Thread by @jenvanlaar

If only the @LATimes were this interested in Gavin Newsom's Form 700's, which are devoid of any mention of the Tobia Way LLC that purchased his $3.7 million estate - cash - and which he claimed in a deed transfer that he and his wife fully owned... 1/ latimes.com/california/sto…

Here's how it went down. The LLC, registered to Gavin's cousin Jeremy Scherer, purchased the estate in Dec 2018. Gavin's spox said in Jan 2019 that the Newsoms purchased the home in cash, presumably using the LLC for privacy. If that's true the $3.7M investment in the LLC would..

...have to be noted in Newsom's 2018 Form 700, as well as the ownership interest. It's not. Then in Oct 2019 the home was transferred out of the LLC and to the Newsoms. They avoided over $4k in transfer tax by claiming to be members of the LLC. LLC wasn't on 2019 Form 700 either.

If Newsom is going to say, well, I was part of the LLC but just not listed as a member/manager, OK, perhaps that flies by Sec of State rules but it doesn't fly by FPPC rules. You still have to list the ownership. And since he owned 2 homes by the end of 2018, he had to list one..

..of them as an asset on the 2018 Form 700 since there's only an exemption for one personal residence. Again, not there. So, @LATimes, if you're going to be that dogged on Elder's financials, can you find where Newsom got $3.7M in cash while still owing $3.2M on their Marin home?

Here are a few handy links - first about the Fair Oaks home... (includes screenshots of some source documents) redstate.com/jenvanlaar/202…

And another about "sweetheart" cash-out refis on both of his properties that netted him a sweet amount of cash. Maybe he bought out Scherer's section of the LLC with that cash-out in Fair Oaks? Who knows. Good question to ask him though. redstate.com/jenvanlaar/202…

And, what's up w/his off-market sale of the Marin house for $5.895M in May 2021? Yeah, the RE market is crazy, lots of ppl are buying off-market but who bought it and why? Inquiring minds wanna know. But hey, the prop tax is paid and he's got a $3M profit! realtor.com/realestateandh…