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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.


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


The ritzy Horseshoe Bay resort, owned by the Jaffe family


2001 – 2007


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.


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

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