Eliot Spitzer’s interested in taking his father Bernard’s real estate firm to "the next level" by starting a distressed real estate fund (a.k.a. a vulture fund), according to today’s New York Sun.
The vulture fund would basically find distressed properties nationwide, buy them, fix them up a bit, and flip them for quick profits. What better time to scrounge then during an economic downturn spurred in large part by a housing market collapse?
My colleague Dana Rubinstein broke the news last week of Mr. Spitzer’s day job at his father’s firm.
And The Sun fills us in a bit on Mr. Spitzer’s personal life, post-Albany:
He has told friends and associates that he is consoled by passersby who stop him on the city sidewalks and tell him that sex is "no big deal" and that the disclosure that he frequented prostitutes was distorted out of proportion, the source said. Europeans, the former governor has noted, have been especially supportive of him and perplexed by the fallout from the scandal.