Vern Buchanan
Vern Buchanan was born in Detroit, Michigan, United States on May 8th, 1951 and is the Politician. At the age of 72, Vern Buchanan biography, profession, age, height, weight, eye color, hair color, build, measurements, education, career, dating/affair, family, news updates, and networth are available.
At 72 years old, Vern Buchanan physical status not available right now. We will update Vern Buchanan's height, weight, eye color, hair color, build, and measurements.
Business career
Buchanan's financial disclosure filing in June 2007 revealed over $100 million in assets, making him one of the top lawmakers in Congress' five richest members. The bulk of his income comes from his automobile empire, which includes numerous dealerships in Florida. He also expressed ownership in approximately 50 other companies, including offshore reinsurance companies and a charter-jet firm. In 2006, he said he earned more than $100,000 in income from these companies.
Buchanan convinced Jim McDonald, the owner of a Michigan printing company, that he could help the company grow in May 1976. The two companies developed American Speedy Printing, which expanded from franchising to over 730 outlets in 44 states. Later, Buchanan and American Speedy Printing were both defendants in a string of lawsuits filed during the late 1980s and early 1990s by franchisees and master franchisees who said they weren't making the money that Buchanan claimed were expecting. He was accused by a creditors' committee of overstating earnings for American Speedy Printing after filing for bankruptcy. In a 1995 deposition, he said he had no personal responsibility to repay a large corporate loan from Merrill Lynch. Taxes on Buchanan's earnings from Merrill Lynch spanned the 1990s. Buchananan, his company partner, and Merrill Lynch were charged with violation of the Michigan Corporation Act. Buchanan was fined $1.5 million.
In 1992, Buchanan bought a Honda and Acura dealership in Ocala, Florida. In late 1999, he bought two more dealerships. He continued to purchase dealerships after that, but in 2006, he sold five dealerships and other companies in order to concentrate on politics. In 2005, his dealerships earned $756 million in sales.
Buchanan owns two reinsurance firms, both in Turks and Caicos, and part of the Bermuda reinsurance firm Greater Atlantic Insurance Co. Vehicle owners can now have extended warranty coverage. Buchanan invests some of the proceeds from his insurance companies in real estate projects in the Bahamas.
Buchanan was approached in 1999 to help with the Ritz-Carlton condo-hotel construction in Sarasota. Buchanan was left out of the initiative. Robert Buford and Kevin Daves, the developers, denied lying about his financial resources. In 2001, Buchanan was sued and the parties were reconciled. Buchanan bought a condo from a nephew of Buford's for $5 million; the nephew had purchased it the day before for $2.368 million. Buchanan owned the unit for a little over a year and then sold it to another Buford family for $6.35 million. Buchanan was paid in taxes on his increase at a lower long-term capital appreciation rate because of the arrangement. Buford benefited from the apartment's increased appraised value and the use of Buchanan's $5 million. Buchanan used the penthouse for charity fundraisers throughout the year.