OpEdNews » Did McCain Involvement in Ft. Ord Real Estate Deal Cost Taxpayers Several Hundred Million Dollars?

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Tag(s): Donald Diamond; Fort Ord; McCain Campaign; McCain-John; Ord; Presidential Campaign Republican; Public Assets To Private Wealth; Public Interest; Public Lands
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October 13, 2008 at 16:35:10

Did McCain Involvement in Ft. Ord Real Estate Deal Cost Taxpayers Several Hundred Million Dollars?

by Judy Swindler Page 1 of 1 page(s)

www.opednews.com

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Even though independent appraisers provided current fair market estimates in the millions, the U.S. Army declared the public property known as Fort Ord to hold a long term 40 year value of only $21,000,000 and offered this public property for sale at less than $300,000 before lowering the price to $250,000 for their prospective buyer, Donald R. Diamond. In 2001, two years after his purchase, Mr. Diamond sold the former U.S. military post, located near the beach in Monterey Bay, California, for more than 18 million dollars. Property evaluations of Ft. Ord now show the long term value of this former public property to be worth at least several hundred million dollars. Senator John McCain played an active role in this entire transaction.

"Besides being a leading developer in McCain's home state, he is a pro-Israel lobbyist in Washington, D.C., and is among the elite "innovators" group whose members have individually raised $500,000 or more for McCain's presidential bid, according to the candidate's campaign Web site. Diamond also served as national finance co-chairman for McCain's presidential exploratory committee, and in court documents he describes himself as a longtime friend of the Republican senator."

Julia Reynolds, in her October 12th article, further explains the evaluation details and John McCain's involvement in these events which were recently brought to light through a request for appraisal documents under the Freedom of Information Act.

http://www.mercurynews.com/ci_10703310?source=most_emailed

Ms. Reynolds also reports that both Donald Diamond and Senator McCain's Senate office "decline" to comment.

Armybrat, former Republican, now Democrat, but still old school conservative.

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1 comments

I'm an American refugee. I've been an expat since Bush was reelected. I'm married with children and miss the America I used to know.
E PhilippI'm an American refugee. I've been an expat since Bush was reelected. I'm married with children and miss the America I used to know.

Economic Genius!!!???

This is the financial wizard that we're supposed to trust has answers for our financial crisis today? I'd like to point out that this was in the time when everybody made money in Real Estate. It was the sure fire way to quit your JOB and live big. He not only didn't make money as a financial stewart for the American People, he essentially gave the asset away. A price of $250,000 for a property appraised 3 YEARS previously at $7,200,000 is a gift. There was a very good businessman involved in this deal----it was not McCain. Two years later this property was sold including the buildings which are not valued in the article for $28,000,000. If it had been purchased for the appraised value of $7.2 million, that would leave almost $21 million for the buildings and profit---not a bad deal----for the buyer.

McCain admitted early in the primary season that he really didn't understand economics----He wasn't lying!

by E Philipp (0 articles, 0 quicklinks, 0 diaries, 8 comments) on Monday, October 13, 2008 at 6:19:18 PM