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How Joe Biden Amassed A $10 Million Fortune
Posted
August 18, 2023
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August 18, 2023
13,829
133
80
1.54%
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7:44Now PlayingPresident Biden is worth an estimated $10 million, up from $8 million when he took office. The increase has nothing to do with family business dealings in far-flung countries. Instead, he is getting richer by doing what a lot of 80-year-old Americans are doing: sitting on real estate. The president owns two homes in Delaware that are worth an estimated $7 million combined, $1.8 million more than they were when he took office.
His most valuable property is a 4,800-square-foot summer home in Rehoboth Beach, worth an estimated $4.5 million. Biden bought it in 2017, the year he left the vice presidency and earned $11.1 million, cashing in on speeches and books. He added a pool, which may have cost as much as $75,000, in November of that year. All of this seemed like a splurge at the time, but it proved to be a wise investment. During the pandemic, homebuyers flocked to bigger properties with outdoor amenities like Biden’s, seven minutes from the ocean and next to a state park loaded with biking trails. The home is now worth an estimated $4.5 million, $1.7 million more than it originally cost.
The president owns an even larger, though not-quite-as-valuable house in Wilmington’s picturesque Greenville neighborhood. It started as just a piece of land, which Biden bought for $350,000 in 1996, before adding a 6,850-square-foot, colonial-style home two years later, then a 1,900-square-foot cottage in 2005. For years it was Biden’s most-valuable asset, and he refinanced it repeatedly until receiving his 2017 windfall. Today the property is worth an estimated $2.5 million, $700,000 more than it was worth two years ago. Combined, Biden’s two homes make up about two-thirds of his personal fortune.
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