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Rubio’s $800K Book Advance Puts Him Into Higher Class
Posted at 2:16 p.m. on June 5, 2013
Sen. Marco Rubio’s recent personal wealth report showing an $800,000 book advance in 2012 indicates he has certainly moved up and out from his parents’ history as Cuban immigrants.
Rubio’s personal financial disclosure report, covering 2012, indicates that he has used the $800,000 book advance from Penguin Group USA, to help improve his overall financial status. His payment was an advance on “An American Son.” The Tampa Bay Times reported Rubio may also get 15 percent royalties on the hardcover, 10 percent of the paperback revenue and 25 percent of the audiobook revenues.
His biggest financial improvement was paying off $100,001 to $250,000 owed to Sallie Mae for student loans from 1996.
Since last year’s report, Rubio has added more funds to his Citibank checking and saving accounts, both of which now carry $15,001 to $50,000 balances. He also started a new Citibank money market account of $100,001 to $250,000. A new Ameritrade Insured Deposit Account has a $1,001 to $15,000 balance.
He has also added a new ABA Retirement Fund large cap equity fund with a balance of $1,001 to $15,000. He has also bought $1,001 to $15,000 in Coca-Cola stock, and his spouse has started Scholar Choice Savings Accounts of $1,001 to $15,000 for two of their children. He also put $1,001 to $15,000 into a FIU 401(A) Temporary Employee Savings Plan (Bencor) Guaranteed Pooled Fund. He had reported $16,416 as salary from Florida International University.
Three was no change in his mortgage liability for his Tallahassee rental house. He bought it in 2005 for $135,000. His liability for the mortgage and home equity loan on his West Miami home also has not changed. He bought it in 2006 for $550,000 and it is on the market for $675,000.
His report lists other specific assets and accounts.