After much tension to release his tax forms, presidential candidate Mitt Romney has generated over $43 million in just the past 2 years. As you can see from all of his previous houses Mitt Romney can not relate to the average American on economic conditions.
While much of Romney’s assets comes from his tenure at Bain & Company and investment firm Bain Capital, the presidential contender grew up in relative wealth as the son of American Motor Corporation CEO and former Michigan governor George W. Romney. As such, Romney is also no stranger to high-end real estate, having possessed properties in Massachusetts, Utah, New Hampshire, and most recently La Jolla, CA.
Mitt Romney spent the first five years of his life in this 5,500-square-foot home (above) in the upscale Detroit Palmer Woods neighborhood before moving to Detroit’s Bloomfield Hills suburb. Despite the fact that Detroit real estate has been hard hit in the past few years, Palmer Woods real estate stayed steady as a high-end neighborhood. Nevertheless, even an high end location could not save Romney’s childhood home from foreclosure or the wrecking ball. After going down into disrepair in 2009, the house was one of 3,000 Detroit homes razed in the city’s restoration plan.
I hate the idea of destroying houses that could potentially be restored to historical masterpieces!
According to property records, Romney and his family bought the 7-bedroom, 6.5-bath home in Belmont in 1989 — five years after Romney founded investment firm Bain Capital. The Romneys’ home sold for $3.5 million in 2009 — 293 percent more than the 1989 purchase price of $890,000.
Located on 2.44 acres and within 25 minute drive from downtown Boston, the 6,434-square-foot Colonial was an ideal home base for Romney, his wife Ann and their five sons for 20 years
In 1997, the Romneys plunked down $3 million for a summer home located on 11 acres of lakefront in New Hampshire. The 3-story, 6-bedroom contemporary sits along Lake Winnipesaukee in Wolfeboro, “the oldest summer resort in America.”
With a 5,400-square-foot main house and additional guest house, the estate is worth an estimated $10 million.
In 1999, the Romneys picked up another vacation home. This time, the family decided on a mountain ski home in Park City, Utah. At the time, Romney was working as CEO and Chief executive of the 2002 Winter Olympics in Salt Lake City, where he is acknowledged with establishing critical trustworthiness for the scandal-plagued organizing committee. Romney’s authority in the Olympics was largely viewed as a success, leading him to write “Turnaround: Crisis, Leadership and the Olympic Games” about his experience.
More chalet than cabin, Romney’s 7-bedroom, 9.5-bath home sits at the end of a cul-de-sac on nearly 11 acres. A premier getaway for snow sport fanatics, Park City real estate doesn’t come cheap. Romney’s home was no exception; the 9,514-square-foot home sold in 2009 for a little under the $5.25 million asking price.
When Romney purchased his $12 million La Jolla home in 2008, he told the media that he wanted to be somewhere where he could “hear the waves.” Apparently a home on the high-priced California coast, (median La Jolla home values hit $1,067,600), was the right location.
It may be the ideal location, but it isn’t quite the ideal home, at least not yet. In August 2011, Romney filed an application with the city to bulldoze the single-story beachfront home and replace it with a larger, two-story home.
A spokesperson for the politician explained:
They [the Romneys] want to enlarge their two-bedroom home because with five married sons and 16 grandchildren it is inadequate for their needs.”
The spokesperson added that the renovation would not begin until after the campaign has wrapped up.
Romney’s recent real estate purchase is the most modest on the list. In June 2010, he and Ann bought a 2-bedroom townhouse in suburban Belmont. According to property listing information, the Romneys paid $895,000 for the 2,100-square-foot home in the new residential development The Woodlands.
Since selling their Belmont mansion, this is the first property they have owned in the Boston area in two years. Previously, the Romneys claimed a basement apartment in their eldest son’s home as their legal Massachusetts address.