In the midst of a pandemic and economic uncertainty, President Joe Biden has managed to increase his personal fortune. Since taking office, his net worth has risen from $8 million to an estimated $10 million, and the source of his wealth may surprise many. Rather than engaging in lucrative business deals or investments, Biden has seen his wealth grow primarily through real estate ownership. Specifically, he owns two homes in Delaware that have appreciated in value, contributing significantly to his overall net worth.
One of Biden’s properties is a luxurious 4,800-square-foot summer home in Rehoboth Beach, which is now estimated to be worth $4.5 million, a substantial increase from its original purchase price. The other property, located in Wilmington’s picturesque Greenville neighborhood, has also experienced a significant increase in value, now estimated to be worth $2.5 million. Combined, these two homes make up about two-thirds of Biden’s personal fortune.
Despite his reputation as "Middle-class Joe," Biden has long shown an appreciation for the finer things in life, including high-end real estate and even a vintage 1967 Corvette Stingray, which remains in his possession and is now worth an estimated $100,000. Throughout his life, Biden has demonstrated a knack for making strategic real estate investments, leveraging the rising property values to his advantage. With his wealth tied up in these properties, Biden has the option to tap into his assets for additional liquidity if needed.
As President Biden continues to navigate the challenges of his administration, his personal wealth and real estate holdings provide an interesting backdrop to his policies and decision-making. While some may question the ethical implications of a president profiting from real estate investments, others may see it as a testament to Biden’s financial acumen. Regardless, his growing fortune showcases the potential financial benefits of owning prime real estate, even for those in their 80s like Biden.
Joe Biden’s net worth has increased to an estimated $10 million since taking office as President, up from $8 million. This increase is due to his real estate investments, specifically his two homes in Delaware. The most valuable property is his 4,800-square-foot summer home in Rehoboth Beach, which is worth an estimated $4.5 million, $1.7 million more than its original cost. The home’s value has risen during the pandemic as homebuyers sought larger properties with outdoor amenities. Biden’s second home in Wilmington’s Greenville neighborhood is worth an estimated $2.5 million, $700,000 more than it was worth two years ago. These two homes make up about two-thirds of his personal fortune.
Biden has always had an appreciation for nice real estate. In his mid-twenties, he purchased three houses and 85 acres of land in Maryland with hopes of turning it into a family compound. He rented out the homes to make money while living rent-free in a nearby cottage. Biden’s love for real estate continued over the years, and he purchased a 10,000-square-foot mansion in 1975 for $185,000, borrowing $160,000 to do so. He refinanced the property multiple times, using it as a source of cash when needed. In 1996, he sold the mansion for $1.2 million and bought a piece of land nearby where he built his current Wilmington estate. The Secret Service also rented the cottage on the property during his time as vice president.
Biden’s wealth does not come from stock investments but rather from his real estate holdings. He has limited investments in the stock market, with less than $310,000 held in mutual funds. Most of his wealth is in cash, including his $400,000 annual salary as president and about $250,000 in pension payouts. If he needs extra liquidity in the future, he can borrow against his real estate holdings. He has already taken out a home-equity line of credit against his Rehoboth property, allowing him to draw up to $250,000. However, one asset that he considers off-limits is his 1967 Corvette Stingray, which is estimated to be worth $100,000. Biden joked that if he ever sold it, his late son Beau would come down from heaven to smite him down.
In conclusion, Joe Biden’s net worth has increased to $10 million, primarily due to his real estate investments. His two homes in Delaware, particularly the summer home in Rehoboth Beach, have seen a significant increase in value. Biden’s wealth is not tied to stock investments but rather to his real estate holdings. He has the option to borrow against his properties for extra liquidity if needed. However, his 1967 Corvette Stingray holds sentimental value and is considered off-limits in terms of selling.