Make us your home page
Instagram

Today’s top headlines delivered to you daily.

(View our Privacy Policy)

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]
Photo reprints | Article reprints

© 2017 Tampa Bay Times

    

Join the discussion: Click to view comments, add yours

Loading...
  1. Inside the Rays continuing historically bad slump

    Blogs

    The numbers tell the story of the Rays inexplicable ongoing offensive slump, and the words detail how tough it has been to deal with.

  2. How Rays' Chris Archer is branching out on Twitter

    The Heater

    ST. PETERSBURG — Rays RHP Chris Archer has made a name for himself on the mound. And at a time when some athletes work to steer clear of any issue with a tint of controversy for fear it could damage their brand, Archer has used that platform to weigh in on some topical social, political and news events.

    Tampa Bay Rays pitcher Chris Archer (22) leans on the railing of the dugout during the All-Star game at Marlins Park in Miami, Fla. on Tuesday, July 11, 2017. WILL VRAGOVIC   |   Times

  3. Candidates for governor get emotional talking about their gay siblings

    Blogs

    Occasionally in today's hyper-rehearsed and contrived world of political campaigns one witnesses moments that are so honest and real, we can't help but understand we're not just listening to another politician give his or her stump speech; We're listening to a human being who understands personal pain at least as well …

    Chris King talking to reporters in Tallahassee
  4. Southern heritage groups sue to keep Confederate monument at old Tampa courthouse

    Local Government

    TAMPA — Groups that say they support Southern heritage filed a lawsuit late Friday trying to halt the removal of a Confederate statue from downtown Tampa.

    Workers place boards around a Confederate monument on Hillsborough County property in Tampa on Thursday, August 17, 2017. It took 24 hours to raise private funds in order to move the statue from its current location.
  5. Bucs mull options at right tackle as Dotson awaits MRI

    Bucs

    Right tackle Demar Dotson, the Bucs' most experienced offensive lineman, will undergo an MRI on his injured groin Saturday, three weeks before the season opener.

    Tampa Bay Buccaneer Demar Dotson, offensive tackle, brought his coffee and breakfast to One Buc Place, 7/31/15, as he reported to training camp.