In 1991, Perry found 29.1 acres of raw land near Lake Travis for sale via a liquidation auction. He purchased the lot for $55,288 with plans to build a home there but soon put it back on the market. Three years later, he sold the property for $125,000, according to tax records.
Perry bought another 10 acres of undeveloped land in 1993. That property drew interest from Michael Dell, a computer magnate who needed Perry's tract to connect his new home to municipal sewer lines. Dell took the property off Perry's hands for $465,000, more than triple what Perry had paid for it two years earlier. Perry reported a $342,994 profit on the sale in his 1995 tax return.
Most of Perry's gains that year came from the sale of a lot in the resort community of Horseshoe Bay.
Perry purchased the land from state Sen. Troy Fraser, R-Horseshoe Bay, in 2001 for $314,770. Six years later, Perry sold it for $1.1 million, pulling a profit of $823,776. Perry has attributed the gain to a favorable market for Hill Country land.
"We bought a piece of property, the property appreciated and we sold it," Perry said last year.
invite response
In 1991, Perry found 29.1 acres of raw land near Lake Travis for sale via a liquidation auction. He purchased the lot for $55,288 with plans to build a home there but soon put it back on the market. Three years later, he sold the property for $125,000, according to tax records.
Perry bought another 10 acres of undeveloped land in 1993. That property drew interest from Michael Dell, a computer magnate who needed Perry's tract to connect his new home to municipal sewer lines. Dell took the property off Perry's hands for $465,000, more than triple what Perry had paid for it two years earlier. Perry reported a $342,994 profit on the sale in his 1995 tax return.
Most of Perry's gains that year came from the sale of a lot in the resort community of Horseshoe Bay.
Perry purchased the land from state Sen. Troy Fraser, R-Horseshoe Bay, in 2001 for $314,770. Six years later, Perry sold it for $1.1 million, pulling a profit of $823,776. Perry has attributed the gain to a favorable market for Hill Country land.
"We bought a piece of property, the property appreciated and we sold it," Perry said last year.
Read more: http://www.star-telegram.com/2011/08/28/3319362/perry-became-a-millionaire-while.html#ixzz1WYNHVW2v