NewburyportNews.com, Newburyport, MA

Real Estate News

January 30, 2012

Mitt Romney’s 6 Homes

- — After a barrage of pressure to release his tax forms, former Massachusetts governor Mitt Romney reported his income, confirming what most already knew: He's the wealthiest of the GOP candidates, earning $43 million over the past two years.

While much of Romney's assets comes from his tenure at Bain & Company and investment firm Bain Capital, the presidential contender grew up in relative wealth as the son of American Motor Corporation CEO and former Michigan governor George W. Romney. As such, Romney is also no stranger to high-end real estate, having owned properties in Massachusetts, Utah, New Hampshire, and most recently La Jolla, CA.

Childhood Home-- Detroit, MI

Mitt Romney spent the first five years of his life in this 5,500-square-foot home (above) in the upscale Detroit Palmer Woods neighborhood before moving to Detroit’s Bloomfield Hills suburb. Although Detroit real estate has been hard hit in the past few years, Palmer Woods real estate remained steady as a high-end neighborhood. However, even an upscale location couldn't save Romney’s childhood home from foreclosure or the wrecking ball. After falling into disrepair in 2009, the house was one of 3,000 Detroit homes razed in the city's renewal plan.

Belmont, MA Mansion

According to property records, Romney and his family purchased the 7-bedroom, 6.5-bath home in Belmont in 1989 — five years after Romney founded investment firm Bain Capital. The Romneys' home sold for $3.5 million in 2009 — 293 percent more than the 1989 purchase price of $890,000.

Situated on 2.44 acres and within 25 minute drive from downtown Boston, the 6,434-square-foot Colonial was an ideal home base for Romney, his wife Ann and their five sons for 20 years.

Wolfeboro, NH Compound

In 1997, the Romneys plunked down $3 million for a summer home situated on 11 acres of lakefront in New Hampshire. The 3-story, 6-bedroom contemporary sits along Lake Winnipesaukee in Wolfeboro, “the oldest summer resort in America.”

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