[Ed. – One set of rules for Gavin Newsom – another for the other 39 million Californians. Not only are he and his family living there; he took out nearly $2.7 million home equity in tax-free cash in 2020. Newsom was Lieutenant Governor when he ran for Governor in 2018, so at no time was he NOT in office as this unreported transaction was proceeding. The name of Newsom’s cousin, Jeremy Scherer, was on the LLC that originally bought the property, but Newsom’s name was not. When it was deeded to him, debt-free, in 2019, that made it an outright gift. Incidentally, Jeremy Scherer is Newsom’s first cousin through his mother’s sister. Scherer’s not a Pelosi-linked in-law.]
While the dream of owning a home is increasingly out of reach for California’s families, it appears that Newsom received a $3.7 million estate from an LLC owned by his cousin then, a few months later took out a $2.695 million (tax-free) cash-out mortgage on it — and didn’t report the gift on any of his financial disclosure forms.
Yes, it’s clear that Gavin Newsom doesn’t live by the same rules the rest of us do. It’s good to be king.
Days before his January 7, 2019 swearing-in ceremony, Newsom announced that the family would be moving into the Governor’s Mansion — which wasn’t true at all. Unbeknownst to the public, an LLC owned by Newsom’s cousin had already purchased an estate in Fair Oaks on December 21, 2018, for the Governor’s family to live in, for $3.7 million cash.