Skip to comments.How Rick Santorum got a $2 million Virginia estate
Posted on 03/09/2012 11:05:29 AM PST by VU4G10
Rick Santorum built his presidential candidacy on the premise that he is very different than wealthy, establishment front-runner Mitt Romney, that he is someone who has faced the plights of the average American. Among the hardships Santorum claims to share is an underwater mortgage, the kind that's forcing millions from their homes.
"The value of my house is a fraction of what it was when I bought it," the former U.S. senator from Pennsylvania recently told Michigan supporters.
But the Republican presidential contender's housing situation is quite unlike the one so many other Americans actually face, according to experts and documents obtained by The Washington Examiner.
Santorum bought his $2 million, five-acre home in the tony Washington suburb of Great Falls, Va., in August 2007 through a trust in a deal aided by a high-profile tax lawyer who serves as an officer for one of the largest homebuilders in the country.
(Excerpt) Read more at campaign2012.washingtonexaminer.com ...
For those that might be having a problem with this, it’s not necessarily about the house.
It’s about the possibility that he’s creating a credibility problem in his quest to become the nominee. Do you really think that the Dems are not recording his statements and fact-checking everything he’s saying?
If he’s a credible candidate, he doesn’t need to spin. He, and his advisers, should be able to create a viable product without spin if he’s really a solid candidate.
Yes, I said the exact same thing when Newt was promising 2 buck a gallon gas. Substantial candidates don’t need to spin.
It would be lovely to homeschool according to the laws of one’s “official state of residence” - but it doesn’t work that way. Kids are to be educated where they reside at the time or according to the laws of the state in which they currently reside.
In DC area, a two million dollar house isn’t necessarily a mansion. It might be a nice house, but it probably wouldn’t qualify as something to be envious about.
But that’s not the issue we should be concerned about.
There is an alternate universe that somehow thinks that Santorum is not conservative. Out in the real world, you could ask a thousand non-political types: Is Santorum a Conservative? Is Gingrich a Conservative? Is Romney a moderate? and the answers would be yes to all.
It’s all picking nits.
Yes, if you got another job
And if you were a former US Senator and an attorney and got another job working inside the beltway as a rainmaker on K street
And maybe if you had savings and equity from selling another property you owned for a long time
So are we envious or jealous or what?
He did not pay $2 million, that is the current tax assessment
At about the same time a relative of mine bought a typical suburban 4 bedroom colonial in Mclean of 1/4 acre lot.
$600K. Gee now he’s a millionaire too
In your argument, no serving member of Congress is s resident of the state he represents
I do not know the tax code and how it treats the families of those who temporarily locate to DC while serving in Congress. I do know that Santorum paid PA state taxes and maintained an abode in PA and was for all tax purposes, a PA resident.
“working inside the beltway as a rainmaker on K street”
Is that being a lobbyist?
I love Michelle Bachman, and hope she gets to run again in 2016.
I think she was treated very unfairly, both by the press and by her own party.
I don’t think this great nation will ever have a woman president. That is sad.
Who do you support for THIS election?
“If he was from PA why did he move to Virgina after he lost his Senate reelction bid?”
Oh I dont know, maybe he wanted to hide the fact that he got a new job in Virgina and his fmaily decided to relocate permanently and stay here.
How nefarious. I am grateful that someone exposed this underhanded lack of transparency. How dare a former Senator decide to... get a job in DC and move here.
Do you even know how stupid that question sounds?
No, I didn’t think so.
That does not preclude me from discussing the candidates, does it?
I'm a long time supporter of Santorum, I've worked for his campaign, I donated money in the past and this time around as well.
Rick's problem isn't that he's wrong on the issues, it's that he's so bad at messaging: He can say something that's so right in a way that makes it sound so wrong. He makes statements that just haven't been thought out. He would get DESTROYED in the general election.
It’s just odd that you claim that many FReepers own $2 million dollar homes, you dislike Gingrich and Santorum, and youclaim not to support anyone.
So who benefits from your sitting out?
Maybe, ask Newt.
It depends on the legal definition of “lobbyist”
If he was lobbying or otherwise trying to influence policymakers to hire or otherwise favor conservatives and conservative positions, then hooray for him. I hope he succeeded. That’s what some lobbyists do, you know, they
work for what we believe in.
I've warned about the topic for over a month.
Finally, he might get some vetting! Given the push for Santorum on FR, his supporters had better want to know what it is they're backing for the nomination.
If Rick Perry's land deals or Obama's mortgages are "fair game" (both have been on FR) then so is Santorum's real estate dealing. "See no evil, hear no evil, speak no evil" is no way to choose a nominee. It needs to be all out in the open and the sooner, the better for all concerned.
It was definitely a Democrat political enemy who picked up on it, but on the other hand, he did lie about it. He didn’t live in that house and it wasn’t his PA residence. He owned the house and had lived in it a long time ago, but had rented it out since then.
My wife and I own six properties. All of them are held in a trust. Anybody with a net worth over a million and who has not put his assets into a trust is a fool.
Probably no one, since I am in a blue state which will go to Obama anyway.
It’s a state where the dead vote.
Don’t worry, they’ll stop right after Santorum does the right thing for the country.......dropping out.
You didn't quite get that right; Santorum’s house did decline in value (25% according to the article); however, Santorum did misrepresent his situation by claiming that his mortgage is “underwater.”
It appears Santorum was able to obtain a series of financial arrangements not usually available to those of us on “Main Street.” After his home declined in value, he was able to refinance his “underwater” mortgage at 4% so that now he does not owe more than the house is worth and he is in absolutely no danger of losing his home.
Now nothing about all of this is illegal; and I don't fault Rick for getting the best “deal” that was available to him; however, I still believe he frequently misrepresents himself to the voters as being “one of us.” He isn't; he's a well to do, D.C. insider who has used his power and influence for personal gain whenever it suited him.
At least Newt has apologized and tried to make amends for his sins; Rick still seems to be too enchanted w/his own illusion to submit to that level of introspection and remorse.