Apr 17, 2014 fbook icon twitter icon rss icon
Money

Mitt Romney to Tear Down $12 Million House to Build Mansion

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Poor Mitt Romney. His $12 million, 3009-square-foot beach house La Jolla, California is just too darn small. So he wants to tear it down and build a 11,062-square-foot monstrosity.

The San Diego Union-Tribune reports that Romney has filed an application to bulldoze the house in the wealthy, historic San Diego suburb and build the new one.

The Romney campaign told Politico that the GOP presidential candidate desperately needs the bigger house for his five children and 16 grandchildren. Construction would not being until "the campaign is finished." That would be November 2012 if Romney makes it all the way to the general election, sooner if one his Republican foes knocks him out of the race.

Romney bought the home three years ago, explaining, “I wanted to be where I could hear the waves. As a boy we spent summers on Lake Huron and I could hear the crashing waves at night. It was one of my favorite things in the world; being near the water and the waves was something I very badly wanted to experience again.”

Real estate wheeling and dealing is nothing new to Romney. He bought a $10 million waterfront compound in New Hampshire, which just by coincidence is home to the first presidential primary. He also owns a townhouse in Boston. Over the past few years Romney has streamlined his holdings, selling a 9,500-square-foot ski chalet in Utah for $5.3 million and the 6,500-square-foot house in Massachusetts which was his primary residence for years for $3.5 million

Rich guys running for president have gotten into trouble for having too much real estate. John McCain got into a flap in 2008 for not knowing how many houses he owns. In 2004, John Kerry was criticized for all of the houses he and his heiress wife owned.

Romney is said to be worth upwards of $250 million.


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