For all the millions Hunter Biden made from Russian oligarchs and Kazakhstani plutocrats by brandishing the family name, Clan Biden has remained curiously and conspicuously strapped for cash ever since Old Joe became the youngest member of the Senate half a century ago. It’s not just as president that Joe Biden has trouble keeping the finances, whether the nation’s or his own, in check. According to the Daily Mail, Biden’s primary Wilmington residence may very well be worth less, after accounting for inflation, than what he paid for it 28 years ago.
Since 1975, the Democrat has negotiated a new mortgage or credit deal with one of his two Delaware properties as collateral a staggering 35 times, or once every 17 months, to borrow at least $6 million against their properties. This is despite the fact that Joe Biden was employed continuously as a senator for 36 years and a vice president eight, and that Jill Biden taught high school for 13 years and community college for 30 years and counting, including during her past tenure as second lady and current tenure as first.
Biden purchased his first Delaware home for $185,000 in 1975 and controversially sold it for a wildly inflated $1.2 million in 1996 to a chairman at MBNA, the largest employer in the state, the future employer of a young Hunter Biden, and then one of Sen. Biden’s staunchest corporate supporters. The Daily Mail reports that home had 15 mortgages and lines of credit attached to it.
The current Wilmington mansion also at the center of the special counsel investigation into Biden’s mishandling of classified documents was purchased in 1996 for $350,000. The Bidens have borrowed against the house 20 different times, including an outstanding mortgage for $541,000.
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It’s difficult to determine the precise valuation of a property that hasn’t been on the market in nearly three decades, much less when that home has reportedly been renovated and built up by a rookie owner who has called himself a “frustrated architect” in need of proper training. Redfin provides a lowball estimate of nearly $900,000 while a more ambitious measure from Zillow estimates the house at not quite $1.5 million. Subtract the half-million in debt from the house’s value, and its real equity is estimated between less than $400,000 and $1 million.
Considering the cumulative rate of inflation since 1996 is 100% exactly, the house would need to be worth more than $700,000 in order to have not lost value in real terms. That means that if the lower end of the estimate is the home’s actual valuation, thanks to Biden’s incessant refinancing, his home may be worth less today than it was when he paid for it.
