Newspaper Wonders How Biden Could Afford His House
The Delaware "News Journal" wonders how the least wealthy senator, Joe Biden, who is worth $2 million, can afford a house valued at $2.5 million:
Though he's considered one of the least wealthy senators -- his net worth dwarfed by several multimillionaire attorneys and entrepreneurs -- Biden is a wealthy man by ordinary standards -- worth about $2 million but perhaps hundreds of thousand dollars more, a News Journal analysis found.
Like many Americans, Biden's house is his most valuable asset.
First elected to the Senate 36 years ago, the former lawyer lives off Barley Mill Road in Greenville -- northern Delaware's priciest area -- on a four-acre lakefront estate in a 7,000-square-foot custom home. Biden also owns a smaller carriage house on his property, where his widowed mother lives.
Local real estate agents said the Biden property is worth at least $2.5 million -- $1.8 million more than the couple owes. In addition, his latest Senate financial disclosure -- which lists assets and liabilities in wide ranges -- shows that Biden's net worth, excluding real estate holdings and mortgage debt, is between $381,000 and minus $55,000.
Biden and his wife, Jill, an English instructor at Delaware Technical & Community College, have combined salaries of $265,500 this year. Between 2005 and 2007, Biden also received a total of $225,000 in advances for his autobiography, "Promises to Keep."
More here: http://www.delawareonline.com/apps/pbcs.dll/article?AID=2008809060343




