Flores saw a drop in his minimum net worth of about $1 million in 2011.
The Texas Republican’s liabilities grew by roughly $1.4 million from 2010 to 2011. His debts from last year included a Wells Fargo mortgage on a “primary” Texas residence worth at least $1 million. Another Wells Fargo mortgage on a “secondary” Colorado residence is valued at a minimum of $500,000.
Flores made his wealth in the oil and gas industry, serving as president and CEO of Phoenix Exploration Co. But some of the lawmaker’s assets are not in energy.
Along with large investment accounts, Flores has at least $250,000 invested in an aircraft hangar in Bryan, Texas, and $500,000 in loans receivable from his congressional campaign. He also holds $50,000 in insurance policies.
- Kevin Bogardus