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How Hastert benefited from sale
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| Parent(s) |
Candidate
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| Contributor | RP |
| Last Edited | RP Jun 19, 2006 05:00pm |
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| Category | Investigation |
| Media | Newspaper - Chicago Tribune |
| News Date | Sunday, June 18, 2006 10:00:00 PM UTC0:0 |
| Description | The complex structure of a real estate transaction in Kendall County last December left House Speaker Dennis Hastert with a seven-figure profit and in prime position to reap further benefits as the exurban region west of Chicago continues its prairie-fire growth boosted by a Hastert-backed federally funded proposed highway.
Instead of cash, Hastert (R-Ill.) took most of his share of the proceeds in land, some of it less than 2 miles from the parcels he and two partners in a land trust sold for nearly $5 million to a developer who plans to build more than 1,500 homes and commercial space on the property near Little Rock and Galena roads in Plano.
Hastert received five-eighths of the proceeds of the sale, which worked out to a profit of more than $1.5 million for him on property that he and his partners accumulated in a little more than three years.
"Maybe the Prairie Parkway has something to do with it, I don't know," Manion said. "I would guess it probably doesn't hurt."
Hastert's family paid $11,000 per acre in 2002 for some of the land he and his partners subsequently sold in December for $36,000 per acre.
The speaker has long been a staunch supporter of the proposed Prairie Parkway and helped secure more than $200million in federal funding through an earmark in federal transportation legislation last year.
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