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Sullivan would join Senate millionaires' club if elected

Lisa Demer

If Dan Sullivan were elected, he'd join the Senate millionaires' club, according to his Senate candidate financial disclosure report.

His net worth -- not counting the value of his Hillside home -- is between $1.5 million and $3.8 million, according to information in the report, filed Feb. 19.

Senators and candidates report finances within a range and don't have to list their primary residence, though some do. Sullivan didn't, however.

His most significant asset, other than his house, is stock in the business his family started, RPM International Inc. It's worth $500,000 to $1 million.

Other major assets include $250,001 to $500,000 in a managed account, the Glenmede Tax-Exempt Cash Portfolio and three investment funds -- American Funds Tax Exempt Bond Fund, BlackRock National Municipal Fund Institutional Shares and BlackRock Global Allocation Institutional Fund -- valued at between $100,001 and $250,000 each.

Sullivan and his wife, Julie, also have smaller holdings in a number of other funds, including investments on behalf of their three teenage daughters.

Last year, Ohio college savings bonds matured, bringing the family $15,001 to $50,000. In all, mutual funds, bonds and other investment accounts generated between $46,900 and $137,000 in income last year and for the early part of 2014, according to the federal report.

When Sullivan went to work for the Bush White House in 2006 as an assistant secretary of state, he had to sell individual stock holdings, including RPM stock, and diversify into broad funds, he said in an interview. He reacquired significant RPM stock after that, his campaign said.

Last summer, Sullivan bought a 4,660-square-foot, four-bedroom, 31/2-bath Anchorage Hillside home valued at $846,000 for property tax purposes, according to city records. It's on a 2.5-acre lot. Only his name appears on the deed.

"I consider myself blessed but we've been people like most Alaskans who save and try to save for the future, for our kids," Sullivan said.

Sullivan financed the current mortgage through the Alaska Housing Finance Corp., according to a separate state disclosure report filed Dec. 23 with the Alaska Public Offices Commission. He didn't list that loan on his federal report; candidates aren't required to do so.

The Sullivans sold their former Hillside home in 2013 and reported making $200,000 to $500,000 in long-term capital gains on the sale, according to the APOC report. The report covers 2013 through Sept. 24, when his resignation as natural resources commissioner became effective.

The couple also owns a Girdwood condo worth between $250,001 and $500,000, according to the federal disclosure. The city values it at $275,400 for property tax purposes. The Sullivans owe $100,000 or less on the condo, the federal report says.

Sullivan made $136,350 a year as natural resources commissioner and, in 2013, $10,000 to $20,000 as a Marine reserves officer, with another $5,000 to $10,000 for six weeks of active duty in Afghanistan.

On the state report, Sullivan says he and Julie each has individual retirement accounts invested in various mutual funds managed by Glenmede Co. in Philadelphia, and he has a state retirement account. He didn't list the value of any retirement fund.

Reach Lisa Demer at ldemer@adn.com or 257-4390.

 


By LISA DEMER
ldemer@adn.com
Contact Lisa Demer at LDemer@adn.com or on