US: Bidens's Delaware properties yield $4.2 million from $350K investment
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."
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?"
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.
