September 30, 2014

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Report: Net Worth of Your Politicians

For the most part, Florida's elected officials suffered through the economic downturn like the rest of us. But some fared better.

Amy Keller | 9/1/2009

Florida House of Representatives

Unlike their counterparts in Congress, state lawmakers must provide exact dollar amounts for each of their assets and liabilities.

10 Richest State Representatives
Representative
Net Worth Change from 2007
Baxter Troutman (R)
$40,849,990 -12%
Carl Domino (R)
$23,719,585 -42%
Tom Grady (R)
$10,100,997 NA/elected in 2008
Jimmy Patronis (R)
$6,250,000 -12%
Paige Kreegel (R)
$6,230,000 -4%
Scott Plakon (R)
$5,984,791 NA/elected in 2008
Ken Roberson (R)
$5,320,199 NA/elected in 2008
Ralph Poppell (R)
$4,937,000 No change
John Wood (R)
$4,840,091 NA/elected in 2008
Tom Anderson (R) $3,890,513 -16%


Matt Hudson
Matt Hudson
Rep. Matt Hudson (R)
District 101: Parts of Broward and Collier counties
Net Worth: -$84,000, -172%

What Happened: Hudson, a Naples real estate broker, was hit hard by the housing market slump. The value of his Naples residence dropped from $401,666 to $230,000 between 2007 and 2008, accounting for the vast majority of his decline in net worth. Hudson’s personal income, however, grew slightly from $181,797 in 2007 to $192,292 in 2008.
Rep. Rick Kriseman (D)
District 53: Part of Pinellas County
Net Worth: -$100,000, -128.7%

What Happened: Kriseman’s net worth took a steep dive after his home (which he valued at $500,000 in 2007) burned down in June 2008. While the fire destroyed most of the home’s contents, Kriseman’s prized wine collection, worth about $40,000, survived. Kriseman recently finished building a new LEED-certified house on the same lot, the value of which he says he’ll disclose on next year’s forms.

Rick Kriseman
Above, Rick Kriseman

At left, a June 2008 fire destroyed Kriseman’s home and net worth.
[Photo: AP]


Franklin Sands
Franklin Sands

Rep. Franklin Sands (D)
District 98: Part of Broward County
Net Worth: $1.5 million, -80%

What Happened: Sands can thank Bernie Madoff for Sands’ plunge in status from multimillionaire to millionaire. In 2007, Sands had what he believed to be more than $4.2 million invested with Madoff through an entity called Fiserv Trust Co. When Madoff’s scheme came to light last December, Sands and many other Floridians discovered they’d been taken. According to his forms, Sands has recovered only $455,000. Sands’ largest remaining assets today are his home in Broward and an apartment in Tallahassee, which are worth $1.9 million combined. He doesn’t own them outright, however. The 69-year-old House minority leader from Weston owes $630,000 in mortgages and a home equity loan. His other remaining assets include a life insurance policy worth $30,000; an investment in Nichols Yacht Yards worth $70,000; brokerage accounts worth $90,000; and about $40,000 cash.

Chris Dorworth
Chris Dorworth
Rep. Chris Dorworth (R)
District 34: Parts of Orange and Seminole counties
2008 Net Worth: $706,000, -75%

What Happened: The decline in Dorworth’s net worth resulted from a land deal that went sour. In 2006, Dorworth teamed up with Seminole County Republican Party Chairman Jim Stelling to purchase a 70-acre Oviedo plant nursery that they intended to turn into a housing subdivision. Stelling and Dorworth’s company, Metro Orlando Development Group, borrowed $1.7 million from Orange County Republican Chairman Lew Oliver’s company, TG&O Holdings, for a down payment on the $8-million purchase of the property. But when the soil was found to be contaminated with arsenic and the project could not be developed, the deal fell apart. Oliver later sued Stelling and Dorworth, alleging that Metro Orlando defaulted on the $1.7 million. Last August, the Orlando Sentinel reported that Oliver, Stelling and Dorworth had reached a settlement. Terms weren’t revealed, but judging by Dorworth’s most recent financial disclosure form, it appears that Oliver and his investors will be getting their money back. Under liabilities, Dorworth lists a “¼ personally guaranteed business loan for Metro Orlando Development Group to TG&O Holdings” in the amount of $450,000 and “¾ of remaining personally guaranteed business loan for Metro Orlando Development Group to TG&O Holdings” in the amount of $1,350,000.” Dorworth’s half-ownership in the Metro Orlando Development Group, valued at $1.1 million on his 2007 financial disclosures, is no longer listed as an asset.

Luis Garcia
Luis Garcia

Rep. Luis Garcia (D)
District 107: Part of Miami-Dade County
Net Worth: $100,000, -68%

What Happened: Garcia, a retired Miami Beach fire chief, experienced significant declines in the value of his Miami Beach condo, a money market account and his stock portfolio.

Tags: Politics & Law, Banking & Finance, Government/Politics & Law

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