Darrell Issa + minimum net worth + $220 million
Darrell Issa + minimum net worth + $220 million, He's really, really wealthy -- but not the richest.Despite seeing a significant bump in his minimum net worth in 2010 -- and claiming the highest total assets reported by any congressional member, with $295.4 million -- Issa is still just the second-wealthiest lawmaker.
Before his election, the California congressman made his fortune founding Directed Electronics, which manufactures car alarms.
His wealth is now vested in two corporations that own and operate office and industrial properties in California: DEI and Greene Properties, as well as various investment funds.
Issa reported the value of Greene Properties in the "over $50 million" range, an increase from his prior report, in which he valued the company at $25 million to $50 million. At the same time, Issa divided some of DEI's assets into separate limited liability companies.
While DEI was previously valued at "over $50 million," the highest category available on standard disclosure forms, Issa this year valued the company at $25 million to $50 million. But the 11 properties previously held by DEI were valued at a combined minimum value of $38.2 million in this year's financial disclosure form, increasing Issa's overall net worth.
Issa could have snagged the No. 1 place on Roll Call's annual list, but he reported two new business lines of credit in 2010, one worth more than $50 million and the other worth $25 million to $50 million. Issa listed these loans as "personal notes" and explained that they were "provided through a business line of credit from Merrill Lynch secured with personal assets."
Last year, Issa reported having only one liability, a line of credit for $1 million to $5 million from Merrill Lynch.