Financial Report Offers Some Details of Reagans' Inheritance, Assets
May. 16, 1988
WASHINGTON (AP) _ Nancy Reagan inherited at least $170,000 in securities and trust assets from her mother, Edith Luckett Davis, who died last year, it was disclosed Monday.
A financial disclosure report filed on behalf of the first lady and President Reagan itemized their assets in general terms. It also showed the Reagans accepted gifts last year valued at nearly $4,000.
The document said Mrs. Reagan received $85,000 worth of Federal Farm Credit Banks Funding Corp. securities and $50,000 in U.S. Treasury notes last year.
The assets were inherited by Mrs. Reagan from her mother, said White House spokesman B.J. Cooper.
In addition, she received a 50 percent interest in a trust fund that had been set up for her mother by her husband, the late Loyal Davis. The other half went to her brother, Dr. Richard Davis.
The trust fund was valued at between $70,000 and $165,000, meaning that Mrs. Reagan's share was between $35,000 and $82,500.
The form also showed that Mrs. Reagan purchased $15,000 worth of debt- obligation bonds in an oil and gas enterprise, Tosco Corp., but it was unclear whether that was part of the first lady's inheritance.
Apart from her inheritance, Mrs. Reagan bought $50,000 in California state general obligation bonds, rolling over the proceeds from state bonds that had matured last year.
For the most part, the precise value of the Reagans' assets was not disclosed. The reporting form listed broad categories of amounts, such as $1,001 to $5,000, and at the highest level, above $250,000.
The president's 688-acre ranch near Santa Barbara, purchased in 1974 for $526,000 with $127,000 in improvements eight years later, was listed in the highest category.
Likewise, it was impossible to determine the value of the blind trust that holds the bulk of Reagan's investments. It, too, was listed as being valued at more than $250,000.
The report showed that the president holds four life insurance policies, the largest being worth no more than $100,000 and the smallest worth up to $5,000. Two other polices are valued at up to $15,000.
In terms of gifts, Mrs. Reagan accepted an engraved crystal bowl valued at $1,585 from the American Association of Neurological Surgeons, and a wool shawl and leather gloves, valued at $360, from Bernard Arnault of Paris, the chairman of the board of Christian Dior.
Reagan received gold cuff links valued at $800 from Beverly Hills jeweler Marvin Hime, who made identical sets for the president and Soviet leader Mikhail S. Gorbachev.
The president also accepted a $745 harrow, a farm implement, from four close friends, Mr. and Mrs. Earle Jorgensen and Mr. and Mrs. William Wilson, and a workbench valued at $337 from another friend, Mrs. Henry Salvatori.
A silver and bronze statuette, valued at $150, was accepted from Italian President Giovanni Spadolini.