Bachmann assets worth up to $2.8 million, carries sizable loans
August 16th, 2011
11:07 AM ET
3 years ago

Bachmann assets worth up to $2.8 million, carries sizable loans

(CNN) – Minnesota Rep. Michele Bachmann and her husband own assets worth up to $2.8 million but also owe up to $750,000 in outstanding loans, according to a federal financial disclosure report filed Friday.

The Republican presidential hopeful reported owning assets totaling between $1.3 million and $2.8 million, including her husband's psychotherapy practice and office space worth between $600,000 and $1.3 million and a family farm valued between $500,000 and $1 million. The clinic drew $50,000 to $100,000 in gross income in 2010, while the Independence, Wisconsin, farm generated income between $5,000 and $15,000.

The Minnesota congresswoman has between $159,000 and $510,000 in various investment funds and an additional $2,000 to $30,000 in two bank accounts. She reported owning and selling between $1,000 and $15,000 in U.S. savings bonds.

The Bachmanns owe between $250,000 and $500,000 on a mortgage for the property that houses the Lake Elmo, Minnesota clinic and also have an outstanding business loan made in December 2004 totaling between $100,000 and $250,000.

Members of Congress are required to file annual reports detailing their personal finances. Those reports were due in May, but Bachmann, like many of her colleagues on Capitol Hill, requested an extension. Federal law only requires members to list the amounts of their holdings and debts in broad ranges. Certain assets and liabilities, like those relating to a primary residence, are not required to be disclosed.

Presidential candidates are also required to file personal financial disclosures. Mitt Romney disclosed his finances on Friday, and his campaign estimates the former Massachusetts governor owns assets totaling between $190 million and $250 million.

Another deep-pocketed candidate in the GOP presidential field is former Utah governor Jon Huntsman. According to a financial disclosure report he filed earlier this year as President Obama's ambassador to China, Huntsman owns assets valued between $17.8 million and $84.0 million.

Former Minnesota Gov. Tim Pawlenty dropped out of the presidential race on Sunday, the day after placing a distant third in the Ames, Iowa, GOP straw poll and the day before his personal financial disclosure report was due to the Federal Election Commission.


Filed under: 2012 • GOP • Michele Bachmann
soundoff (28 Responses)
  1. Wire Palladin, S. F.

    Just goes to show that the road to hell is paved with republican talking points.

    August 16, 2011 11:17 am at 11:17 am |
  2. bobcat2u

    This 2.8 million dollar worth they are talking about, does that include the medicare payments, farm subsidies, payment for the welfare of her foster children, etc. ? You know, all those programs that she just absolutely says she is against.

    August 16, 2011 11:20 am at 11:20 am |
  3. cardog

    I could care less what this woman is worth or what she owes. What concerns me the most is both a dread and a wish. The dread is that she's running for president and people in Iowa in the Teapublican Party actually cast one vote for her. The wish, at the same time is that she wins her party's nomination.
    There is no need to explain that because I know most of you know where my comment is going. Michelle Bachmann has to be the bottom of the political barrel for the Teapublican Party. She, in my opinion, is a national embrassesment and cannot understand agan, why with her stupid comments, her revisionist history, has received one vote?????

    August 16, 2011 11:20 am at 11:20 am |
  4. larry

    So of her net worth she has equal to 25% of 2.8 mil in debt, so I ask who's fisal house is she saying needs to be in order?

    August 16, 2011 11:24 am at 11:24 am |
  5. Lynda/Minnesota

    And each and every one of them want me to understand that they are "just like me" - willing to go the extra mile needed to make ends meet. Whatever.

    August 16, 2011 11:27 am at 11:27 am |
  6. Wire Palladin, S. F.

    How can the Texas governor advocate secession, and then say he loves our country more than our president? What an ignorant tool Perry is.

    August 16, 2011 11:27 am at 11:27 am |
  7. Emery

    What a surprise. A GOP candidate owes a crapton of money in outstanding loans. It's almost always the GOP forerunners who hide financial skeletons in their closets (please see Sarah Palin and Nikki Haley). And yet, people actually vote for these clowns.

    August 16, 2011 11:29 am at 11:29 am |
  8. Tony 140

    Being fair and balanced, I am sure that this "investigative" reporter from CNN also looked into financial history of BHO and wife Michelle. Please let us know how his college years were financed, how he was able to buy a huge house in Chicago on community organizer pay and how his wife was able to work at such high paying jobs so early in her career. I am sure that this will be a follow-on article knowing how unbiased the media is towards Conservative candidates.

    August 16, 2011 11:30 am at 11:30 am |
  9. Mike

    Well, she can certainly relate to the average American. She represents a party that lives by the motto "Do as we say, not as we do".

    August 16, 2011 11:33 am at 11:33 am |
  10. The Real Tom Paine

    Can she default on her debts? Maybe if they sold that "clinic" they could become solvent, but I'm sure Michelle has figured out how to game the system to her advantage, not unlike the people she prosecuted when she worked for the IRS. If I owed $750,000, I certainly would not be running for office, but, I guess a conservative can do that and get elected, kind of like the rep who owes a ton of child support. Hypocrites all.

    August 16, 2011 11:34 am at 11:34 am |
  11. Dominican mama 4 Obama

    Boy this DOES NOT sound fiscally responsible at all, almost a third of her assets with a lien attachment so to speak. And yet........ they/he/she/it insist that they ae the BEST euipped to deal with our country's finances.
    ZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZzzzzzzzzzzzzzzzZZZZZZZZZZZZZZZZZZZZzzzzzzzzzzzzzzzzzzzzzzzz
    Wake me up when this bad joke of a race with these clowns is over.
    Obama 2012

    August 16, 2011 11:37 am at 11:37 am |
  12. AL in West Palm Beach

    So, please explain to me again why they shouldn't be against higher taxes on the wealthy?

    August 16, 2011 11:42 am at 11:42 am |
  13. txjack

    So the focus is here is on a Republican candidate’s assets by a pro democrat news service.

    Where as the first couple Obama reported an adjusted gross income of $5.5 million for 2011.
    Almost all of it from royalties associated with the president’s two books.
    The updated tally for 2011 of Barack Obama's net worth is at $10,111, 249.

    Yet no one seems to mention that.

    August 16, 2011 11:44 am at 11:44 am |
  14. ThinkAgain

    Check out Anderson Cooper's report on Bachmann sudden refusal to talk about her past statements regarding homosexuality.

    Her line, spoken ad naseum, is that she is "running for the presidency of the United States."

    Shouldn't she be saying she's running for President? Using the term "presidency" sounds like she plans to get elected and then turn over the actual running of the job to someone else (her hubby to whom she "submits" or perhaps a cabal of folks like Grover Norquist, Karl Rove and Dick Cheney).

    August 16, 2011 11:46 am at 11:46 am |
  15. Mr. Moderate

    Kind of interesting that even though she is worth $2.8 million, she's still among the poorest of the candidates.

    August 16, 2011 11:48 am at 11:48 am |
  16. thomas

    She is a job creator ! A true Patriot who fought tirelessly to free inefficient light bulbs !

    She would make a great secretary of Fate !

    August 16, 2011 11:48 am at 11:48 am |
  17. NC

    @Tony 140: where have you been the past 3-4 years? President Obama and the First Lady have been veted so far as finances are concerned. Are you upset that Congresswoman Bachman is not your average person like you think she is?

    August 16, 2011 11:49 am at 11:49 am |
  18. Tea Party

    Wow she might want to CAP SPENDING on herself! Iowa is embarrassing...that is all.

    August 16, 2011 11:50 am at 11:50 am |
  19. once upon a horse

    wow no wonder she is against raising taxes on the upper 2%.

    August 16, 2011 11:55 am at 11:55 am |
  20. Al-NY,NY

    Please GOP. Make her you candidate. Or at least the VP. She is unelectable in either position

    August 16, 2011 11:57 am at 11:57 am |
  21. GOP hates Middle Class

    Tony 140

    Being fair and balanced, I am sure that this "investigative" reporter from CNN also looked into financial history of BHO and wife Michelle. Please let us know how his college years were financed, how he was able to buy a huge house in Chicago on community organizer pay and how his wife was able to work at such high paying jobs so early in her career. I am sure that this will be a follow-on article knowing how unbiased the media is towards Conservative candidates.
    --------------------------------------------
    Hey Tone,
    I'm sure James O'Keefe and Andy Breitbart are on it and have all those juicy details about that lavish mansion on the south side of Chi-town. They were just holding back during the 2008 election during the vetting of all of his financials. Truth was he had more houses and more cars than McCain right??????
    By the way, did you hear that President Obama released his long form birth cerificate?

    August 16, 2011 11:58 am at 11:58 am |
  22. Malory Archer

    txjack wrote:

    "So the focus is here is on a Republican candidate’s assets by a pro democrat news service.

    Where as the first couple Obama reported an adjusted gross income of $5.5 million for 2011.
    Almost all of it from royalties associated with the president’s two books.
    The updated tally for 2011 of Barack Obama's net worth is at $10,111, 249.

    Yet no one seems to mention that."

    Yet txjack knows ALL about it.

    August 16, 2011 12:17 pm at 12:17 pm |
  23. maine liberal

    ummm interesting what is he hiding

    Gov. Tim Pawlenty dropped out of the presidential race on Sunday,... the day before his personal financial disclosure report was due to the Federal Election Commission.

    August 16, 2011 12:17 pm at 12:17 pm |
  24. me

    Like we don't already know that our leaders are rich.. that is nothing new.. probably a reason why only a few of them actually look after the middle and lower classes.

    August 16, 2011 12:24 pm at 12:24 pm |
  25. The Real Tom Paine

    @ Tony140:

    This is about a GOP contender, NOT the President. The President is a Democrat. Is there anything you don't understand about that?

    August 16, 2011 12:26 pm at 12:26 pm |
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