From Tony to Barack, Part I - Clever Real Estate Strategies for Politicians
J.T. Galt Ω @GOPMom.com
The story about Senator Obama’s house purchase is well known. On June 15, 2005, Barack and Michelle Obama closed on a new house in the historic Kenwood district of Chicago for $1,650,000, or $300,000 below the listed asking price. On the same day, Rita Rezko, the wife of Tony Rezko, closed on the adjacent vacant lot for $625,000, which was the full listed asking price. The Obamas subsequently purchased a 1,500-sqft strip of land from the Rezkos on January 11, 2006 for $104,166, increasing the side lot buffer between their properties.
The media confronted Senator Obama about these transactions because Tony Rezko was under federal investigation at the time for political pay-to-play schemes. In 2008, Rezko was convicted of fraud, money laundering, and aiding and abetting bribery for government business. During his press conferences, Senator Obama insisted that he did not coordinate his purchase with Rezko in any manner:
Ultimately, the Chicago and the mainstream media accepted Senator Obama’s explanation of events. In the meantime, the political blogosphere tried to keep the story alive but no one was able to prove any direct connection between the purchases. As difficult as it is to believe, major facts have been misreported and crucial third party information has never been examined.
Documented evidence proves that Senator Obama and Tony Rezko coordinated their purchases as well as the relative values of the house and the lot. Significant economic value was transferred between the properties after the execution of the purchase agreements and prior to the closings on June 15, 2005. Furthermore, this transfer fully explains Senator Obama’s reason for buying the extra strip of land. In sum, Senator Obama would not have been able to purchase the house at such a large discount if Rezko had not purchased the adjacent lot.
So, how is this possible after all of this time? Keep Reading Here
The story about Senator Obama’s house purchase is well known. On June 15, 2005, Barack and Michelle Obama closed on a new house in the historic Kenwood district of Chicago for $1,650,000, or $300,000 below the listed asking price. On the same day, Rita Rezko, the wife of Tony Rezko, closed on the adjacent vacant lot for $625,000, which was the full listed asking price. The Obamas subsequently purchased a 1,500-sqft strip of land from the Rezkos on January 11, 2006 for $104,166, increasing the side lot buffer between their properties.
The media confronted Senator Obama about these transactions because Tony Rezko was under federal investigation at the time for political pay-to-play schemes. In 2008, Rezko was convicted of fraud, money laundering, and aiding and abetting bribery for government business. During his press conferences, Senator Obama insisted that he did not coordinate his purchase with Rezko in any manner:
“Look, I bought a house. He bought a piece of property next to
the house, and that transaction was entirely separate, as I said
it was negotiated entirely separately. It wasn’t something that
we were coordinating in any sort of fashion, in terms of the
actual transactions themselves, there was no quid pro quo”
Senator Obama,
Sun-Times Interview Excepts, November 7, 2006
“the house purchase was negotiated between ourselves
and the seller. It was not contingent on the lot. The lot
had nothing to do with the sale of the house”
Senator Obama,
Transcript of Sun-Times Interview, March 15, 2008
“there was simply no connection between our
purchase of the house, the price of the house and
the purchase of the lot”
Senator Obama,
Transcript of Chicago Tribune Interview, March 16, 2008
Ultimately, the Chicago and the mainstream media accepted Senator Obama’s explanation of events. In the meantime, the political blogosphere tried to keep the story alive but no one was able to prove any direct connection between the purchases. As difficult as it is to believe, major facts have been misreported and crucial third party information has never been examined.
Documented evidence proves that Senator Obama and Tony Rezko coordinated their purchases as well as the relative values of the house and the lot. Significant economic value was transferred between the properties after the execution of the purchase agreements and prior to the closings on June 15, 2005. Furthermore, this transfer fully explains Senator Obama’s reason for buying the extra strip of land. In sum, Senator Obama would not have been able to purchase the house at such a large discount if Rezko had not purchased the adjacent lot.
So, how is this possible after all of this time? Keep Reading Here
Comments