(CNN) - He has been estimated to be worth in excess of $250 million, but former Republican presidential candidate Mitt Romney may just be belt-tightening along with the majority of Americans.
Romney, the former business whiz and governor of Massachusetts, is looking to unload two of his four mansions, collectively valued in the currently-sour real estate market at close to $10 million.
The more expensive of the two homes is a 9,500 square foot cabin on 11 acres in Deer Valley, Utah, listed at $5.25 million. The property comes complete with 9.5 bathrooms and is entirely furnished with custom-made furniture. The real-estate Web site Zillow.com describes the 10-year-old ski cabin as the "perfect retreat" with "several gathering areas [that] provide enough space for lots of family and/or guests."
Also on the market is the Romneys' chief residence in the posh suburban Boston neighborhood of Belmont, where most home prices run well into the millions. The Romney house, which comes with a tennis court and 2.5 acres of land, has yet to be listed, though the Boston Globe estimates the price will be set at $3 million - $1 million less than what the home was worth 2 years ago.
Eric Fehrnstrom, a spokesman for Romney, said the moves are not an indication the nation's flagging economy has affected the Romney family.
"Now that the children are all grown with families of their own, the Romneys have too much space and are downsizing and simplifying," Fehrnstrom said.
The former governor is still holding on to a large retreat on Lake Winnipesaukee in New Hampshire and a recently purchased $12 million home in La Jolla, California. Fehrnstrom also told CNN Romney plans to buy a condominium in Boston.
"They want to maintain Massachusetts as their official residence, but it will be an apartment-size dwelling," he said. "Massachusetts is where the Romneys raised a family, where Mitt Romney started his business and where he was governor for four years, so they have an emotional attachment to the state and many friends there."
At least that top republican pays his taxes!
I guess he's not going to be kept up at night wondering how he will pay "the bills"
"The more expensive of the two homes is a 9,500 square foot cabin..."
9500 square feet is not a cabin, it's a zip code.
Some of the posters here are clueless. The economy doesn't affect the rich? Did anyone read this article. Romney will be selling his Belmont home for $1M less than it was worth 2 years ago. I think taking a $1M hit would qualify has being affected by the poor economy. Also, Bob from Kentucky makes a snide comment about Romney buying a house he can't afford. I don't recall the article saying anything about foreclosures. If he can't afford to maintain 4 residences, at least he's selling the properties and not walking away so the American tax payers foot the bill.
why is everyone making such negative, petty remarks? He is downsizing , what he does with his money and property is his own business.
He did lose $1,000,000 on the Market Value of the Belmont house. I lost all equity and improvement value I put into the house ($50K). At this point, I have to sell at price below what I paid and I owe twice as much. A very special thanks to the brokers who give money to people who can't afford their house.
I never missed a mortage payment, but I wonder if Mitt would help me out since he has extra?
No one ever brings up the record amount spent on the inauguration why is that?? :) got to love our media!
Ummmm ... and why do we care?
Never met a poor politician. Never met a poor republican politician. Kind of reminds me of Daddy Warbucks. Obama is a man of means and is a common man, not like the McCains or Rommney's. Obama 2012!
Your post has to be the most prejudicial, moronic statement I read today. TURN OFF ANN COULTER!! Use your brain!
Quote from Bob from Kentucky.
"He's probably one of those people that Republicans keep talking about. You know ….. someone who bought more house than they can afford."
Good one Bob! :-)
I think Romney doesn't want to get squashed with the "How many houses do you own?" line in 2012. It didn't work out very well for McCain, so now is the time to dump the mansions. Then he can say he hasn't owned those places in years. Sure, it's just spin. But I think favorable spin....if that is possible.
If he rich and downsizing what are poor people supposed to do? Move from a small house to a cardboard box.
nice to see Mitt's tightening the old belt and cutting back on the "non- essentials".
I really feel for him...
WOW..must be nice...
Thank God this man wasn't president. His policies would have been influenced by trying to protect his own wealth (where have we heard this before?).
And since when is a 9500 sq. foot building called a "cabin"?
Yeah nothing like a humble man of the "people", joe sick pack, with $12 million mansions from coast to coast.
Wow, 9,500 foot cabin? Poor republicans their having such a difficult time with our ecomony. Let's pray that Mitt can sale some of his homes.
aGREE WITH eLLIS
So, what's wrong with asking where and why these politicans have gotten all this money?
You REPUBLICANS just have a problem with us DEMOCRATS talking about money because you're always with your hand in the cookie jar!
Here comes why he has always wanted tax cut for the rich
If 9,500 sf is a cabin, what's their definition of "apartment sized"? Maybe that's problem. When Americans talk about living in a small home, the republicans think, "20,000 sf is more than enough to raise a family. I could understand if all they had was a cabin."
Hey numb nuts the next presidential election is 2012. The American public already knows you and many remember the olympics you ran. PS how did you get to be so rich?
A typical liberal comment, trying to scorn people who work hard. Instead of trying to bring successful people down to your level how about you get out and work hard and make your own money rather than expecting to have it handed to you. People tend to get what they deserve, so take a look in the mirror before you take your anger out on successful people.