Sen. Vincent J. Fumo said he needed cash, and now he's doing something about it.
The powerful South Philadelphia senator, whose federal corruption trial is slated to start in February, is following through on his comment of last June that he would probably have to sell his 27-room Art Museum mansion to cover his legal fees.
As of today, realtors are free to show the place, which is listed at nearly $7 million.
Not a bad return, considering Fumo and his then-wife purchased the Green Street home in 1994, for $175,000.
It's over 7,500 square feet, has a shooting range, a self-melting sidewalk, a front garden, a rear garden, a roof deck - and oh, a separate quarters for your servants.
Can't wait to see the takers on this one.
Comments (5)
Isn't the Senator required to keep a residence in his district in order to retain his PA Senate seat? Where will he live? Perhaps yet another reason to gerrymander his district once again...
Posted by Anonymous | October 10, 2007 2:56 PM
Posted on October 10, 2007 14:56
What a great----return on his money ?????
Posted by Anonymous | October 10, 2007 7:51 PM
Posted on October 10, 2007 19:51
money for legal fees? that's absurd. he got $20MM for the bank stock in PSB; $17MM from PECO that he had access to thru his non profit; shore house and farm in harrisburg all dolled up at taxpayer expense, even his vacuum cleaners "borrowed" from the non profit were paid by PA taxpayers. Boats, vacations and helicpoter shuttle service thru the Seaport Museum, yada yada ...I could go on....Is he thinkin' we all feel sorry for him that he's selling his house to raise money for legal fees? Maybe he's a Mensa genius, but a lot of us ain't stupid.
Posted by phillywise | October 11, 2007 12:18 AM
Posted on October 11, 2007 00:18
Hope you IRS Agents are out there taking note, lets see, a cost of $175,000 with a sale price of $7 million, leaves a sizable TAXABLE gain for Mr. Fumo. When Fumo "adds" the improvements to his house "basis", the IRS should take a close look at this to see if it was HIS money vs. the TAXPAYER'S money, since only the money HE laid out for improvements should bump his basis up.
Posted by Anonymous CPA | October 11, 2007 8:29 AM
Posted on October 11, 2007 08:29
he is a criminal.
Posted by bob | October 11, 2007 8:48 AM
Posted on October 11, 2007 08:48