Mitt Romney Not Such a Great Real Estate Investor

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The LA Times reports that although Mitt Romney may be pretty good at making money in the private equity biz, he’s apparently not so good at the real estate investment biz. His La Jolla mansion, the one with the car elevators, hasn’t worked out so well for him:

After paying cash for the Mediterranean-style house with 61 feet of beach frontage, [the Romneys] asked San Diego County for dramatic property tax relief….Initially, the Romneys asked that their 2009 assessment, $12.24 million, be reduced to $6.8 million, maintaining that their home had lost about 45% of its value in the first seven months they owned it.

Impressive! A lot of homes here in Southern California lost value during the housing bust, but Romney must be the only guy to lose 45% in the space of seven months. Or to claim he did, anyway. The San Diego County assessor rejected Romney’s rather dramatic sob story, and eventually everyone settled on a 29% reduction over the course of three years — though Romney’s lawyer still thinks that’s a lot higher than the home’s current fair market value. I guess mansions on the beach in La Jolla aren’t what they used to be.

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SIX TRUTHS

Reclaiming power from those who abuse it often starts with telling the truth. And in "This Is How Authoritarians Get Defeated," MoJo's Monika Bauerlein unpacks six truths to remember during the homestretch of an election where democracy, truth, and decency are on the line.

Truth #1: The chaos is the point.

Truth #2: Team Reality is bigger than it seems.

Truth #3: Facebook owns this.

Truth #4: When we go to work, we're in the fight.

Truth #5: It's about minority rule.

Truth #6: The only thing that can save us is…us.

Please take a moment to see how all these truths add up, because what happens in the weeks and months ahead will reverberate for at least a generation and we better be prepared.

And if you think journalism like Mother Jones'—that calls it like it is, that will never acquiesce to power, that looks where others don't—can help guide us through this historic, high-stakes moment, and you're able to right now, please help us reach our $350,000 goal by October 31 with a donation today. It's all hands on deck for democracy.

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