Finance reports reveal how Reid and Heller stay millionaires

WASHINGTON — Sen. Harry Reid spent some of the profits from the sale of his home in Searchlight last year to pay off a Wells Fargo credit line. Sen. Dean Heller made $37,347 off the harvest of alfalfa from his ranch in Smith Valley.

Both Nevada senators are millionaires, and details of how they stay that way are contained in personal finance reports that lawmakers are required to file each May 15 with Congress. The filings outline what investments they have made, how much income those generate, how much they owe and to who.

Lawmakers can list their assets and debts in broad categories that provide a general picture of their financial well-being. The reports do not include the value of their personal homes but do include their mortgages. Also not listed are their salaries. Heller makes $174,000; Reid as Democratic leader makes $193,400.

Personal finance reports from House members are scheduled to be released next month.

While well-to-do compared to many of their constituents, neither Nevada senator is considered in the top tier of their peers financially. In 2013, the wealthiest senator was Mark Warner, D-Va., who made his money in telecommunications and had a minimum net worth of $95 million, according to the Center for Responsive Politics.

Reid reported he and wife Landra held assets in 2014 worth at least $2.98 million, roughly a 4 percent increase from 2013. They could be worth as much as $6.63 million, according to his report.

Much of the Reids’ financial activity stemmed from the sale last June of their homestead in Searchlight and mineral rights on the property for an announced $1.75 million to Nevada Milling &Mining LLC, a gold exploration venture. The Reids moved to Henderson, where they bought a $769,000 home in the Anthem subdivision.

Reid also paid off a $100,000-$250,000 credit line from Wells Fargo during the year. The Reids had taken out a low-interest loan to pay off their Searchlight mortgage three years ago.

Reid sold two other mining claims last May to American Capital Energy for between $100,000 and $250,000.

The Reids’ most valuable asset is a 160-acre piece of undeveloped land in Bullhead City, Ariz., appraised at between $250,000 and $500,000. They continue to own other real estate and mineral interests in the Southwest. But now more of the couple’s wealth is in mutual funds and government securities managed through a blind trust. Those investments amount to between $2.1 million and $4.5 million, according to the report.

Heller, a Republican, and his wife Lynne reported holdings of at least $2.99 million and as much as $9.34 million.

Much of the couple’s wealth is through Lynne Heller’s share of a family partnership that has invested in California government bonds. As a former Secretary of State, Heller also is covered by a state retirement plan valued at between $50,000 and $100,000.

The largest Heller investment is their 185-acre ranch in Smith Valley valued at between $1 million and $5 million, secured by a mortgage of between $1 million and $2 million, according to the filing.

Heller collected between $15,000 and $50,000 in income from renting out a second home on the property. Heller also grows alfalfa on 121 acres that brought in another $37,347.