Reid's reported worth puts him among wealthier senators


WASHINGTON -- Sen. Harry Reid reported to the Senate this week that he is worth at least $3.4 million, a sum that places him among the wealthier senators but far from the wealthiest.

Reid, D-Nev., filed a 2010 personal finance report on Monday. It showed much of his wealth continues to be derived from land and mining claims in the Southwest, stock funds and municipal and school bonds.

Reid's assets were valued at a minimum of $3.4 million, and could be as much as $10.3 million, as calculated from the unusual annual document. It allows members of Congress to value their assets in broad ranges, and does not cover their homes, making it difficult to pinpoint the exact worth.

Reid has ranked by wealth in the top 40 of 100 senators over the past half dozen years, according to the Center for Responsive Politics.

The Senate will not release a complete set of the latest disclosures until June 15. Reid made his available on request.

Compared to 2009, Reid's minimum worth increased by 9.7 percent, according to his filings. His stocks, bonds and other liquid assets are managed in a blind trust established through Wells Fargo.

Reid's bottom line was boosted in 2010 by a sharp and temporary increase in the assessment of four parcels totalling 160 acres that he owns in Bullhead City, Ariz.

The value of the property jumped from $479,430 in 2009 to $1,467,056 in 2010, according to Mohave County property records.

Beverly Payne, chief deputy assessor, said county appraisals for 2010 were performed in pre-recession 2007 and 2008, when plans for subdivisions to be built by Mardian Development, Rhodes Homes and others drove up land values, which fell sharply in a housing market collapse.

According to county records, the assessed value of Reid's property will drop to $683,856 in 2011, and to $464,250 in 2012.

Reid appealed the 2010 assessment in April 2009, but it was denied, according to spokesman Zac Petkanas. It left him with a Mohave County property tax bill of $14,707.

Among other holdings, Reid investments in energy and growth funds increased in value from 2009, while an industrial sector fund lost value.

Reid's report also showed that, for the second year, he accepted a ride home for Christmas aboard the plane owned by Sen. Dianne Feinstein's husband.

Reid reported he and his wife, Landra, flew from Washington with Feinstein, D-Calif., last Dec. 23, and were dropped off in Reno. The value of the trip, which was reported as a gift and calculated with the Senate Ethics Committee, was $14,500.

In 2009, after the Senate finished voting on a health care reform bill on Christmas Eve, Reid accepted a similar gift ride to Reno with Feinstein. Reid's office said more passengers were on that flight, so Reid's share of the travel was $3,625.

Last year Reid also accepted a landscape painting from the Rainbow Dreams Education Foundation in Las Vegas, valued at $650.

The wealthiest senator in 2009 was Sen. John Kerry, D-Mass., with a minimum of $182.7 million. Kerry's riches derive largely through his wife, Teresa, a widow of Sen. John Heinz, whose family owned the condiment company.

Contact Stephens Washington Bureau Chief Steve Tetreault at stetreault@stephensmedia.com or 202-783-1760.

 

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