MY QUESTIONS ABOUT THE MCDONNELL STAR SCIENTIFIC SCANDAL
The indictment is in and I have read it. I’m not as appalled by the level of greed mostly on the part of Maureen McDonnell as I am confused about it. Governor McDonnell earned $166,000 per year for four years as the the chief executive of the Commonwealth of Virginia. Prior to becoming Governor he was an active duty officer and a reserve officer in the United States Army achieving the rank of Lieutenant Colonel and finally retiring in 1997 after 21 years of service. Since McDonnell is not yet 60, the Army retirement is not an issue because he doesn’t get that at this time. So still, at the rate of pay living in the Governor’s Mansion and having few bills generated by holding his office he should have come out of his tenure pretty well off as seen by the average American.
This isn’t the case for one major reason–the housing crisis. The McDonnells purchased two rental properties in the Sandbridge section of Virginia Beach at 3112 Sandfiddler Road in March of 2006 for $850,000 and at 3113 Sandfiddler Road in April of 2005 for $1,150,000. The couple who were partnered with other familiy members in a company called MoBo Real Estate Partners soon came to realize that the housing market was tanking and the properties were unaffordable. Currently, the 3112 property is valued at $656,000 or about $20,000 off it’s low value in February 2013. The house has been listed for sale several times and the last time it was listed was in April 2011 for $1,099,000 or about $150,000 more than its value. The second home several times larger than the former also became unsellable at the $1,850,000 price desired when the McDonnells entered the Governor’s Mansion.
The mortgages and the taxes were killing the McDonnells to the tune of over $19,000 per year in taxes in 2009 and $10,000 per month in mortgage payments. Between these two costs alone the McDonnells were literally cash broke with the Governor bringing home about $9,250 per month from his salary. This was the problem, when McDonnell was a lawyer and doing really well they got involved in real estate that the economy could not support–rental property in luxury locations. This debt, taken on likely with an eye to greed not simply profit is what caused the eventual death spiral being noted on blogs both in Hell and Terra today.
Qu’ul cuda praedex nihil!
Sarah Bloch, D.S.V.J., J.F., O.Q.H [Jur.]
Amici Bax Demvolu Comnu
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