Bachmann assets worth up to $2.8 million, carries sizable loans
August 16th, 2011
11:07 AM ET
8 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. maine liberal

    what a TP'r that spends more than she takes in, spends on credit, does all the things that she is against

    August 16, 2011 12:26 pm at 12:26 pm |
  2. txjack

    @Malory Archer

    All you have to do is the research.
    It's not rocket sience.

    August 16, 2011 12:28 pm at 12:28 pm |
  3. Mr. Moderate

    @tony 140 – the president has filed the same forms like every other politician. He paid for college with student loans, like many of us, and was paying them until his book hit it big, Nearly 20 years had passed between his community organizing days and his purchase of the house at which time both him and his wife were successful lawyers. That's the reason it's not been inspected because there's not really much there. Sorry to let the facts get in the way of your elaborate conspiracy theories. I can't belileve people are still obsessed with this. It's getting tiring.

    August 16, 2011 12:33 pm at 12:33 pm |
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