Bennett's wealth levels after years of decline
Inn ownership burdened senator; it sold this month
Bennett's finances were still saddled by the ownership of Watermark Corp., which owned two Anniversary Inns in Salt Lake, in the personal financial disclosure the senator released Monday. The disclosures are officially due in June each year for all members of Congress, but the senator filed for a 90-day extension.
According to this year's disclosure, Bennett's wealth is between a negative $23.2 million and a positive $27.7 million when his debts and assets are tallied. The forms have very broad categories for asset value and income, such as $1,000,001 to $5 million, which accounts for the large discrepancy of the numbers.
At the request of the Deseret Morning News, Mary Jane Collipriest, Bennett's press secretary, narrowed it down to between $1 million and $5 million. Bennett was on vacation and unable to discuss his fi nances Monday.
"(His) net worth is in the same range as in last year's filing," she said.
The numbers have leveled out when compared with his 2003 filing, which reflected 2002's finances. In that one, the range was as far down as a negative $39.05 million and only rose to $22.6 million.
The Anniversary Inns, which cater to couples, have struggled for the past few years, including a failure to pay property taxes in 2003 and 2004. Watermark sold both of the properties earlier this month for an undisclosed amount to a company that previously purchased properties in Boise owned by Watermark. The delinquent property taxes and fines, which totaled approximately $325,000, were paid by the buyer.
Collipriest did not have an estimate of Bennett's net wealth following the Anniversary Inn sales. Those will be reflected in next year's filings.
Despite the burdens of Watermark, Bennett was still active with his investing money. In July 2004, he purchased property in Salt Lake costing between $500,001 and $1 million. That property brought him between $5,001 and $15,000 in rental revenue.
He also made between $231,500 and $1.2 million from dividends, capital gains and interest on various investments, and earned between $189,000 and $610,000 in sales of stock. It appears, however, that much of that money was reinvested in other stock, based on the $242,000 to $680,000 in stock purchases he made — many on the same days he sold stock.
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