Gavin Newsom’s $3.7 Million Estate Was Gifted to Him in 2019; 3 Months Later He Got a $2.7 Million T

[rangerrebew]

Gavin Newsom’s $3.7 Million Estate Was Gifted to Him in 2019; 3 Months Later He Got a $2.7 Million Tax Free Cash-Out

Posted at 5:00 pm on July 25, 2020 by Jennifer Van Laar

    Gavin Newsom’s $3.7 million, 12,000 square foot mansion, on 8+ acres along the American River in Sacramento, was the area’s most expensive home sale in 2018

    The gated estate consists of a 6 bedroom/10 bath home, a guest house, a pool, a tennis court, and a wine cave

    An LLC registered to Newsom’s cousin, long-time business partner, and Co-President of PlumpJack, Jeremy Scherer, paid cash for the estate in December 2018

    Newsom’s spox, though, claimed in Jan 2019 that it was Newsom who’d paid cash for the home – puzzling, since Newsom still carried a $3.2 million mortgage on his prior home

https://www.redstate.com/jenvanlaar/2020/07/25/gavin-newsoms-3-7-million-estate-was-gifted-to-him-in-2019-3-months-later-he-got-a-2-7-million-tax-free-cash-out/

[PeteS in CA]

From the article:

In January 2020 the Newsoms received $2.7 million tax-free when they obtained a cash-out refinance

A refinance is a loan. Why would there be taxes on a loan?

[catfish1957]

From the article:

A refinance is a loan. Why would there be taxes on a loan?

I thought of about a dozen different scenarios.  Half centered around gaming the system, the other half pretty much taking it in a money laundering direction. Considering his level of power and influence, I think we all know money...and a lot of it.....  will be made.

[PeteS in CA]

I do not in the least care for Goobernor Nuisance, not since he was Major Nuisance misgoverning SF. But at the same time it looks like Nuisance bought the place the way celebs and public figures do to avoid getting soaked for extra $$ because of their celebrity, buying it through a nondescript corporation.

[sasywtch]

Up until a month ago, I lived one mile from his house (currently bought a house 2 more miles away....a lot less $$$).  Reliable rumor is, he just bought a much more expensive home in El Dorado hills, a gated community Serrano.

[catfish1957]

Up until a month ago, I lived one mile from his house (currently bought a house 2 more miles away....a lot less $$$).  Reliable rumor is, he just bought a much more expensive home in El Dorado hills, a gated community Serrano.

@sasywtch Welcome to TBR.

Considering so many pols are taking us down the tubes, I'd bet options like gated communities and personal security are big business right now.

[sasywtch]

Thank  you.  I read here all the time.  I've maybe posted twice.  It's a scary time to live in Sacramento. 

[bigheadfred]

Thank  you.  I read here all the time.  I've maybe posted twice.  It's a scary time to live in Sacramento.

Welcome.

And even more so to hear your voice.

Sacramento.

That isn't that far from the home of despair and ruin called Reno is it?

If you can make it that far...we are here.

Civilization

[PeteS in CA]

Thank  you.  I read here all the time.  I've maybe posted twice.  It's a scary time to live in Sacramento.

Welcome.

And even more so to hear your voice.

Sacramento.

That isn't that far from the home of despair and ruin called Reno is it?

If you can make it that far...we are here.

Civilization

Sacto is about midway between SF and Reno. I grew up in neighboring Yolo County back when the main route into Sacto was SR16, the "River Road", which crossed the river on the I ("Eye") Street bridge.

Please join in more often, @sasywtch! We only bite on days of the week whose English names end in "Y", .