Beto O’Rourke is running for President after losing in a close Senate race against Ted Cruz. He gained a lot of supporters during the Senate race who are helping build his momentum in his presidential campaign. Many believe that his wife, Amy O’Rourke, is an heiress to billions. While this might not be accurate, Beto O’Rourke and his wife’s net worth is estimated by most sources to be in the millions.
1. Beto O’Rourke’s Net Worth Is Estimated to be about $9 Million
According to Open Secrets, Beto O’Rourke’s net worth in 2015 (the most recent date available) was estimated to be $8.95 million. His assets were estimated to be between $4.498 million and $21.321 million. (In 2018, The Texas Tribune noted that his assets were listed as being between $3.5 million to just over $16 million.)
His liabilities, meanwhile, were estimated to be between $1.6 million and $6.3 million in 2015. This would have made him the 52nd wealthiest member of the House of Representatives in 2015.
The Houston Chronicle pointed out in 2014 that O’Rourke’s net worth range is from -$1.4 million to $16.5 million, which makes it tougher to discern exactly how much he is worth. This is because lawmakers don’t have to share the exact amount of their debts and assets, but instead include a range. Most estimates are based on calculating a maximum and minimum net worth for each lawmaker and then giving an estimate based on the midpoint amount.
According to his 2016 financial disclosure report, O’Rourke’s assets include checking accounts, bonds, capital gains dividends from Blackrock Equity, a large investment of $100,000 to $250,000 in Goldman Sachs Financial Square Treasury Instruments Fund, and numerous other investments and IRAs. He also owns several properties, including real estate in El Paso valued at $1 to $5 million (Imperial Arms, a real estate company), and ownership interests in properties that lease retail space (each valued at $1 to $5 million). He also has an investment trust valued at $5 million. But these assets are balanced by his liabilities, which include four mortgages. Two are for rental properties and range from $1 to $5 million and from $250,000 to $500,000. Two others are for personal residences, ranging from $100,000 to $250,000, and from $250,000 to $500,000. He also has a business loan worth $15,000 to $50,000.
2. His Wife Probably Isn’t a Billionaire Heiress, But Her Father Is Worth Hundreds of Millions At Least
In October 2018, The New York Times published a story that referred to Amy’s father, William “Bill” Sanders (no relation to Bernie Sanders) as a billionaire. Since then, many sources have referred to Amy as being a billionaire heiress.
However, Oprah Magazine pointed out that her dad is probably worth hundreds of millions but not quite billions.
He founded LaSalle Partners and then Security Capital, one of the most successful REITs in the country, and later sold it to GE. (Some sources say he sold it for $2 billion and others say $5.4 billion.) Security Capital was one of the most influential real estate companies in history.
Bill Sanders’ current net worth is estimated to be about $500 million. However, it’s not impossible that he might actually be a billionaire, Forbes noted.
In 2012, when O’Rourke beat incumbent Sylvestre Reyes for the House seat, Reyes accused Bill Sanders of using a Super PAC to “circumvent loopholes in campaign finance law” and help O’Rourke. The Super PAC, called The Campaign for Primary Accountability, was partly financed by Sanders, Texas Monthly reported. But San Antonio Express reported that the financing was a small part of total funds raised by the PAC. The Super PAC raised $1.8 million to help challengers in primaries where incumbents had an advantage. Five donors to the PAC were from El Paso, including a group tied to Sanders that gave $18,750. The Super PAC spent a total of $240,000 in the El Paso region, Politico reported, and O’Rourke said there was no coordination between his campaign and the PAC.
3. Most of Beto O’Rourke’s Assets Come from Real Estate
In 2018, The Texas Tribune noted that most of the O’Rourkes’ assets come from real estate. O’Rourke was a partner in Imperial Arms LLC, a real estate company working in rentals in the El Paso region. He sold his Imperial Arms property in 2017. He also had part ownership in a shopping center in El Paso that his mother gifted to him in 2012. That property is valued at between $2 million and $10 million. In 2017, the O’Rourke’s made about $340,000 in rent, interest, stock sales, dividends, and capital gains. Most of their liabilities were in mortgages.
4. O’Rourke Started an IT Business in El Paso in 1999
Beto and Amy O’Rourke founded Stanton Street Technology Group together in 1999. The business specializes in IT and web design consulting. It’s one of the largest in the El Paso region, Business Insider reported. His 2016 financial disclosure report estimated Stanton Street as having a value of $250,000 to $500,000.
O’Rourke graduated in 1995 with a degree in English literature from Columbia University. After college, he worked for Internet service providers in New York before returning to El Paso in 1998. In 1999 he co-founded Stanton Street Technology. His wife, Amy, took over as president and owner in 2013.
In 2017, Amy sold part of her shares in the company for between $100,000 and $1 million, The Texas Tribune noted. She’s no longer listed on LinkedIn as President of Stanton Street (as of 2017.) She’s now director of Choose to Excell CREEED.
5. His 2013 Purchase of Twitter Stock Came Under Scrutiny
O’Rourke’s purchase of Twitter stock when the company went public in 2013 has come under scrutiny in the past. In fact, the House Ethics Committee has said that House members should avoid investing in IPOs because participation isn’t normally something the general public can do. The House Ethics Committee warned especially about Twitter here in November 2013. They said regulations prohibit “Members…who file FD statements from participating in IPOs in a manner ‘other than is available to members of the public generally.’ IPO participation, however, is normally not available to the general public.”
O’Rourke told the El Paso Times that he didn’t know about the memo before his broker bought the stock, so he sold it two days later. He apologized about the whole thing on Facebook in 2013.