President Joe Biden took out a $250,000 line of credit on his Delaware beach house in December, it was revealed Friday, in a move that...
President Joe Biden took out a $250,000 line of credit on his Delaware beach house in December, it was revealed Friday, in a move that gave him the ability to tap resources as the feds began a classified documents probe.
The mortgage, a home equity line of credit, allows Biden to tap equity built up in his $2.74 million beach house in Rehoboth, Delaware. It is a family retreat that he and first lady Jill Biden purchased after he left the vice presidency.
The FBI this week searched the home as part of the special counsel's documents investigation. No additional classified materials were found, according to a statement released by the president's lawyer.
The loan came about a month after the Nov. 2 discovery by Biden's lawyer of documents marked 'classified' at his former Penn Biden think tank office in Washington, DC. That sparked the probe now being overseen by special counsel Robert Hur.
The White House has not responded to a question about what the loan was for. Fox News obtained the loan document, which came about two weeks before additional documents marked 'classified' inside Biden's Wilmington garage.
President Biden has taken out a $250,000 line of credit on his Rehoboth, Del. beach house. The line of credit comes as Biden faces a special counsel investigation into classified documents found at his Wilmington home and a former office
Biden presumably is facing mounting legal fees amid a flurry of developments in the case, including FBI searches of at least three locations: the DC office, Wilmington, and Rehoboth.
He earns a salary of $400,000 as president, and earned $30,000 book income during his first year in office. The couple had assets worth between $1 million and $2.6 million, while owing up to $500,000 on their Wilmington residence, according to his 2022 financial disclosure.
President Biden listed having at least $700,000 in cash on his last financial disclosure. The line of credit could indicate he has burned through some of that money
Material marked classified was also discovered in the Wilmington garage where Biden keeps his classic Corvette
That form listed between $700,000 and $1.5 million in cash in various accounts (amounts must be disclosed only in broad ranges). Still, if Biden is taking out an equity loan, it is a likely indication that he has burned through considerable savings, unless they were reinvested. Other loans he listed totaled between $30,000 and $100,000.
Hunter Biden, meanwhile, is facing his own legal woes, with his own legal debts reportedly reaching into the millions. He faces a running federal tax probe and a spree of House Republican investigations, and his team this week fired off letters to the DOJ and the Delaware Attorney General seeking probes of people who may have copied or disseminated the contents of his infamous laptop.
Biden's beach house is a place where he sometimes retreats during weekends in spring and summer, although the vast majority of his weekend getaways have been to his Wilmington home.
He has been known to go bike riding in a state park near the house, and has occasionally ventured out for ice cream. His beach house is close to downtown Rehoboth. When he was a senator, he would often attend Fourth of July beach parades at his home state's beaches, which are a major travel destination and revenue generator for the state.
No comments