Romanoff unloads house and assets to pay through primary day
Andrew Romanoff, looking to drum up funds to fuel the last week of his Democratic primary race against Sen. Michael Bennet, sold his Denver house, his only residence, for cash on July 23 to Vision Real Estate, a flip specialist that unloads houses without inspection, appraisal or a listing. According to the website, “You get a quick, fair sale with no hassles, so you can put your worries behind you.”
But Romanoff’s worries are ahead of him!
For the quarter ending on June 30, he reported $464,000 cash on hand, though he told the Colorado independent he has spent about $300,000 of that on television advertising.
He sold his house for a below market $360,000, netting him $225,000, according to Face the State, which ran down the story. For now, at least, Romanoff is legally squatting in his ransomed house. He reportedly doesn’t have to move out until after the primary. He also liquidated other financial assets. Although Romanoff hasn’t detailed those assets, according to earlier financial disclosures they would appear to include mutual funds and stocks.
“The money [from the liquidation of the assets] is going to be used immediately along with the existing campaign cash,” said Deputy Campaign Director Berrick Abramson, who added the infusion would pay for existing TV and Spanish-language media ad buys.
Sen. Bennet June 30 reported $2.6 million cash on hand. He has dominated fundraising in the race on both sides of the aisle. Romanoff has been hobbled in part by his notable refusal to take political action committee money, which he says is paid by special interests to corrupt government.
Abramson said the campaign was budgeting for the primary, which ends Aug. 10. “We’re not worried about [after that],” he said. “We’re up against a particular machine. June was our best month and this month is better than last month, so it’s just not a concern.”
He said he was unintimidated by the money so far raised by Republican challengers Ken Buck and Jane Norton.
“The cash on hand and money raised by the Republicans is not that big of a difference. We have every confidence that we will raise the money.”
Norton reported $784,872 and Buck $664,149 cash on hand as of June 30, according to the FEC.
Polling on the Democratic primary has been scant but no poll has ever shown Romanoff with a lead. He did, however, win the delegate vote at the Colorado state assembly by a 60 to 40 margin, netting him top-ballot position.
“The race is close, and we’re in a push to win it,” said Abramson.