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

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

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