Newt Gingrich campaigns in South Carolina earlier this month. (Bruce Smith /Associated…)
Newt Gingrich had a net worth of at least $6.7 million and income of at least $2.6 million in 2010, according to financial disclosure forms that were released Monday.
That’s a considerable jump from 2006, when financial disclosures filed by Callista Gingrich reported the couple’s net worth at between $873,000 and $2.4 million.
The former House speaker’s assets were valued between $7.3 million and $30.7 million in 2010, the majority of which came from a multimillion-dollar “promissory note” from the Gingrich Group, LLC to Gingrich Productions, Inc., entities that are part of Gingrich’s eponymous network of nonprofit and for-profit organizations.
Gingrich reported $565,000 to $1.15 million in liabilities, including a credit line at Tiffany & Co. of up to $1 million. The credit line was closed last year.
Gingrich Productions appeared to account for most of Gingrich’s reported worth and income. His share in the company, which “provides talent for audio, video and photographic productions,” is valued at between $500,000 and $1 million. The company paid Gingrich more than $2.4 million in distributions last year.
Also under the assets category, Gingrich listed Basilica of the National Shrine, a Catholic church in Washington that pays Callista Gingrich a salary for singing in the church choir. The church paid her $5,245 in 2006, according to a disclosure report filed when she was an employee of the House of Representatives.
Gingrich is among the first of the Republican presidential candidates to submit his financial disclosure form. The form asks candidates to report the value of assets and liabilities within a set of ranges, making it impossible to calculate an exact net worth. The “promissory note” to Gingrich Productions, for example, is listed as being worth between $5 million and $25 million.
According to the form, Gingrich owns a rental house in Whitehall, Wis., worth between $50,000 and $100,000. Also, the paper indicated that he drew at least $80,000 in income from individual stocks and mutual funds last year, and that he owns a stake in a Florida talent agency, which paid him $72,274 in distributions.