Thursday, May 11, 2006

This Can Be Yours

The Charleston Daily Mail reports this morning that Congressman Alan Mollohan has put his beachfront mansion on Bald Head Island, NC on the market. It can be yours for just $3.7 million. Similar properties are currently listing for as much as $4.5 million.

Is Beach House Al worried that his voters sense a problem with him making millions of dollars on real estate investments with a former staffer who now heads one of several nonprofits Mollohan personally founded and to which he has earmarked over $150 million of federal funds? He says he's just selling the beach house now because it has been a good investment (and it has been: Mollohan, who had a net worth of only about $100,000 in 2000, would make a $1.4 million gain if the beach house sells for its asking price). Neither the Morgantown Ramada inn nor Mollohan's Washington condominiums are yet listed for sale.


Click here to view the online listing for this house.

Don Surber has an interesting article on this. Aside from the questions he raises, we must also ask: Does Beach House Al need the cash for his campaign or for forthcoming legal bills that will likely accrue as the investigation of his finances proceeds?