By Kevin Bogardus and Megan R. Wilson - 08/21/12 09:00 AM EDT
Buchanan saw yet another dive in his net worth, slipping from $41.8 million in 2010 to $36.5 million in 2011.
The decline continues a downward trend in the entrepreneur-turned-congressman’s portfolio. His net worth stood at more than $50 million in 2008.
The three-term Florida Republican made his fortune at first growing a printing company franchise and later entering the auto dealership business.
Though Buchanan’s total assets amount to more than $63 million, he has also racked up close to $26.8 million in debt — including several mortgages, a mortgage for a yacht and financing for the purchase of three jets.
A few of his debts fluctuated from last year, and two new liabilities included at least $150,000 in “professional fees” to two prominent law firms. Buchanan was under investigation by the House Ethics Committee for allegedly misleading Congress about his finances. The panel cleared him of those allegations earlier this year.
- Megan R. Wilson