The Daily Beast has the scoop:
When Sen. Kelly Loeffler (R-GA) and her husband, Jeffrey Sprecher, bought a 15,000-square-foot Atlanta mansion known as “Descante” for $10.5 million in 2009, it was the most expensive private home purchase in the city’s history.
The value of the estate, as appraised by Fulton County government officials for the purpose of calculating annual property tax dues, remained the same, $10.5 million, for the next seven years. Then, in 2016, the appraised value suddenly plunged to $4.15 million—a whopping 60 percent decline.
The result was a dramatic cut to the couple’s property tax bill.
Originally, they were paying $200,000 annually to the city and county governments. In 2016, after their home’s value dropped, they paid $90,000.
There are several details that make this story even more suspicious than just a valuation drop of more than 60% on its own:
- Loeffler and Sprecher spent $365,000 on improvements in 2015, immediately before the valuation dropped.
- The $10.5 million sale came in 2009, when the housing market had just crashed.
- Out of their 8 closest neighbors, 7 saw their property values increase at the same time the Loeffler-Sprecher’s valuation dropped harshly.
There seems to be no indication that Loeffler acted improperly, but it’s another example where things work out wonderfully for Loeffler at the expense of the public.
We need to get rid of terrible unelected Senator Kelly Loeffler and replace her with Reverend Raphael Warnock. If you can, please donate to the Defeat Kelly Loeffler Fund via ActBlue and support Democrats on the ground in Georgia.
Do you want to know more about helping Jon Ossoff and Raphael Warnock win their runoff elections? Check out the diary This is how we are going to win the GA runoffs - a (nearly) complete guide, version 2.0.
