Buchanan, Grayson among top 50 richest members of Congress
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.