Former New York governor Eliot Spitzer has announced his next move since leaving the governorship under the dark cloud of a prostitution scandal. Spitzer's looking to make some dough and instead of writing a tell-all, which might seem the most obvious move, he's going to try and cash in on the country's depressed real estate market. Spitzer is looking to create a "vulture fund" that would buy up cheap real estate and then sell the properties for a profit. It's a more elaborate and grandiose version of the same house flipping dream that got so many people and companies into real estate trouble in the first place.

The NY Sun reports that late last month Spitzer met with high-level Washington, D.C.-based labor union officials at the headquarters of his father's real estate business in Manhattan. Sptizer's father owns several New York properties but his holdings haven't changed much since the mid-1990s and Spitzer is looking to enliven his father's company. He told the officials that he was creating a business plan and wanted the labor officials to consider investing pension fund money under their control. Spitzer is planning to look at projects valued between $100 million and $500 million. There are certainly plenty of struggling real estate developments out there to choose from.