January 30, 2012

A look at Mitt Romney's homes

By Erika Riggs, Zillow

Source: Politico

After a barrage of pressure to release his tax forms, former Massachusetts governor Mitt Romney reported his income, confirming what most already knew: He’s the wealthiest of the GOP candidates, earning $43 million over the past two years.

While much of Romney’s assets comes from his tenure at Bain & Company and investment firm Bain Capital, the presidential contender grew up in relative wealth as the son of American Motor Corporation CEO and former Michigan governor George W. Romney. As such, Romney is also no stranger to high-end real estate, having owned properties in Massachusetts, Utah, New Hampshire, and most recently La Jolla, CA.

Childhood Home– Detroit, MI

Mitt Romney spent the first five years of his life in this 5,500-square-foot home (above) in the upscale Detroit Palmer Woods neighborhood before moving to Detroit’s Bloomfield Hills suburb.  Although Detroit real estate has been hard hit in the past few years, Palmer Woods real estate remained steady as a high-end neighborhood. However, even an upscale location couldn’t save Romney’s childhood home from foreclosure or the wrecking ball. After falling into disrepair in 2009, the house was one of 3,000 Detroit homes razed in the city’s renewal plan.

Belmont, MA Mansion

According to property records, Romney and his family purchased the 7-bedroom, 6.5-bath home in Belmont in 1989 — five years after Romney founded investment firm Bain Capital. The Romneys’ home sold for $3.5 million in 2009 — 293 percent more than the 1989 purchase price of $890,000.

Situated on 2.44 acres and within 25 minute drive from downtown Boston, the 6,434-square-foot Colonial was an ideal home base for Romney, his wife Ann and their five sons for 20 years.

Wolfeboro, NH Compound

In 1997, the Romneys plunked down $3 million for a summer home situated on 11 acres of lakefront in New Hampshire. The 3-story, 6-bedroom contemporary sits along Lake Winnipesaukee in Wolfeboro, “the oldest summer resort in America.”

With a 5,400-square-foot main house and additional guest house, the estate is worth an estimated $10 million. Home to the Romney crew — children and grandchildren — each summer, some wonder if the GOP candidate’s familiarity with the state helped him clinch the New Hampshire primary.

Park City, UT Ski Home

In 1999, the Romneys picked up another vacation home. This time, the family decided on a mountain ski home in Park City, Utah. At the time, Romney was working as CEO and President of the 2002 Winter Olympics in Salt Lake City, where he is credited with establishing critical credibility for the scandal-plagued organizing committee. Romney’s leadership in the Olympics was largely viewed as a success, leading him to write “Turnaround: Crisis, Leadership and the Olympic Games” about his experience.

More chalet than cabin, Romney’s 7-bedroom, 9.5-bath home sits at the end of a cul-de-sac on nearly 11 acres. A premier destination for snow sport enthusiasts, Park City real estate doesn’t come cheap. Romney’s home was no exception; the 9,514-square-foot home sold in 2009 for a little under the $5.25 million asking price.

La Jolla, CA Beachfront Property

(Continued on page 2)

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