Bush discloses details of his wealth

By Jonathan D. Salant, Associated Press, July 3, 1999

WASHINGTON -- Republican presidential front-runner George W. Bush gave Americans a detailed picture of his wealth yesterday, disclosing that he owns more than $7 million in US Treasury notes and a blind trust worth more than $1 million.

The son of President George Bush also reported that he has two money market accounts with a total value of between $600,000 and $1.25 million, three checking accounts with a total value of between $3,000 and $45,000, and no debts.

He also received the first half of a $250,000 advance for a campaign biography he is writing with a Houston Chronicle sports columnist, Mickey Herskowitz. Bush's initial share, after commission, was $106,250, which he is donating to four youth charities.

Bush, who is paid $97,890 as governor of Texas, reported on his federal income tax return in April that he and his wife, Laura, had $18 million in income and paid $3.7 million in taxes in 1998.

Included in that total was the $14.9 million he received when the Texas Rangers baseball team was sold. Bush initially paid $606,302 for his share of the club.

Bush still has a share, valued at between $1 million and $5 million, of the partnership that owned the team. When the partnership is dissolved, Bush is expected to receive an additional $1 million to $2 million.

The governor also earned capital gain income of between $100,000 and $1 million from the sale of real estate investments, capital gain income of $100,000 to $1 million from Advance Paradigm stock, and capital gain income of between $50,000 and $100,000 from the sale of investments in oil and gas.

He reported his largest asset was his investment in US Treasury notes, which he valued at between $7.2 million and $14 million. He reported those notes alone earned him between $351,000 and $1.2 million in 1998.

Bush's book, expected to be published later this year, will talk about how his principles and values were shaped, spokeswoman Karen Hughes said. For example, she said, Bush learned to take risks growing up in Midland, Texas. "When he grew up there, the motto was, 'The sky's the limit,' " she said.

The financial disclosure report is required of all presidential candidates. Most of the others filed on May 15; Bush requested a 45-day extension because his accountant was hospitalized.