Don't tell President Bush about the real estate slump. A 146 percent jump in the assessed value of his seaside home in Maine caused his net worth to soar 55 percent last year to more than $3.5 million.
In an annual financial report, Bush disclosed Wednesday that the value of his family estate in Kennebunkport rose from $892,000 in 1989 to $2,196,000 in 1990 as a result of what the White House described as a routine reassessment."The city fathers found a new way to take care of the fire truck, I'd say, on that one," White House press secretary Marlin Fitzwater joked to reporters.
Walkers Point, the Bush family compound, is on 11 acres jutting out into the sea. Built almost 90 years ago by his grandfather, George Herbert Walker, the property was purchased by Bush in 1981.
All told, his worth rose from just over $2.3 million in 1989 to more than $3.5 million in 1990.