How Rick Santorum got a $2 million Virginia estate

[mahatmakanejeeves]

Last edited Mon Mar 12, 2012, 08:12 AM - Edit history (2)

The story is not new. It's been discussed at DU already.

Santorum & the Creamcup Trust- Rick's shady real estate dealings to buy family home

The Washington Examiner ran a story about it on Friday. The Examiner is reliably right wing, so its owner, Philip Anschutz, must be in Romney's camp. There might be some new information in here. If not, it's a good read. I looked up Creamcup Lane on the ADC map. It's not far from where Oliver North used to live as the crow flies, but it's a roundabout drive.

(Edited to make the link to the article visible.)

http://campaign2012.washingtonexaminer.com/article/how-rick-santorum-got-2-million-virginia-estate/418636

How Rick Santorum got a $2 million Virginia estate

Rick Santorum built his presidential candidacy on the premise that he is very different than wealthy, establishment front-runner Mitt Romney, that he is someone who has faced the plights of the average American. Among the hardships Santorum claims to share is an underwater mortgage, the kind that's forcing millions from their homes.

"The value of my house is a fraction of what it was when I bought it," the former U.S. senator from Pennsylvania recently told Michigan supporters.

But the Republican presidential contender's housing situation is quite unlike the one so many other Americans actually face, according to experts and documents obtained by The Washington Examiner.

Santorum bought his $2 million, five-acre home in the tony Washington suburb of Great Falls, Va., in August 2007 through a trust in a deal aided by a high-profile tax lawyer who serves as an officer for one of the largest homebuilders in the country.

[Angry Dragon]

1. Is it the house with all the crosses in front yard and

the trail of slime up the walkway??

[Cirque du So-What]

2. That only represents the tip of the iceberg

There's more dirt on Sanctimonium than a grave-digger after a thunderstorm, which the corporate media have scrupulously avoided. I believe that if the gooper establishment felt that Li'l Ricky represented a real threat to Mitt der Shitt, we'd be hearing more about the corruption that led to defeat in his last Senate race.

[Ikonoklast]

3. Many do not realize that the wealthy "own" almost no real estate directly.

A trust is created to purchase, pay for maintenance, and is responsible for taxes and mortgage payments.

The trust can 'rent' or 'lease' the real estate to the 'tenant', which allows the trust to depreciate the buildings, something one cannot do to a primary residence.

I know of a consortium of doctors that do this.

Every principal residence they live in, eight different properties in all, are owned by a trust which is responsible for everthing, and generates depreciation for them.

On paper, the trust is controlled by a legal entity that is a real estate development corporation not affiliated in any way with the doctors; in reality, they control the trust 100%.

[sammytko]

4. The nytimes did a story on the candidates homes. Here is the link

http://www.nytimes.com/2011/12/29/garden/the-houses-of-the-gop-hopefuls.html?pagewanted=1

They called santorums house a big rectangle with holes punched in it. It's kind of blah.

Newts house is way over the top ornate.

[blue neen]

5. Isn't it strange that so many of those homes use the color turquoise?

What's up with that? Was there some internal Republican poll that showed Repubs respond to aqua hues?

[sammytko]

6. Here's a link to newts tewty's bathroom

http://www.annkenkelinteriors.com/09.html

Way too many mirrors. He probably scares himself, or should anyway.