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
This post was last modified on January 31, 2021
View Comments (10)
And he still can't pay his property taxes on time.
You expect politicians to be crooked(particularly Democrats) but the most irritating part of this article is the use of 'gift' as a verb.
Ethics and morality are only for the little people. Not the elite. The elite are above such pesky things.
Nothing like pulling sneaky financial maneuvers. But then, he probably learned at the feet of Pelosi and :Mad" Maxine Waters!
For some reason the worst part of this to me is Newsom declaring that as governor he would live in the state-owned governor's mansion, even though he had already purchased the 6,000 sq. ft. mansion where he was going to live. He'll come up with all kinds of excuses for the rest of this complicated financial transaction, and maybe he will get a fine of some sort for illegal campaign contributions or something like that, but the blatant out-and-out lie cannot be explained away.
All the while lecturing others. What’s next a foundation?
In California, it is traditional to have a blind AG.
Ours is Helen Keller...He can't see anything but Trump...But he sure does like him some criminals and thieves.
Yours is only Helen Keller on a good day!
Otherwise he's a freaking mannequin.
Don’t forget the illegals. You don’t want to be accused of segregation or any other alphabet soup that they can come up with.