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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