Vern Buchanan + minimum net worth + $44.21 million,  Buchanan's wealth shows a precipitous drop, down 20% from his previous report. The Florida lawmaker reported selling off three of his six auto dealerships in 2010, claiming losses on each of the sales.

According to his report, Buchanan sold two Port Richey, Fla., dealerships in transactions valued at $1 million to $5 million. He had previously valued the dealerships at $1 million to $5 million and $100,000 to $250,000 each.

The businesses are identified only as an LLC and "auto dealer" in Buchanan's reports, but Florida's Sarasota Herald-Tribune in July identified the dealerships as Suncoast Ford and Suncoast Mitsubishi.

Buchanan also sold a Venice, Fla., dealership in a transaction valued at $5 million to $25 million. He previously valued the dealership in the same category. The Sarasota newspaper identified that company as Venice Dodge Nissan.
The Republican lawmaker also reported writing off two loans to his former business partner Sam Kazran, totaling at least $1.5 million.

Florida's Bradenton Herald reported in June that the Federal Election Commission asked a federal court to fine the car dealership once jointly owned by Kazran and Buchanan nearly $68,000 for violating campaign finance laws by reimbursing employees who made campaign contributions to Buchanan's campaign.

Buchanan claimed significant investment accounts and real estate, along with three auto dealerships valued at a combined minimum of $11 million. He also dropped about $6 million in debts from his previous report.