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Romanoff sells home to give campaign financial boost

1:09 PM, Jul 27, 2010   |    comments
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Romanoff said he sold the home in Denver's Washington Park neighborhood for $360,000 and used the proceeds to loan his Senate campaign $325,000 in advance of the Aug. 10 primary

"When I get to the Senate, I will continue to champion campaign finance reform so that Coloradans of modest means can win public office without selling their homes," he said.

He said the home was sold to Realtor Greg Geller and will be redeveloped by Larsen Development Company. The company's website said it specializes in building custom homes in the Washington Park neighborhood.

Romanoff's home is listed in property records as a 946-square-foot, two-bedroom bungalow. He bought the house for $189,900 in 1996, records show.

He said he continues to live in the house but will move out soon. He sold the house without formally listing it.

"I asked my Realtor to find a buyer and she got a couple of offers and we didn't have to list it," he said.

The loan gives Romanoff a much-needed cash infusion in the last two weeks of the primary campaign.

His campaign had $464,000 in the bank at the end of June compared with Bennet's $2.6 million. Romanoff had spent much of his remaining cash on TV commercials.

Candidates are allowed to loan money to their own campaigns, and Republican Senate candidate Ken Buck loaned his campaign $100,000 in March.

The loans can be repaid with future donations - which is usually easier for a winning candidate than a losing one.

Bennet was appointed to the Senate in 2009 by Gov. Bill Ritter after former Sen. Ken Salazar was named secretary of the Interior. Romanoff, a former Colorado House speaker, sought the Senate appointment and is challenging Bennet for the Democratic nomination.

Buck, the Weld County district attorney, is challenging former Lt. Gov. Jane Norton in the Republican primary.

Written by Robert Moore, Fort Collins Coloradoan.

(Copyright © 2010 Fort Collins Coloradoan, All Rights Reserved)

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