US: Bidens's Delaware properties yield $4.2 million from $350K investment
What's the story
US President Joe Biden and First Lady Jill Biden have reportedly leveraged their Delaware real estate holdings for personal income, refinancing them 35 times, according to a report.
The couple's financial dealings, which began in the late 1970s shortly after their marriage, have involved borrowing an estimated $6 million against these properties.
This frequent refinancing has left finance experts puzzled, with one stating to the Daily Mail that "It doesn't make a lot of sense unless they were desperate for cash."
Property details
Bidens's mansion: A $4.23 million investment from $350K purchase
The Bidens's current home, a mansion bought in 1996, still has an outstanding mortgage of $541,000 after nearly three decades.
Initially purchased for $350,000, the property has been leveraged with 20 different credit agreements and mortgages totaling $4.23 million.
LA realtor Tony Mariotti questioned this strategy in a conversation with the Daily Mail, asking "Why would anyone view their home as an ATM?"
Financial snapshot
Bidens's financial overview: Assets, liabilities, and real estate
In addition to their primary residence, the Bidens own a summer home in Rehoboth Beach purchased in 2017 for $2.74 million in cash with no attached mortgages.
Despite this asset, financial records show significant debt for the Bidens, including a mortgage on their Wilmington home and an equity loan on the same property.
The family's total liabilities range between $350,000 and $850,000 while their estimated assets fall between $1 million and $2.6 million.