Most Alabama congressmen, senators millionaires
6/15/2007
By BEN EVANS
The Associated Press
WASHINGTON (AP) — Most Alabama members of Congress are millionaires, led by Republican Sen. Richard Shelby, who along with his wife owns at least $10 million in assets and could be worth as much as $35 million, according to financial disclosures released this week.
It's difficult to determine just how well to do the lawmakers are because the reports allow them to list assets under broad ranges of value. They also aren't required to report values for their primary homes or for personal property such as automobiles.
Shelby of Tuscaloosa, the state's senior lawmaker, has amassed most of his wealth through real estate. His largest holding is a 124-unit apartment complex in his hometown that he reported being worth between $5 million and $25 million. He also owns 48 shares of Tuscaloosa Title Co., which could be worth as much as $5 million or as little as $1 million.
He also owns house in Tuscaloosa and Washington worth at least $1 million each.
Shelby, who like the rest of the Alabama delegation was paid the standard congressional salary of $165,200 in 2006, earned a comfortable supplemental income from his investments. On the apartment complex alone, he made between $100,000 and $1 million in rent, and he reported the same range of income off dividends from his Tuscaloosa Title Co. stock.
Alabama's other senator, Republican Jeff Sessions of Mobile, also is a millionaire but is worth far less than his elder colleague. According to his report, Sessions and his family had assets worth at least $1 million and possibly more than $3 million. His largest holding, worth between $250,000 and $500,000, was a half share in 500 acres of farmland in Wilcox County. He also owned 40 acres of timberland in Choctaw County worth $50,000 to $100,000.
At least three other Alabama Republicans were millionaires.
Rep. Jo Bonner of Mobile reported that he and his wife owned nearly 2,500 acres of timberland in Wilcox County worth between $1 million and $5 million, from which he earned between $100,000 and $1 million in income from leases and timber sales. He reported another 76 acres of timberland in Wilcox County worth between $100,000 and $250,000, and at least $150,000 in other investments, mostly mutual funds.
Rep. Terry Everett of Rehobeth reported owning a 400-acre farm in Houston County worth between $500,000 and $1 million, as well as dozens of municipal bonds, mutual funds, retirement accounts and other investments worth at least $100,000 each.
Rep. Mike Rogers of Saks held part ownership in several business ventures, including partnerships worth more than $800,000 in three real estate investment groups and half ownership of Avery Auto Sales in Oxford worth between $250,000 and $500,000. He reported that his wife has a $250,000 to $500,000 ownership of Oxford Auto Finance Inc.
He reported taking in $5,400 in consulting fees from the auto dealership, an arrangement he said was cleared by the ethics committee. He also owns a farm in Weaver worth between $1 million and $5 million, for which he has a mortgage loan of between $500,000 and $1 million.
Reps. Robert Aderholt, a Haleyville Republican, Spencer Bachus, a Vestavia Hills Republican, and Bud Cramer, a Huntsville Democrat, all held substantial wealth in real estate and other investments but didn't necessarily crack the millionaire club.
Rep. Artur Davis, a Democrat from Birmingham, reported having the least wealth. The 1993 Harvard Law School graduate reported no assets and at least $30,000 in student loans.