Democratic presidential hopeful Chafee worth at least $38M
MICHELLE R. SMITH
Jul. 16, 2015
PROVIDENCE, R.I. (AP) — Democratic presidential candidate Lincoln Chafee and his wife earned up to $4.4 million in income in 2014 and he and his wife had property and investments worth at least $38 million, according to a federal financial disclosure filed this week.
The former Rhode Island governor is so far mostly paying out of his own pocket for his long-shot bid for president. He has received less than $30,000 in donations.
Most of the Chafees' wealth is held in a trust owned by his wife, Stephanie, a philanthropist whose family has been involved in a Rhode Island business for more than a century. The filing with the Federal Election Commission shows Stephanie Chafee's trust holds at least $19 million. The filings report only broad value ranges rather than specific dollar amounts.
Chafee reported that his wife's trust holds stakes of more than $1 million in several companies, including gold mining firms Goldcorp and Newmont Mining, energy company Kinder Morgan, telecommunications firms Infinera and Verizon Communications, technology firm Intel, online retailer Amazon and A.H. Belo, owner of The Dallas Morning News. The company owned The Providence Journal until recently.
Chafee's own assets totaled $3.3 million to $5.6 million, and he and his wife own real estate valued at up to $4 million in New Hampshire, Maine and Rhode Island, where they own Wee Hoose Farm.
It's the first time Chafee has filed such a detailed financial disclosure since his days in the Senate, where he lost his seat in 2006.
Chafee loaned his presidential campaign $364,000 and has spent $64,000 on the effort. He had $329,000 left in his campaign account as of June 30.