The Spitzer Real Estate Empire - The Daily News reveals the extent of Eliot Spitzer's real estate portfolio. And it's quite impressive. Thanks to his father, developer Bernard Spitzer, the ex-Governor earned almost $1 million on rents from a variety Madison Avenue properties.
And that doesn't even the money he's probably saved, by living in properties owned by his father - Spitzer, his wife, and three kids currently live at 985 Fifth Avenue.
Vetted by lawyers and accountants, the living arrangement is both lawful and proper, said Darren Dopp, Spitzer's communications director: The father pays an annual gift tax on the present he gives his son.
"These and other financial matters are handled by professionals who ensure that everything is done in strict accordance with city, state and federal law," Dopp said.
The market value of the gift is reported annually on real estate tax filings and on Bernard Spitzer's tax returns. But citing privacy, Dopp declined to disclose the apartment's rent, the gift's value or the amount of the gift tax paid.
Three real estate brokers familiar with the building say that a spread of comparable size could lease for $16,000 to $20,000 a month. That puts the gift's current value at an estimated $192,000 to $240,000 a year.
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