Getty Rick Scott
Rick Scott, the current Governor of Florida, will become the wealthiest member of Congress when he is sworn in to the Senate in January. He has been in the top office in Florida since 2011 and defeated Democratic incumbent Bill Nelson in the 2018 midterm election.
Congressional candidates are required to disclose their own financial holdings, as well as those held by a spouse. Scott’s financial disclosure form, made public in July 2018, revealed that his wife holds assets worth about $173 million. Scott’s total net worth is estimated to be about $255 million.
According to the Wealth of Congress index, the wealthiest member of Congress has been California Representative Darrell Issa, also a Republican. His net worth is estimated to be $283 million. Rep. Issa did not seek re-election, making Scott the richest Capitol Hill lawmaker.
Here’s what you need to know.
1. Rick Scott’s Family’s Net Worth Could Potentially be Twice as High; Federal Lawmakers Are Not Required to Report Exact Values for Assets
Rick Scott’s net worth is estimated to be $255 million. But it is worth noting that his true wealth could be as high as half a billion. Under federal law, lawmakers and candidates are not required to report the exact values of their assets, including property values. They only have to report a range.
Scott’s financial disclosure form was available on the Senate website, and is embedded above. One example of a very wide range reported involves the family home in Naples. According to the form above, the house’s value is anywhere between $5 million and $25 million. However, a property tax search shows the current value is actually about $14 million (more on that below). But net worth estimates are traditionally conservative, and typically factor in the lower value.
Another example is his Las Vegas Valley Nevada Water District Bond. The bond is scheduled to mature in 2027. The value for it has a range of $1 million to $5 million. The possible interest to be made off the bond is anywhere between $50,000 and $100,000. There are dozens of similar bonds and stock options listed on the disclosure form with similarly wide ranges, which shows how it is possible Scott’s true net worth could be much higher than $255 million.
The financial disclosure form was 125 pages. Scott’s wife, Ann, is listed as the owner of every asset on 84 of those pages. The form is shown above. Or, you can view it on the Senate website here.
2. Rick & Ann Scott Own a Waterfront Mansion in Naples, Florida, Valued at Approximately $14 Million
Rick and Ann Scott’s family home is in Naples on the southern end of the Gulf coast. The mansion sits along the waterfront, on reportedly 1.54 acres.
The mansion is more than 16,000 square feet. It was first built in 2001. The neighborhood is Port Royal, and Gordon Drive has the nickname “millionaire’s row.”
Property tax records for 2017 show that the land is valued at $12 million. The home itself is worth $2,068,639. The property taxes for the year added up to $102,000.
3. Scott Owns a 60-Acre Ranch in Montana, Which He Bought in 2011
Governor Rick Scott apparently enjoys getting away from the heat of Florida sometimes. And away from large crowds. In 2011, he purchased a 60-acre ranch property near Troy, Montana. Troy is a tiny town of just about 900 people, according to 2017 Census Bureau estimates.
The Miami Herald reported Scott paid $1.45 million for the property. Property sales prices are not public record in Montana.
The residential property is reportedly a log cabin that’s about 3,600 square feet. It’s unclear how often Scott visits the property or what he does with it when he’s not there. According to his financial disclosure form, the value of the property has held steady. The form also shows that Scott does not earn any income from the property, meaning it is not a working ranch.
4. Rick Scott Put Assets in a Blind Trust When He Was Elected Florida’s Governor, But the True ‘Blindness’ of That Trust Has Come Under New Scrutiny
GettyAnn and Rick Scott in 2010.
Rick Scott had potential conflicts of interest when he entered the governor’s office in 2011. As explained in the New York Times, he owned 32 urgent care clinics. Early in his administration, Scott pushed for a program requiring state workers to undergo random drug testing. This created business for his clinics. To prevent further conflicts, Scott transferred his ownership in the clinics to his wife.
Governor Scott then created a blind trust to prevent future conflicts or the appearance of them. The original investment account that was created was valued at $73.8 million. His financial disclosure form for the Senate revealed that the trust has skyrocketed in value within just the past two years, as laid out by the Orlando Sentinel. In 2016, the trust’s value was about $130.5 million. But by the end of 2017, the report shows the account had $215 million.
Herein lies the new controversy: that Senate report revealed assets owned by Ann Scott. This was the first time that Scott had to reveal his wife’s holdings. The report showed that her assets were greater than his. And, as explained by the New York Times, their investments often run parallel to each other. That leads to the conclusion that Governor Scott’s blind trust may not be so “blind” after all, because he could figure out the value of his investments simply by looking at Ann’s.
The Scott campaign released a statement on behalf of Governor Scott. It reads, “I have never made a single decision as governor with any thought or consideration of my personal finances. I will not apologize for having success in business.”
5. Governor Scott Has Never Accepted a Salary During His Time in Office
As governor of Florida, Rick Scott was entitled to a $130,000 government salary. He has never accepted that payment. His financial disclosure form for the Senate lists the “amount paid” from the state of Florida as 18 cents.
Scott is bankrolling the majority of his Senate campaign with his own money. The Center for Responsive Politics, which tracks campaign donations, shows that Scott’s campaign has raised a total of $54,585,756. Nearly $39 million, or 71 percent, came from Scott’s personal wealth.
The New York Times reports that Scott has earned more than $200 million from investments since becoming governor in 2011. One example of this is in the energy sector. The blind trust includes investments in NextEra Energy Partners valued up to $250,000. Ann Scott’s shares are valued as high as $500,000.
Governor Scott also previously owned stock in Gilead Sciences, a pharmaceutical company. The financial disclosure form shows he no longer owns it as of 2018. But his earned income from the stock was as much as $1 million.
Prior to entering politics, Scott got his start working in health care. He co-founded the Columbia Hospital Corporation in the late 1980s, a for-profit company. But he was forced out in 1997 after the company was accused of Medicare fraud.
But the scandal did not keep Scott from continuing in the medical field. In 2001, he co-founded the Solantic Corporation. This is the company that runs the urgent care clinics mentioned toward the beginning of this article.
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