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McCain helped businessman buy Fort Ord land for a fraction of its market value
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Candidate
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| Contributor | RP |
| Last Edited | RP Oct 13, 2008 08:47pm |
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| Category | General |
| Media | Newspaper - San Jose Mercury News |
| News Date | Monday, October 13, 2008 02:00:00 AM UTC0:0 |
| Description | An Arizona businessman, with help from Sen. John McCain's office, paid the federal government a mere fraction of the market value when he bought a Fort Ord land parcel in 1999, an Army appraisal obtained by The Monterey Herald shows.
Donald R. Diamond, an 80-year-old real estate developer, lobbyist and top fundraiser for McCain's presidential campaign, bought the land for $250,000, though it was valued at $7.2 million, according to Pentagon appraisals made three years before the sale.
He held on to the parcel for a little more than two years before selling it and the buildings on it for an estimated profit of more than $18 million. |
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