February 17th, 2009
04:33 PM ET
14 years ago

Romney unloading two of his mansions

[cnn-photo-caption image= http://i2.cdn.turner.com/cnn/2009/images/02/17/art.romney.cnn.jpg caption=" The Romneys are selling their ski retreat in Utah, as well as their home in Belmont, Massachusetts."]

(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."

Filed under: Mitt Romney
soundoff (415 Responses)
  1. marco from mtl

    thats why GOP don't wanted the stimilus package because must Republicans owne more then 1 house and avage American own 1 house

    February 17, 2009 01:21 pm at 1:21 pm |
  2. Matthew, Detroit

    I am sorry. And Gore do you people know what hero AL GORE is worth. Besides his own net worth of 100 + Million, he just brought in 300 million to his " End of the world, global warming Fund" By the way the money does not go to charity. It is his businees. His Money.

    This global warming thing is making BANK for GORE.

    Do you hate Edwards. That monkey is pretty rich as well.

    At least Mitt built a business and made his own money.
    YES they ALL give to charity. Stop Whining.

    February 17, 2009 01:21 pm at 1:21 pm |
  3. Syrius

    I'm thinking the same thing Ellis said. It sounds like preps for a 2012 run.

    February 17, 2009 01:21 pm at 1:21 pm |
  4. Doug

    "These people are the Scientologists of the dessert"

    mmmm....dessert in the desert....

    February 17, 2009 01:21 pm at 1:21 pm |
  5. debra

    One of the reasons the economy is in such bad shape is because of the distribution of wealth. There is a finite amount of money out there to be had. If one man owns too much of it, it impacts how the remaining amount is distributed. Now think about this on a little bit larger scale. If a few men own too much of it, everyone else has just that much less. At some point the rest of us can not afford a home or food. A few greedy men didn't know when to stop hording money and gorging the public for their so called expertise. Nothing was enough. The American public paid for it by earning less. Money doesn't grow on trees. There is only a finite amount of it available. Now for the economy to recover- these rich men who are probably hiding the money out of the country so they don't have to pay taxes on it, need to figue out a way of spending some of it and returning it into the economy. Did you know that if Warren Buffet sells his stocks – he can only do it a little at a time to not effect the stock market? This is because he owns too much. No one man needs this much money. The economy actually needs the money to be distributed to a certain point or you get what we have now- a recession.

    February 17, 2009 01:21 pm at 1:21 pm |
  6. Dean in Florida

    I predict that under The Great Obama, the DOW will drop below 5,000.

    February 17, 2009 01:22 pm at 1:22 pm |
  7. Griff

    You are as Rich as you feel. "Monuments," prove nothing of the man. History says so...

    February 17, 2009 01:22 pm at 1:22 pm |
  8. Anna

    I'm not sure why there are so many negative commments about this. He earned his money – isn't that the American Dream that so many talk about? So he has a couple of houses to sell, who cares? Is he asking for a bailout? Foreclosure? Is he costing me tax dollars? Those are my concerns.
    Many politicans have more money than I will ever come close to – both Dem's and Rep's. Both parties share the blame for the economic mess this country is in – if we, the majority of America, don't start figuring out that both parties have led us astray we're going to keep falling aprt.

    February 17, 2009 01:22 pm at 1:22 pm |
  9. Mansions For Sale

    What a stand up guy. He's getting rid of his mansions. He's a prince–NOT.

    Hey Rom,
    I've got a great idea. Why don't you sell two of your mansions and make a down payment on one of McCain's nine or ten homes. I'm sure he'd give you a great deal. He may even kick in all of Sarah's clothes.

    February 17, 2009 01:22 pm at 1:22 pm |
  10. Denine

    Belt-tightening my a–! Romney knows he didn't win the nomination because most of America saw him as another elitist. He watched how America went after McCain for his excesses so he's trying to "better" himself for 2012. Nice try, Romney – you're done before you even get started.

    February 17, 2009 01:23 pm at 1:23 pm |
  11. Larry, Apex, North Carolina

    Simply, it is sinful to have a 9,500 square foot home-or several of them. This guy is so pious and religious, but he cares nothing for God or for his fellow man; his mask is phony religion and is REAL love (and crutch) is the love of money and the love of power. What could be done for the poor of Haiti with the money he (and his ilk) have poured into these homes? Think of the shelters and programs that could be used for the homeless of this country with the money he has thrown away on his luxuries. Thread bare orphanages in India and El Salvador could have real food and schools-but instead the money is used for custom made furniture for his palaces. There will be a price to pay for this, Mr. Romney-and you will not be able to afford it...

    February 17, 2009 01:24 pm at 1:24 pm |
  12. Terry

    There is nothing wrong with wealth. We all want to be wealthy – or most of us do. I have a lotto ticket in my pocket right now.

    What IS wrong is a system that distributes wealth to a tiny percentage of the population. Think about it. How much of the nation's wealth should the top 1% of the population possess? Right now they own one-third of all American wealth. Right now, the top 20% of Americans own 85% of America's wealth. The bottom 80% of Americans, you and me, own 15% of the nation's wealth, and the gap is growing. The CEO of the company you work for earns 450 times what you earn. Does he do 450 times as much work.?

    Do we want a future in which 90% of Americans are merely tenants in their own nation? Shall we go back to the days of landlords and serfs

    February 17, 2009 01:24 pm at 1:24 pm |
  13. Enlightened

    This level of economic disparity will result in anarchy....and the revolution will be televised !!!!!!!!

    February 17, 2009 01:25 pm at 1:25 pm |
  14. Matthew, Detroit

    There is a great song by the GOO GOO DOLLS.

    JEALOUSY... oh jealousy.

    Barack bought a house in Chicago that he got on a deal from Tony Rezko. Bought the place 25 cents on the dollar. None of you had a problem with that.

    Clinton, Gore, Daschle, Bill Richardson, all made plenty of coin after politics. Hell BIll only married Hillary because she had the money to buy him cigars... Do you hate all rich people. They worked they earned. If you didnt, than go back to school or get another job.

    February 17, 2009 01:26 pm at 1:26 pm |
  15. fetch

    Sure is interesting how no one except Barry O's comrades are allowed to make money AND they don't have to pay taxes on it either. What a bunch of hypocritical, dishonest thugs. We're all paying for it. America is so stupid it makes me sick that you have all be bamboozled by him. Wake up and do your own research & stop listening to news sources who are in the tank for him.

    February 17, 2009 01:27 pm at 1:27 pm |
  16. Jim

    Why did CNN report on this? To bump-set-spike a great business mind? or so that unclever liberals can take pot-shots at it. Shame on him for making himself and then making sound investment and monetary decisions. Who cares

    February 17, 2009 01:27 pm at 1:27 pm |
  17. Peggy - TX

    Democrats do not hate the rich; rather they want everyone to have an opportunity to have their hard work be profitable. Presently, the top 1% of income earners in America are skimming off the majority of this nation’s wealth, which is consistent with pure capitalism principles where money tend to become more concentrated in the hands of a few, but NOT consistent with long term economic stability.

    February 17, 2009 01:27 pm at 1:27 pm |
  18. Roland

    At least this show he's in touch with the hardship of normal Americans, by the way that way sarcasm (Facists\Republicans dont understand sarcasm)

    February 17, 2009 01:28 pm at 1:28 pm |
  19. James

    Yea poor Obama has to live in a mansion that only costs 2 million. Not bad for a community organizer though??????????????
    Romney who is an "economic wiz" knows a little more about bussiness success than Obama and really would have made a better President. Too bad he was too much of an unknown at the time.

    February 17, 2009 01:28 pm at 1:28 pm |
  20. Keri

    I dare say it's more likely that he is looking ahead to 2012 and trying to avoid the "out of touch" tag that Obama hung - quite successfully - on John McCain.

    February 17, 2009 01:29 pm at 1:29 pm |
  21. stephanie

    liberals dont hate rich liberals because they all liberals tend to want to share the wealth, unlike the greedy republican rich, who think they earned it by their own efforts, but in reality it was inherited or stolen. the business system most valued by republicans is the master/slaves system evidenced by voting against minimum wage increases and union-busting activities.

    February 17, 2009 01:29 pm at 1:29 pm |
  22. Jero

    tell me, why is this news again? Just some guy with to many houses, and now getting rid of 2. Whats the big deal?

    February 17, 2009 01:29 pm at 1:29 pm |
  23. David B

    He's down sizing because his kids have grown up??? Good Lord, I know he is a Mormon but how many kids does he have to require that much space. What a joke, this guy with four mansions who has made his living by stripping down companies and sending the jobs overseas, tried to run for president as someone who understood the economy and the working man. Oh, he understood the economy, the one that has nearly destroyed our country, and he wants nothing more than to continue the exact same disastrous economics that has caused our people to lose their jobs at the expense of corporate profits brought about by cheap labor, outsourcing jobs, and union busting. What a fine American he is. I hope he can get by with just two mansions, it's going to be hard though, I'm sure.

    February 17, 2009 01:29 pm at 1:29 pm |
  24. Julia

    And where is the headline "Dem leaders keep their mansions"? Who cares about this! The only persons who care about this are Republican hating liberals who hate anyone who has been successful without the government to help them, unless of course they are liberals.

    February 17, 2009 01:30 pm at 1:30 pm |
  25. Stefan

    Yeah, it is called irony that the same left-wing liberal people are up in arms and making insinuations about Mitt selling a couple of his homes, don't give a flip or say anything about the Clintons or the Kennedys or Pelosi or Rockerfeller..... it's okay to be wealthy if you're a left-wing liberal. Keep on hating, haters.

    You should ask yourself why obama spent so much of your money to get a job that pays less than a CEO.... hmm..could it be the payoffs from the lobbyists and the payoffs from the influence seekers? We should ask Frank, Pelosi and Reid how much money they've been paid under the table. But, then again, its okay with you haters, since they are one of your own.

    February 17, 2009 01:30 pm at 1:30 pm |
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