Gavin Newsom’s $3.7 Million Estate Was Gifted to Him in 2019; 3 Months Later He Got a $2.7 Million Tax Free Cash-Out
Posted at 5:00 pm on July 25, 2020 by Jennifer Van Laar
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Gavin Newsom’s $3.7 million, 12,000 square foot mansion, on 8+ acres along the American River in Sacramento, was the area’s most expensive home sale in 2018
The gated estate consists of a 6 bedroom/10 bath home, a guest house, a pool, a tennis court, and a wine cave
An LLC registered to Newsom’s cousin, long-time business partner, and Co-President of PlumpJack, Jeremy Scherer, paid cash for the estate in December 2018
Newsom’s spox, though, claimed in Jan 2019 that it was Newsom who’d paid cash for the home – puzzling, since Newsom still carried a $3.2 million mortgage on his prior home
In Oct 2019 the LLC gifted the home to the Newsoms free and clear, claiming Newsom was a member of the LLC to avoid a $4,000 Transfer Tax
In January 2020 the Newsoms received $2.7 million tax-free when they obtained a cash-out refinance
Newsom’s financial disclosure forms don’t mention the LLC or the gifts, which far exceed the $500 limit
In 2003, Newsom was cited for failing to disclose $11 million in real estate and business loans
One thing that’s become extraordinarily clear to Californians in 2020 is that there’s one set of rules for Gov. Gavin Newsom, and there’s another set of rules for the rest of us. He preaches that we’re all in this together and that we have to sacrifice to “meet this moment,” yet he’s not missing a paycheck.
As California businesses struggle, he sends a $1 billion contract for masks to a Chinese company. When he shut down wineries throughout 80 percent of California, he kept his open.
While the dream of owning a home is increasingly out of reach for California’s families, it appears that Newsom received a $3.7 million estate from an LLC owned by his cousin then, a few months later took out a $2.695 million (tax-free) cash-out mortgage on it — and didn’t report the gift on any of his financial disclosure forms.
Yes, it’s clear that Gavin Newsom doesn’t live by the same rules the rest of us do. It’s good to be king.
During the eight years that Gavin Newsom served as California’s Lieutenant Governor, he and his family still lived a few hours from Sacramento, in their $4.5 million Bay Area compound. Throughout the 2018 gubernatorial campaign, he wouldn’t commit to moving his family to the capital. Days before his January 7, 2019 swearing-in ceremony, Newsom announced that the family would be moving into the Governor’s Mansion — which wasn’t true at all. Unbeknownst to the public, an LLC owned by Newsom’s cousin had already purchased an estate in Fair Oaks on December 21, 2018, for the Governor’s family to live in, for $3.7 million cash.
(DON’T MISS THESE UPDATES: Part 2 of this series has all of the details on the nearly $6 million in
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and voice their concerns. You guys can quarantine til 2022. Let the healthy fit population go on with everyday life. That’s what should have been done from the get go. Strategic social distancing like Sweden’s Anyone that’s under that population at risk should stay home and wait for the vaccine. For the rest of us it’s just the flu. CA took the socialist approach/
