Monday, September 20, 2010

Roll Call names Buchanan 8th richest member of Congress

U.S. Rep. Vern Buchanan in 2009 was the eighth wealthiest member of Congress, with his net worth rising by 11 percent, according to Roll Call.

The magazine listed Buchanan's net worth at $55.47 million, although Roll Call acknowledged that may not be entirely accurate because senators and representatives only have to list on disclosure forms their assets and liabilities in broad ranges. The figure was calculated by adding the lower end of each range for assets and then subtracting it by the lower end of the range for liabilities.

This is what Roll Call wrote about Buchanan:
Buchanan boosted his minimum net worth by more than 11 percent in 2009 after reducing his debt by $3.75 million.

The Florida lawmaker, whose empire includes auto dealerships, real estate and investment accounts, reported paying off mortgages and lines of credit valued at a minimum of $4.25 million. He also dropped a $500,000 second mortgage on a Florida investment property and a $1 million loan tied to Suncoast Ford dealership from his annual report.

But Buchanan added a $1 million debt for the purchase of an Embraer Phenom aircraft and increased the debt tied to one of his auto dealerships by $500,000 to a minimum loan of $1 million.

Buchanan also reported transactions in his GenSpring Family Offices investment account that increased the fund’s value to more than $16 million in 2009 from about $13 million the previous year
 The richest member of Congress, according to Roll Call, is Sen. John Kerry, D-Mass., with a net worth of $188.37 million, according to Roll Call.

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