Terry McAuliffe invests millions in Virginia's local governments

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Photo - HERNDON, VA - MAY 13:  Democratic candidate for Governor of Virginia Terry McAuliffe (L) campaigns with former President Bill Clinton (R) at Frying Pan Park May 13, 2009 in Herndon, Virginia. McAuliffe is locked in a three way race for the Democratic nomination which will take place on June 9, 2009.  (Photo by Win McNamee/Getty Images)
HERNDON, VA - MAY 13: Democratic candidate for Governor of Virginia Terry McAuliffe (L) campaigns with former President Bill Clinton (R) at Frying Pan Park May 13, 2009 in Herndon, Virginia. McAuliffe is locked in a three way race for the Democratic nomination which will take place on June 9, 2009. (Photo by Win McNamee/Getty Images)
Local,Virginia,Steve Contorno

Democratic candidate for governor Terry McAuliffe is worth at least $6.76 million and likely much more, and he's invested millions of his own money in local governments all around Virginia, according to statements of economic interest obtained by The Washington Examiner.

McAuliffe's diverse portfolio includes 40 major investments, but his state financial disclosure form provides only rough estimates of their value. Candidates, who were required to file statements of economic interest by Thursday, don't have to disclose any investment worth less than $10,000 and can value their biggest assets at "$250,000 or more."

One thing McAuliffe's disclosure made clear, though, is that while he's often seen as an outsider with few ties to Virginia, he has invested heavily in the state.

The Democrat has more than $3 million in bonds issued by the state's local governments, including more than $250,000 each in the Fairfax County Economic Development Authority, Loudoun County and Prince William County.

McAuliffe, who poured $800,000 of his own money into his failed 2009 run for governor, had no comment on his latest disclosure, his campaign said.

McAuliffe's personal wealth provides a stark contrast with that of his Republican opponent, Attorney General Ken Cuccinelli, whose only noted investment is stock in Virginia-based Star Scientific valued at less than $50,000.

That lone investment drew criticism recently because the nutritional supplement-maker is currently in a drawn-out legal dispute with the state over $700,000 in unpaid taxes. Cuccinelli's statement of economic interest also shows that Star Scientific CEO Jonnie Williams has given the Republican $13,000 in gifts.

A spokesman said Cuccinelli has pushed Star Scientific to move forward in the case, which has been dormant since late 2011. But Democrats late last week called on the attorney general to remove himself from the case. House Minority Leader David Toscano, D-Charlottesville, warned that Virginians see "handling of a case against a company with which you have this type of relationship as an inexcusable conflict of interest."

Cuccinelli spokeswoman Anna Nix said Democrats were "peddling falsehoods and distractions."

McAuliffe has more than $250,000 worth of stocks in Greentech Automotive, the Mississippi-based electric car company he bought in 2009. Republicans have blasted McAuliffe for not basing the company in Virginia. The Democrat was later criticized for walking back statements that he intended to start the company in Virginia but the Virginia Economic Development Partnership made it too difficult.

scontorno@washingtonexaminer.com

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