Monday, June 06, 2005
Copyright © Las Vegas Review-Journal

Reports detail legislator wealth

Berkley might be richest Nevada Congress member

WASHINGTON -- Sen. Harry Reid sold Las Vegas property last year for a seven-figure gain, reinvesting the profits in stocks and municipal bonds.

Rep. Jon Porter and his wife collected rent on seven condominiums and other investment housing they own in Boulder City.

Rep. Shelley Berkley's husband owns a piece of a neighborhood bar in Henderson, while Sen. John Ensign is carrying the financing of a lake cabin he sold near Barstow, Calif., in 1996.

Those and other details of the personal finances of Nevada members of Congress came to light in disclosures the lawmakers have filed with the House and Senate.

The reports indicate that Berkley probably is the wealthiest Nevada lawmaker, mostly because of the extensive holdings of her husband, Dr. Larry Lehrner, a Las Vegas kidney specialist.

They also show Reid adding to a hefty retirement fund while Ensign is socking away money for his three young children and Porter is still profiting from his earlier career as an insurance salesman.

While the latest reports, covering 2004, are scheduled to be released publicly by Congress on June 14, the Nevada lawmakers have made theirs available. Rep. Jim Gibbons, R-Nev., received an extension and has not yet filed his 2004 report, said Amy Spanbauer, his chief of staff.

The reports list the approximate value of investments, income derived from them and transactions lawmakers completed during the year. Congress members also are required to report profits from speaking engagements and any free travel they accepted.

It is difficult to pinpoint exact values because lawmakers are allowed to categorize their holdings in broad ranges. For instance, Reid reported income from his property sale as between $1 million and $5 million.

The politicians also are not required to disclose the value of their homes or the income of their spouses. The figures also don't include their Capitol Hill salaries. Senators and House members are paid $162,100. Reid, the Senate minority leader, is paid $180,100.

Following are sketches of the Nevadans who filed reports:

REID:

Reid, 65, reported assets between $2.1 million and $5.5 million. His wealth includes land and mining claims in Searchlight, his hometown. His largest listed asset is 160 acres of land in Bullhead City, Ariz., valued at $500,000 to $1 million.

Reid's portfolio contains municipal and school bond investments of $520,000 to $1.2 million. He has put money into offerings from Clark County and Henderson as well as jurisdictions in Illinois, Wisconsin, Texas, Arizona, Oregon, Pennsylvania, New Jersey, Utah, Alaska, Tennessee and Michigan.

Reid reported that he sold a piece of property and a 47 percent interest in an adjoining piece of land in January 2004 for a price that he reported as between $1 million and $5 million.

Clark County records indicate that Reid was involved in a sale completed in January 2004 of 4.73 acres on Patrick Lane just west of Fort Apache Road, south of Spring Valley. Records show the buyer was Patrick Lane LLC, whose manager was listed as Jay Brown, an attorney and longtime Reid friend and associate.

Records available Friday did not indicate sales prices. Reid declined through a spokeswoman to detail the transaction or verify the county information.

Reid's profits from the transaction were reinvested in a Wells Fargo money market fund and in bond offerings, his aide confirmed from his financial report.

Reid also bought stock in companies that included Best Buy, Emerson Electric, Anheuser Busch, Apache Corp., an oil and gas developer, and Boston Scientific, which manufactures medical devices.

During 2004, Reid sold stock in companies that included mortgage lender Freddie Mac, Intel Corp., Kohls Corp. and hospital operator HCA Inc.

Reid delivered a dozen speeches, at $2,000 apiece, in 2004. He donated the $24,000 to charity as required by Senate rules. He declined through a spokeswoman to identify the beneficiaries.

ENSIGN:

Ensign, 47, reported holdings valued at $881,000 to $1.8 million, excluding custodial accounts for his three children.

A veterinarian, Ensign's largest asset is the land and building in Summerlin that houses the South Shores Animal Hospital he owns with veterinary partner Gerald Pribyl.

Ensign valued his share of the property at $500,000 to $1 million, with a mortgage responsibility on the property for a similar amount.

He also is financing a vacation cabin he sold in 1996 in Newberry, Calif., near Barstow. For 2004 he valued the loan at $15,000 to $50,000. He said he collected less than $5,000 from interest-only payments during the year.

Ensign and his wife, Darlene, also reported investment accounts for their children that hold nearly $600,000 combined.

BERKLEY:

A summary sheet provided by Berkley's office calculated wealth at $3.9 million to $14.6 million for the congresswoman and her husband, who married in 1999.

Many of the assets are in the Lehrner name. The couple jointly own Berkley's previous home in Las Vegas, which is now being rented, and a house on Capitol Hill valued at between $500,000 and $1 million, where Berkley lives during the congressional session.

Lehrner reported earnings from his medical practice. His listed assets also include partnerships in dialysis service companies in Las Vegas and in Quail Park V, an office complex at Rancho and Alta drives in Las Vegas.

Lehrner also is part-owner of The Gin Mill, a tavern on Windmill Parkway in Henderson. He also owns an interest of between $15,000 and $50,000 in Metalast International, a metals finishing company in Minden.

Berkley, 54, holds several retirement accounts in her name valued at $169,000 to $462,000.

PORTER:

Porter, 50, and his wife, Laurie, reported assets of $1.5 million to $6.3 million.

The Porters collected rent from investment properties in Boulder City. They reported owning seven condominiums, a single-family house and a duplex, secured with mortgages totaling between $200,000 and $500,000.

Porter also received more than $100,000 last year in deferred compensation from Farmers Insurance Corp., for whom he worked as district director before being elected to Congress in 2002.

The former insurance executive also owns a retirement account through Farmers valued at $100,000 to $250,000.