Careers
Spitzer’s Next Gig: Running Real Estate Vulture Fund?
Posted Jun 10, 2008, 05:32 pm CST
By Martha Neil
After resigning from office in the midst of a prostitution scandal, former New York Gov. Eliot Spitzer is reportedly considering a career move that would take him out of both law practice and politics.
Following in the footsteps of his ailing father, who is a real estate mogul in his 80s, the 49-year-old Spitzer has been working out of a building partly owned by his father, reports the New York Sun.
The ex-governor recently made a pitch to labor union officials in Washington, D.C., about forming a possible vulture fund to invest in distressed real estate, telling them that he hoped to take his father's business to the "next level," the newspaper writes. Pension funds and universities typically are among the major investors in such ventures.
"Mr. Spitzer is moving aggressively to occupy a niche created by the credit crunch, the subprime mortgage crisis, a surge in foreclosures, and a declining real estate market. He is looking to mine for riches in projects that banks are no longer willing to finance," the newspaper explains.
Hat tip: Wall Street Journal Law Blog.
Earlier coverage:
ABAJournal.com: "‘Radioactive’ Resume: What’s Next for Eliot Spitzer?"