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Gov. Rick Scott's net worth drops by $115 million

TALLAHASSEE — Gov. Rick Scott's net worth dropped by $115 million in 2010, but his income soared nearly 40 percent in the sluggish economy.

The hospital executive-turned-investor earned $11.5 million from investment income, interest and consulting fees, according to a recently filed financial disclosure form.

That's more than the $8.3 million he reported in 2009 and the $3.7 million he earned in 2008.

And while the value of his $9 million beachfront home in Naples increased slightly, his net worth dropped 53 percent to $103 million in 2010.

"I spent too much on the darn campaign," Scott joked Tuesday in Largo.

Scott, 58, reported a net worth of more than $218 million in June 2010, but then spent a record-breaking $62.3 million of his own cash on the gubernatorial race, according to campaign finance reports. (He spent an additional $12.8 million from an account held by his wife, Ann).

Scott opted to fill out the disclosure form instead of releasing his tax return, which would offer a more complete picture of his finances, including tax breaks and charitable donations.

But the disclosure form is detailed down to a $3,700 debt owed to him by his mother, Esther.

Scott listed a total of $2.4 million in debt owed to him, including $490,705 from his brother, Steve.

Scott's net worth took a significant hit when he transferred to his wife, Ann, his stock in Solantic, a chain of Jacksonville-based health-care clinics he founded.

The transfer of the stock, worth $62 million in 2009, satisfied state ethics laws. But Scott faced repeated questions about how the company could profit from his health-care agenda and eventually sold the interest in the company. The sale, to Welsh, Carson, Anderson & Stowe, was finalized on June 29 for an undisclosed amount.

Scott's boost in income in 2010 was thanks largely to $4.2 million from his investment in Photo Etch, a defense contractor that builds communications control panels. The investment earned him $377,994 in 2009.

Another jump in income was from Drives LLC, a company that builds chains and augers used in oil production. The investment brought him $1.9 million in 2010, compared with $740,394 the previous year.

Drives replaces Solantic as Scott's largest asset.

He valued the Drives stock at $19.9 million, about $500,000 less than in 2009.

Scott's second-largest asset is $14.2 million in RLSI-CSP Capital Partners LLC, a holding company created to invest in Continental Structural Plastics, an auto parts manufacturer.

His Naples home, valued at 2.7 percent more than in 2009, is his third-biggest asset.

New assets in 2010 included investments in Energy Transfer Equity LP, a natural-gas pipeline company; Valassis Communications, a direct mail and marketing company; and EOG Resources Inc., which claims to be among the largest independent oil and gas companies in the United States.

Scott also increased the size of one of his more controversial assets: QuePasa Corp.

During the Republican primary, the Christian Family Coalition said the Boca Raton-based social networking company traded in "pornography" and called on Scott to divest.

Instead, Scott increased by $1.7 million his investment in the company, which now stands at $7.1 million, according to the financial disclosure.

Michael C. Bender can be reached at mbender@sptimes.com or (850) 224-7263. Follow him on Twitter @MichaelCBender.

Gov. Rick Scott's net worth drops by $115 million 07/05/11 [Last modified: Tuesday, July 5, 2011 9:18pm]
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