on the properties. Before, the fund valued many of its real estate ventures by how much it had invested rather than relying on appraisals.
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Information from: The Dallas Morning News, http://www.dallasnews.com
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