Tuesday, July 1, 2008 at 12:24PM
Just a Vacation Home
The bubbletalk didn't stop this sale. Note that he didn't rule out a run at the governorship:
Mitt Romney recently paid $12 million to buy a home on the ocean in La Jolla, Calif., near San Diego. His son Matt lives in the same area. The former Massachusetts governor, whose main residence is in Belmont, Mass., says he has no plans to become a California resident, and the purchase has nothing to do with a possible future presidential run.
“I’ve always wanted to have a place on the beach where you could hear the crashing waves,” Romney says. “And you know, I’m 61; I’m not going to live forever. I said, ‘Ann, I want to get a place on the beach. I don’t care what size it is, but I want a place on the beach.’ And this spot, it’s not a huge home, it’s 3,000 square feet, but it is right on the beach, and you open the windows and hear the waves crash. It’s heavenly.”
Jim the Realtor
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Reader Comments (11)
I sure hope mitch roomey doesnt read this blog and see how much he overpaid!
I like how he thinks that a 3k sq ft house is small. He doesn't say it outright but implies it.
Great scoop Jim.
For the record Romney has made hundreds of millions of dollars running a hedge fund as well as other profitable ventures. With his net worth around $200M plus, wiring $12M cash from one of his accounts for an oceanfront home would be like someone who has around $500K or so in assets writing a check for $25K.
That's $500K in ASSETS, not a $500K home that's got a $450K loan against it :)
LOL
The hedge fund comment makes it sound as if he is completely a self-made man.
I'm not sure how much of a jump start Mitt got from his parents, but Mitt's father, George Romney, ran American Motors while he was growing up and became the governor of Michigan when Mitt (whose real name is Willard) was 15.
Mitt then attended Stanford...I'd say he didn't start in the gutter.
An interesting side note: George Romney's parents were polygamists who fled to Mexico to avoid the US government's opposition of that lifestyle.
He has other family in town.
3k sqft is modest and 12M is not much to him. 12M is nice cash but according to Wikipedia he has between 250-500M and 100M in a blind trust for his children.
Suprised he wouldn't want something more private.
Hat tip to Angela for sending this along
So, what you're saying is, he didn't take out an ARM with zero down?
They paid cash - and took title in their regular names too. Usually the more famous people hide ownership in other people's names or in trusts/LLCs to help disguise who owns them.
I was wondering who "Ritt Momney" was.
Vice President Romney is following in the footsteps of Nixon. It's win-win for him VP now and/or top dawg next term. I firmly believe whomsoever next earns the office is a one termer.
Ditto Dawg, in three years, I suspect people will be remembering '08 as not so bad.