Gavin Newsom’s $3.7 Million Estate Was Gifted to Him in 2019; 3 Months Later He Got a $2.7 Million Tax Free Cash-Out. This guy’s so crooked he can’t sleep straight at night. Want another reason to recall him? Here it is.
- Gavin Newsom’s $3.7 million, 12,000 square foot mansion, on 8+ acres along the American River in Sacramento, was the area’s most expensive home sale in 2018
- An LLC registered to and SOLELY OWNED BY Newsom’s cousin, long-time business partner, and Co-President of PlumpJack, Jeremy Scherer, paid cash for the estate in December 2018
- Newsom’s spox, though, claimed in Jan 2019 that it was Newsom who’d paid cash for the home – puzzling, since Newsom still carried a $3.2 million mortgage on his prior home
- In Oct 2019 the LLC gifted the home to the Newsoms free and clear, falsely claiming Newsom was a member of the LLC to avoid a $4,000 Transfer Tax
- In January 2020 the Newsoms received $2.7 million tax-free when they obtained a cash-out refinance
- Newsom’s financial disclosure forms don’t mention the LLC or the gifts, which far exceed the $500 limit
- In 2003, Newsom was cited for failing to disclose $11 million in real estate and business loans
