Disgraced Spitzer may be starting vulture fund

Former New York Gov. Eliot Spitzer is looking to build a vulture fund to invest in distressed real estate assets, according to a report in The New York Sun.

Citing a source, the newspaper said that Spitzer held a half-hour meeting with Washington, D.C.- based labor officials to pitch his idea for the fund, and that he was "determined to take his father's real estate company to the next level."

According to the report, Spitzer is envisioning investments in distressed real estate projects valued between $100 million and $500 million and later plans to ask labor officials to consider investing pension fund money in his venture.

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A representative for Spitzer did not immediately return a call seeking comment.

Spitzer's father, real estate developer Bernard Spitzer, is a self-made multimillionaire known for building one of New York City's largest real estate firms.

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The younger Spitzer resigned as governor in March after he was caught on a federal wiretap arranging to meet a prostitute in a Washington hotel room.

Two people in the case who managed the prostitution ring have already pleaded guilty. Spitzer has not been charged in the case and prosecutors refuse to say whether he will face criminal charges.