Rubio isn’t alone when it comes to losing money on a real estate investment, especially in Florida.
As 2014 came to a close, about 17 percent of mortgaged homes in the U.S. were underwater, meaning the borrowers owe more than the properties are worth, according to Zillow Group Inc. And more than a quarter of homes have negative equity in some markets in the Midwest and Florida.
Rubio sold his second home in Florida’s capital, Tallahassee, this year, for $18,000 less than he and a friend paid for it a decade ago. The house had previously faced foreclosure after delinquent mortgage payments, according to the New York Times.
Rubio’s team disputes the Times' story as an unfair representation of the senator’s approach to his finances.
“The New York Times today attacked Marco because he could not afford to pay for college, arrogantly describing his student loan debt as ‘a deep financial hole of his own making,’” Alex Conant, a spokesman for Rubio, said in the statement. “Getting rich is not what has driven Senator Rubio’s financial decisions. His goal at this stage in his life is to provide his four children with a good home, a quality education, and a safe and happy upbringing.”
Rubio is unlike most Americans in one important way: He was making some of his financial decisions at the same time his political star was rising toward the presidential race. Being on that stage catapults his chances of landing lucrative offers than can plug money holes quickly–whether he wins or loses. Already, Rubio’s $800,000 book deal in 2012 helped turned the family’s financial picture around, according to the Times. They’ve started college savings accounts for their children, donated to charity and refinanced their primary home mortgage.
“The good news for them is that they can get chances to redeem themselves–another book deal, speaking engagements, etc.—that an average American won’t have access to,’’ Steffen said of the Rubio family.
That political-celebrity safety net may help offset a personal splurge: According to the Times, Rubio spent $80,000 on a boat.
Marco Rubio's Retirement Account Moves Are A Definite No-No, Advisor Says
June 17, 2015
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Comments
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My dear Capstone, Seattle Reader touched a nerve, eh? Stop trying to defend the indefensible Pervert in Chief and his Married for Convenience wife.
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Dear Seattle Reader, As a progressive and not particularly a fan of the Clintons, please don't just make up stuff. Implying that 90% of the Clinton Foundation money "is used to fund the Clinton's huge lifestyle" is......your fantasy and not remotely a fact. Take a look at the Annual Report, their Form 990, anything you please. There money is used mostly in house to carry out their programs. The administrative and fundraising costs are in line with similar organizations and you....get your world view through the "big bloviator", Rush L.
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FA, why are you piling on Rubio ? Have you run any other articles on politicians holdings or tax cheating ? What about Charlie Rankle or the Clinton 1000.00 investment turned in to over a 100,000.00. If your going to get in to politics you better make it fair and air out the dirty laundry on both sides. If you don't then your no different then MSNBC and have no credibility.
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paying off students loans is commendable. why not run some articles about the clintons bogus $2 billion foundation whereby all three multimillionaire clintons shake down donations for favors , mostly preferential treatment by the media, think stephanopolis, and all of the international wheelings clinton did as sec of state with foreign ntaionals...pay to play dealings...and oh yes, the fact that $1 out of $10 actually funds charitable causes while the remainder is used to fund the clintons huge liefstyle of the now one percenters. chelsea lives in a $15 million dollar nyc apt with her hedge fund husband. snagged a high paying wall street job with no experience, has her own talk show yet has done nothing to warrant her status . FA stay out of politics and just report both sides.