From Deseret News archives:

Palin's uniquely Alaskan assets estimated at $1.2M

Published: Thursday, Oct. 2, 2008 12:26 a.m. MDT
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The Palins own snowmachines and an airplane. Todd Palin has a 1958 Piper float plane that he said has been in his family for about 20 years.

Though old, such planes remain in wide use. Palin's plane would be worth from about $38,000 to $78,000 depending on its condition, said Boyd Newman, owner of West One Aircraft Sales in Caldwell, Idaho.

Other family assets include Todd Palin's shoreside lease and commercial fishing permit to harvest salmon from Bristol Bay each season. Last year, the Palins took in $46,265 commercial fishing for sockeye salmon over about a month.

Todd Palin said he purchased his permit from his grandfather in the 1970s. A limited number of permits and shoreline leases have been issued, and the rights to them are often passed down through families or sold. Holders pay a fee each year to renew them.

Palin's is worth about $30,000, a shoreside lease on Coffee Point, where Palin's set-net site is located, is worth about $20,000, and Palin's skiff and gear are likely worth another $20,000, according to estimates by Paul Piercey, a broker with Dock Street Brokers in Seattle, which handles sales of fishing permits, boats and shoreside leases.

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Palin's fishing spot is considered good but not great, Piercey said. And the work is backbreaking. Palin has said he expects to earn 68 cents per pound for this summer's catch.

"When you get up in the morning, your fingers are so swollen that you have to stick them in a bucket of icewater just to get movement back again" and ease the pain, said Hawkins, who fished on Bristol Bay one year.

Hawkins is former chief operating officer of the Bristol Bay Native Corp. and former chief executive of Choggiung Ltd., two native corporations in which Todd Palin, who is part Yup'ik Eskimo, is a shareholder, along with the Palin children. The Palins are among about 8,000 shareholders in BBNC and among about 1,200 shareholders in Choggiung Limited, Hawkins said.

Sarah Palin reported Todd Palin collecting $266 and each child $21 in dividends last year from BBNC, and a total of $16.50 from Choggiung Limited.

Todd Palin is still a BP employee. Company spokesman Steve Rinehart declined to describe Palin's status beyond confirming his employment. Palin's schedule is one week on, one week off, Palin said in a recent television interview.

Palin previously left BP in the 1990s to run Valley Polaris, a snowmachine, four-wheeler and watercraft dealership he pursued with a friend and business partner. They sold the business in 1997; public records do not show whether it was at a profit or a loss. At the time, Sarah Palin was earning about $61,000 a year as Wasilla mayor.

Recent comments

I, am so happy, that Sarah Palin and her husband have pieced together...

Brother Chuck Schroeder | Oct. 2, 2008 at 3:54 p.m.

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