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From the staff of the Tampa Bay Times

Buchanan, Grayson among top 50 richest members of Congress

13

September

Roll Call is out with its annual top 50 richest members of Congress list and two Floridians make the list. The write-ups below are from the publication.

No. 12. Rep. Vern Buchanan, R-Sarasota

Net worth: $31.65 million

For the third year in a row, Buchanan’s minimum net worth has fallen, this time by nearly $5 million. Six years ago, the four-term Florida representative’s wealth surpassed $65 million; now, it’s less than half that.
Buchanan’s latest disclosure form shows he sold some substantial investment holdings, including at least $2 million in several hedge funds. He used the proceeds to pay off the mortgage on a second home in the Washington area and close a line of credit extended to one of the car dealerships he owns in Florida. Buchanan also acquired two vacant properties in Ellenton, Fla., in lieu of repaying another $1 million loan to one of his real estate management companies.

While the transactions dinged Buchanan’s bottom line, his holdings in Sarasota-area real estate and businesses remain financially strong. The value of his three auto dealerships grew more than $3 million in 2012, to $15 million. One of his leasing companies also added a rental home on Useppa Island worth more than $500,000.
Buchanan also retained his interests in aircraft and yacht leasing companies worth more than $10 million.

No 21. Rep. Alan Grayson, D-Orlando.

Net worth: $16.69 million

A little time away from Capitol Hill has agreed with Grayson. He founded the Grayson Fund Management Co. after losing his first re-election bid in 2010, a career change that freed him up to dive headlong into asset management. His stake in the firm is worth at least $5 million, according to his financial disclosure report. Grayson also reports at least $5 million in cash and liquid assets.

The Florida Democrat has no shortage of places to lay his head, boasting homes — and corresponding six-figure mortgages — from the Sunshine State all the way up to Appalachia. A 2,300-square-foot house in Vienna, Va., he bought for $285,000 in 1994 has more than doubled in value. There’s also a six-bedroom, seven-bathroom spread in Orlando he bought for $1 million that carries a Wells Fargo mortgage worth at least $500,000. Grayson reports other properties in Orlando and Charles Town, W.Va.

His biggest liability, however, is at least $5 million with TDAmeritrade incurred while shuffling around nearly five dozen different stocks.

Grayson’s portfolio includes stakes worth at least $500,000 in drugstore chain CVS and Russia’s second-biggest oil company, Lukoil.

[Last modified: Friday, September 13, 2013 3:17pm]

    

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