Chaffetz's net worth up to $5.6M

0 Comments | Deseret News (Salt Lake City), Jun 26, 2008 | by Suzanne Struglinski Deseret News

WASHINGTON -- Utah's 3rd Congressional District Republican candidate Jason Chaffetz has a net worth of up to $5.6 million, slightly less than incumbent Rep. Chris Cannon, R-Utah, whom he defeated Tuesday.

By law, Senate and House members, as well as candidates, must file annual reports listing assets, liabilities and income.

The reports have candidates check off boxes that list ranges of assets and liabilities, so specific values are difficult to determine. The highest category is $50 million and above

Chaffetz listed a net worth of between $1.2 million and $5.6 million, the bulk of which is from his personal residence, listed with a value between $1 million and $5 million, although the report specifically says to not include a primary residence.

Without the house, Chaffetz has assets between $220,000 and $691,000, including a Marriott Vacation Club in Hawaii, retirement accounts, savings accounts and investments, based on the estimates in the report.

His only liability is a mortgage on his house, which is up to $500,000, according to the report. He earned $121,000 from Maxtera Utah Inc. in 2007 and listed $52,000 earned so far in 2008.

Cannon had a net worth between $2.1 million and $7.5 million, which also is what he reported last year. Cannon still lists a loan of between $250,000 and $500,000 to his brother, Deseret News editor Joe Cannon.

Meanwhile, Democrat Bennion Spencer listed about $17,000 in income for 2007, including $1,109 from the Salt Lake County auditor, $3,526 from the Sandy School District and $8,773 from Utah Valley State College in Orem.

Spencer has assets worth $32,000 to $130,000, which include a vacation home in California valued between $15,000 and $50,000 as well as an antique car listed for the same amount. He lists no liabilities and did not list his spouse's income.

Spencer said he has two books coming out and has only been working part time while he has been writing the books, which he hopes will come out by fall.

E-mail: suzanne@desnews.com