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

 

www.redstate.com/jenvanlaar/2020/07/25/gavin-newsoms-3-7-million-estate-was-gifted-to-him-in-2019-3-months-later-he-got-a-2-7-million-tax-free-cash-out/

530 views

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.