Rubio has a self funding primary challenger from #trumpset
Beruff's personal fortune could be as high as $167M
By
MATT DIXON
08/01/16 01:18 PM EDT
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TALLAHASSEE — Republican U.S. Senate candidate Carlos Beruff is not coy about his ability to dump seven figures of his own personal wealth into his campaign.
“Ahh,
a million 1, million 2 — whatever it takes,” he told reporters at a Sarasota political event on Saturday.
The wealthy Manatee County home builder can certainly afford it. He reported his personal fortune as being between $42.6 and $167.2 million,
according to 2015 financial disclosure forms filed on Friday. Because candidates and members are only required to report ranges of assets and liabilities, an exact figure is not available.
It is the first time Beruff has publicly revealed details of his personal finances. He had filed two extensions delaying the disclosure of the data.
Beruff's overall net worth would rank him as one of the Senate's richest members, possibly as high as number two. Virginia Sen. Mark Warner, who founded the venture capital firm, Columbia Capital, is the wealthiest member. His personal fortune ranges between $90 and $242 million.
Beruff reported between $5 million and $27 million in investment income, most of which is tied to capital gains or dividends from various investments, including land holdings. He also made just over $150,000 in salaries during 2015. Specific numbers for non-investment income must be reported.
GOP primary front-runner Sen. Marco Rubio, after winning Saturday's straw poll in Sarasota, said he's not concerned about Beruff’s personal wealth.
“People have a right to run and if they want to spend money on the election, they have a right to,” Rubio said. “I don’t own the seat.”
Beruff has spent more than $7 million on his campaign, most of which has gone to TV ads as the first-time candidate works to boost his name identification. He had a slight lead over a five-person field before Rubio got back in the race last month. He now trails the incumbent by a wide margin, according to polls. After Rubio announced he would seek re-election, the GOP primary field essentially turned into a head-to-head matchup between Beruff and Rubio.
He has said he could spend up to $15 million of his own money to boost his campaign, but told reporters during the straw poll event that the number could "be more."
Much of his wealth is tied up in various homebuilding companies and land that will be used for future development.
His single biggest asset is land, mostly in Manatee County. He lists up to nearly $100 million in real property assets, much of which is available for potential future housing developments.
He lists assets of between $9.1 and $43 million tied to a series of entities that carry some variation of Medallion Homes of Medallion Realty in their titles. The biggest of which is Medallion Homes Gulf Coast, LC, which is listed at between $5 and $25 million.
His biggest liabilities are a series of guaranteed business loans each listed between $1 million and $5 million. Overall, Beruff lists between $12 and $54 million in liabilities.
The disclosure forms also list Beruff holding 111 various positions, mostly to entities he owns. He is a director of the Sarasota Manatee Airport Authority, a post former Gov. Charlie Crist appointed him to. He was reappointed by Gov. Rick Scott.
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Beruff's personal fortune could be as high as $167M
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