realestate | He is the Commander in Chief of Cash.
President Joe Biden and First Lady Jill Biden have treated their various Delaware real estate holdings like a personal ATM for years, taking out several mortgages and refinancing a whopping 35 times, according to the New York Post.
The couple, said to boast a net worth of $US10 million ($A15.01), allegedly borrowed $US6 million on the properties over the decades.
The wheeling and dealing dates back to the late 1970s — shortly after Joe and Jill were married. The pair have negotiated new mortgage or credit deals approximately every 17 months, the Daily Mail reported. The frequent refinancing has raised eyebrows.
“It doesn’t make a lot of sense unless they were desperate for cash,” a finance expert commented to the outlet.
The revelations add a layer of intrigue as the President faces scrutiny over his family’s financial past.
The Bidens’ current residence, a mansion purchased in 1996, still has an outstanding $541,000 mortgage nearly three decades later, records show.
The president’s previous Wilmington home, bought in 1975 for $US185,000 and offloaded in 1996 for $US1.2 million, had 15 mortgages and lines of credit attached to it before being sold to the vice chairman of credit card company MBNA, Delaware’s largest employer, which reportedly hired Hunter Biden that same year.
“Why would anyone view their home as an ATM?” LA realtor Tony Mariotti, founder of RubyHomes.com, asked the Daily Mail.
0 comments:
Post a Comment