Rep. Jared Polis Moves $5-25 Million into a Property Account, Buys Home
Posted at 1:39 p.m. on Oct. 14, 2013
A multimillionaire Congressman, who ranks in the top ten richest members of Congress, has reported he moved between $5 million and $25 million during September into a property account, some of which was used to purchase a new home.
Rep. Jared Polis, D-Colo., reported he moved between $5 million and $25 million in an account named Mountain Property III LLC on 9/3.
His report showed a second $5 million to $25 million entry for the account on 9/12, but a spokesperson for the Congressman stated this entry was only to show the 9/3 funds were used to for the purchase of a personal residence in Virginia.*
Depending on the purchase price and any improvements, the Virginia residence may have one of the highest values for a Washington, D.C. area residence of any member of Congress. The current leader is Sen. John D. Rockefeller IV, D-W.Va, who has a Washington, D.C. home with a tax assessed value of $17.8 million. Sen. Dianne Feinstein, D-Calif., has a Washington, D.C. home assessed at $6.5 million.
Other smaller transactions indicate on 9/3 he moved $1,001 to $15,000 into an asset named Mountain Property II LLC. On 9/10 he moved $15,001 to $50,000 into an asset named Mountain Property Improvement LLC.
In other land issues, Rep. Polis is battling an energy company that set up a fracking operation just across the road from his 50 acre rural farm near Berthoud, Colorado. Polis has filed a complaint with authorities, requested a temporary restraining order, and filed suit in order to maintain the serene environment of his farm retreat.
It is not clear if any of the funds recently moved into his Mountain Property III LLC will be used for the Colorado law suit or for possibly buying the land or mineral rights from the energy company in order to stop their fracking operation. If so, Polis would be following the example of Facebook co-founder Mark Zuckerberg.
Zuckerberg recently bought four residential properties surrounding his own home in Palo Alto, California, for more than $30 million, according to an article in the Mercury News. He did so after hearing that a San Francisco developer was going to buy the property next door to Zuckerberg, build a large house and market it as being next door to Zuckerberg.
Another member of Congress buying a house recently, is Sen. Angus S. King Jr., I-Maine. In July, he bought a house in Washington, D.C. for $500,000.
*Update 10/15: A spokesman for the Rep. Polis stated the second entry (9/12) in his report was only to show the 9/3 funds were used for the purchase of a personal residence in Virginia.*