“You can’t get rich in politics, unless you’re a crook.” – Harry S Truman
According to financial disclosure reports, President Obama has an estimated net worth of $7 million dollars. Since he was worth $1.3 million in 2007, that makes the millionaire 438% more wealthy than when he first ran for office.
But the President’s net worth is probably even higher than that as the Obama family has just added their 3rd home in Rancho Mirage, CA.
Daily Mail took us inside the Obama’s swanky pad in Hawaii and CNN gave us a look at the 9 bedroom, 8 bathroom $5 Million Dollar mansion in DC the family just tallied. Now according to Breitbart, the Presidential family have just purchased a home in California for use after President Obama and his family leave the White House in January.
The San Diego Tribune is also reporting on the new west coast purchase.
Looks like Obama is moving down the street from my mom in Rancho Mirage. I look forward to seeing him at the Chico's on El Paseo. ????
— Steven BRODY Stevens (@BrodyismeFriend) November 22, 2016
Rumors were swirling around in 2014 that they were considering looking at homes in the golf town of Rancho Mirage, but it never fell through until now.
In September of this year, the Desert Sun reported that Mrs. Obama was spotted at the Palm Springs International Airport, and it was unclear at the time why the first lady was making a trip out there.
Rancho Mirage, CA is located near world-class golf courses and is not far from Sunnylands, the former Annenberg estate, which has been used by presidents as an unofficial Camp David of the West Coast.
Their main home of residence will be the DC mansion where the Obamas will live for at least two years after Barack leaves office while their youngest daughter Sasha, 15, finishes up high school at the Sidwell Friends School, the Daily Mail reports.
The desert is where it's at! ??Obama California House – Barack Obama Rancho Mirage California House https://t.co/AjBWwCvGD2
— Kate Miller (@kate_dorierosie) November 22, 2016
So where does all this money come from? The presidential salary is only a mere $400,000 per year and after taxes, at that bracket, it leaves just over half of that amount. The president entered the presidency with just over $1.7 million in net worth. I’ll leave that up to you to guess. Maybe one of those cash pallets sent to Iran got redirected to the backyard of 1600 Pennsylvania ave.?