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WHO:

State Sen. Troy Fraser: boyhood friend of Rick Perry

Alan Moffatt: owner of now-defunct Peak Aviation, a company investigated by the British government for arms shipments to Rwanda during the time of the genocide

Doug Jaffe: businessman and owner of Horseshoe Bay Resort. Numerous business ties to individuals under federal investigations and foreign dictators

Ron Mitchell: Horseshoe Bay resort vice president, who connected the offer from Moffatt to Perry. 2009 Perry appointee to the Texas State University System Board of Regents.

WHAT:

.68 acre lot with 35 ft of access to Lake LBJ

WHERE:

The ritzy Horseshoe Bay resort, owned by the Jaffe family

WHEN:

2001 – 2007

HOW:

In 2000, Sen. Fraser bought two lots from Jaffe in the luxury subdivision Horseshoe Bay Resort for $700,000 and $300,000, his offered prices, intending to sell the smaller lot to his friend Lt. Governor Perry. About six months later, Perry bought the property from Fraser at cost plus interest for $310,762. According to a study by expert appraisers commissioned by the Dallas Morning News, the selling price hugely undervalued the lot; the market price should have been about $450,000. In 2007, Perry sold the property to Alan Moffatt, a business partner of Doug Jaffe’s, for $1.15 million. Independent review shows the market value of the property at the time was about $850,000.

HOW MUCH:

Profit of $839,238, $489,238 more than he would have made using fair market prices

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