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Land Deal Gives Hastert 300% Profit

June 16, 2006 11:00 AM

Hastert_bush_nrSpeaker of the House Dennis Hastert (R-IL) realized an estimated $2 million dollar profit last year on an Illinois land deal that included acreage near a future interstate highway Hastert pushed to build.

The land was sold just five months after Hastert inserted a $207 million appropriation bill for the Prairie Parkway highway during a closed-door Congressional budget conference.

The deal, representing a 300 per cent return on investment, was reported in Hastert's financial disclosure form filed this week, although the role of a secret trust set up by Hastert to sell the land was not disclosed.

A spokesman for Hastert, Ron Bonjean, confirmed the details, which were first reported by Bill Allison of the Sunlight Foundation, an on-line political watchdog group. The Speaker's spokesman said land in the Plano, Illinois area is "booming," and the future highway had no impact on the price.

Hastert and partners sold the land to developers who plan a large residential sub-division about five miles from the new highway.

Local citizens fighting the highway project were outraged to learn of the Hastert deal. "I think he clearly has his own personal interest and not the public's by buying and selling land to developers for personal profit, when it has a negative long-range effect on the community," said Jan Strasma, head of community group Citizens Against the Sprawlway.

Hastert's spokesman said that Hastert had been a proponent of the highway for 20 years, and there was nothing improper in the deal.

According to Hastert's disclosure form and county property records, a 69-acre parcel was put into a trust, Little Rock Trust #225, on May 2, 2005.

Two months later, in July 2005, Hastert pushed the highway appropriation bill through a conference committee.

On Aug. 6, 2005 President Bush appeared with Hastert at a ceremony in Illinois to celebrate the new highway's funding.

On Dec. 7, 2005 the trust sold the parcel of land to the developers.

The spokesman said, for tax reasons, Hastert used part of his $2 million profit to buy a 275-acre farm in Wisconsin that Hastert intends to use as a future retirement home.

June 16, 2006 in Speaker of the House Dennis Hastert | Permalink | User Comments (73)

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Hold it! I don't consider land five miles away from a highway planned for the past 20 years as 'near'!

I am curious how his trust decided to buy the land and sell, or if Hastert even had a say in the purchase. Usually, a trust fund manager is supposed to make money for their clients. At least Hastert had his money in a trust! the real question should be "was it a Blind Trust" managed soely by an independent and licensed agent?

If so, how can I invest with that agent?

God bless our troops!

Posted by: tmblweed | Jun 16, 2006 12:09:29 PM

this is wrong, BUT!

it is not at all a party exclusive thing.

here in beckley WV, about 20 years ago when our I-64 made it in here, our PLO loving' friend of yaser arafat congressman nick rahall purposely steered I-64 through some of his own land as well.

look at how its coing out how our congressman to the north alan mollohan is making millions from his "non-profit" organizations. he recently steped down from the ethics committee.

warning: the "culture of corruption" slogan will not win the house back. youll have to do better than that.

Posted by: beckley WV | Jun 16, 2006 12:09:43 PM

Just waiting to hear from the republican defenders....of course, they'll claim it's just free enterprise and all the "liberals", and "leftests", and "hate America and its values" crowd are conspiring to ruin America and its leaders...god, if people don't vote these folks out in November, we might as well hand in our copy of the Constitution and immigrate to Cuba...

Posted by: Ryan | Jun 16, 2006 12:10:41 PM

Remember what Bob LaFolette said and vote for what you want even if you don't expect to get it because if you vote for what you don't want, you probably will get it. And without any warning.

Posted by: Elmo | Jun 16, 2006 12:14:51 PM

A classic example of what happens when elected officials get too comfortable with their positions in Washington, D.C.. This is the same person who spoke out about the FBI raiding a congressional office building for evidence pertaining to possible illegal activity. I wonder if the FBI would hesitate to raid my personal office for evidence?

Posted by: Dan | Jun 16, 2006 12:18:51 PM

I say we need a whole new Congress! I bet you this guy will get away with it like Carl Rove did in outing a CIA agent. This the danger of having one party control all branches of government. Their is no more accountability and it is do anything you want at the expense of the country.

Posted by: Kenneth | Jun 16, 2006 12:25:23 PM

Just another fact of how the liberal media is sharing our nations secrets with our enemies! :p

Ya right.........I at least hope there are consequences for this bafoon....

Posted by: BP | Jun 16, 2006 12:31:05 PM

I agree with Ron. We can whine all we want but until people get out and vote for a change, we will keep getting the same results. This is the most crooked administration in my life time and they are doing it and getting away with it with big smiles on their faces. Shame on them and shame on us for putting up with it.

Posted by: Nora | Jun 16, 2006 12:35:56 PM

Let's have another Boston Tea Party,this time throwing in POLITITIONS,i.e. (LAWYERS)

Posted by: Ron Hunter | Jun 16, 2006 12:37:52 PM

Wisconsin!!??!!??!!

We don't want Hastert in Wisconsin. Send him back to Illinois!

Posted by: MJ Wheeler | Jun 16, 2006 12:39:54 PM

Will he donate the money to a needy charity?

Posted by: Jesus | Jun 16, 2006 12:42:01 PM

This is just too much to let stand. "I had to ramrod this legislation through so I could make a fortune on a secret land deal so that I could buy a retirement plantation that most of my constituents can only dream of." I have news for you Mr. Speaker, by your actions you do not and will not ever speak for me. Your true 'constituents' are in federal prisons, where you, we hope, will so be. You are a disgrace to the office. You never heard of conflict of interest? So you don't have 100G stashed in your freezer, (like your pal),you're worse; you went out and spent that wrongfully gained money on a spread that most Americans will never even see, let alone own. Resign. I doubt you will since your obviously don't know how to 'do the right thing.' TO THE REST OF CONGRESS: KEEP YOUR NOSES CLEAN- WE'VE HAD IT WITH COMMON CRIMINALS DRESSED UP IN SUITS PRETENDING TO BE OUR REPRESENTATIVES. COME ELECTION TIME, LET'S VOTE THEM ALL OUT! A BRAND NEW BATCH CAN'T BE ANY WORSE AND THEY JUST MIGHT BE BETTER!

Posted by: David Palmer | Jun 16, 2006 12:45:16 PM

I read this story and broke out laughing. I know the property he sold - this story is a bunch of hogwash. There is no connection between the parkway and this property.

1. The proposed parkway and the property are nowhere near each other.

2. Kendall County (where the property is located) is the third fastest growing county in the nation. Home builders are buying land like crazy there and prices are souring!! That started long before this bill was signed.

I agree that lawmakers find away to line their pockets with our money but this story is complete BS. Sorry folks.

Posted by: Joseph | Jun 16, 2006 12:47:50 PM

Mr. Hastert had better run, not walk from the buffet table. He is beyond corpulent and into really dangerously obese. He can't keep this up. Every time I see him, he looks as though he has gained 25 pounds. How will he enjoy the fruits of his "labor" if he doesn't begin to take care of himself.

Posted by: donna hizer | Jun 16, 2006 1:09:02 PM

A land trust is a common business practice; such a legal agreement is not shrouded in secrecy. Individuals who make real estate investments are savvy. Perhaps the Chicago Tribune and its staff reporters might consult one of the premier law schools in the Chicago area and exhaustively examine the law regarding land trusts. This is also a hint to the rest of the individuals who have taken to time to respond to Hastert's financial investment. Examine the law before making assumptions.

For all of the negative comments from those individuals who find Hastert to be a crook, your words are hypocritcal because if members of the Democrat party in the State of Illinois made the identical financial investments in perahps Cook County or elsewhere, those voting on a Democratic ticket would not be opposed to such a financial dealing. The real issue is the envy of your members who continually demonstrate financial ignorance. Before making false accusations, thoroughly examine the legal merits of the issue.

The land which was purchased by Hastert along with his other partners is 5.5 miles from the proposed site of the Illinois Prairie Parkway. Kendall County is the 3rd fastest growing county in the United States. This land for residential home development is not in an area where the laws of Emminent Domain will have any effect. Irrespective of the proposed Prairie Parkway, the land value in Kendall County continues to appreciate, which makes this an attractive area for commercial and residential development. The discussion of the Prairie Parkway has been a topic of conversation for the past two decades in Kendall County. As land value continues to increase in Kendall County, those who have made prudent financial investments stand to benefit from their decisions.

So is this group of individuals who criticize Hastert prepared to criticize individuals who have purhased land (and a later point will sell this land) in the area where a proposed link for the METRA line to Oswego is planned?

Instead of being jealous of an individual's legal financial gain, please take your envy and make smart financial decisions to benefit the future of you and your family.

Posted by: Statesman | Jun 16, 2006 1:17:53 PM

Now let's see, the republicans spent over $300 million to investigate Whitewater and came up with an act of oral sex.
Yet, with at least enough "smoke" on a questionable land deal with the 3rd repuke in line to the presidency, let's see if any investigation goes forward to see if there is any "fire" here.
Don't hold your breath. This is just "biznus" as usual for the corrupt republican mind set of today.

Posted by: Gonnuts | Jun 16, 2006 1:19:17 PM

Not a surprise.

I've worked for two commercial real estate developers. They are no better than Republican politicians.

They only care about profit -- not people. They talk about how much they care about improving peoples lives, but they forget to tell you that they need to make an obscene profit off you FIRST.

Posted by: Ginger Winchester | Jun 16, 2006 1:26:18 PM

I am a hard working citizen, but look at what happen to me the other day. I had to spend 50 days in jail, paid a fine of $1700 dollars and I am doing 300 hours of community service, and to top it all of I lost my job and had to pay court cost. Why because my two year old son threw trash out the window and texas cop just happen to be there. Do you think is fair that the hard working citizens are always getting screwed why the rich fat cats are stealing.
Life is not fair.

Posted by: sean payton | Jun 16, 2006 1:38:40 PM

Why is everyone here picking on him being a Republican? I guess Democrats are perfect little angels. The liberal media it at it again, single out the Republicans. And then, show Hastert in a photo with President Bush to suggest some wrong doing on the President's part.

Posted by: Sam J | Jun 16, 2006 1:59:59 PM

REPUBLICAN -- DEMOCRAT

They all suck ,, we need a new party ,, The Revolutionary Party,, we do need a revolution, this country is out of control, we are becomming the dictatorship we have been fighting to rid the earth of, according to BUSH.

REPUBLICAN's CONTROL EVERYTHING as of NOW, They are responsible for the Bleek Future our kids get stuck with ,, most countries hate usa now, most have no respect for us, pretty soon we will be so far in debt will will have to continue to rob and pilage other countries to fill the coffers.

A Revolution is coming
when is the question


Posted by: Dwight | Jun 16, 2006 3:01:00 PM

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