Gavin Newsom took office as the 40th governor of the great state of California in January 2019. However, the 53-year-old Democrat faced a special election on September 14 to determine if he would be recalled, with 63.6% vote not to recall.
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Although he spent 24 years in the service of California politics in several roles, including that of lieutenant governor and mayor of San Francisco, he was also a businessman and investor who had an abundance of wealth and of resources before his foray into government.
With all of his businesses and financial holdings, he has over $ 20 million in personal wealth, Celebrity Net Worth reported.
As governor, he just landed an increase of $ 8,809 per year which is expected to take effect in December. The increase will make him the highest-paid governor in the country, earning $ 218,556 a year. ABC News reported.
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Before becoming governor
Newsom has had its ups and downs. He was born in San Francisco in 1967 to a politically connected, but often cash-strapped family. Although he struggled with his studies due to his dyslexia, he ended up transferring to Redwood High School in Marin County, where he excelled in sports. With finances being unstable at times, he said he worked in various jobs before going to college. He then graduated from the University of Santa Clara in 1989.
Two years after graduation, with the help of wealthy supporters and family friends, especially Gordon Getty, he started PlumbJack Associates. Since then, its commercial operations have grown to include wineries, hotels, clothing stores, and restaurants.
His stake in these companies, which grossed $ 25 million in 2002, was valued at $ 6.9 million when he disclosed his finances before becoming mayor of San Francisco in 2004, according to SFGate. He sold his share of his businesses and holdings in San Francisco before taking office.
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His married life
Newsom has been married to Jennifer Siebel, a director with whom he has four children, since 2008. Siebel comes from a wealthy background, his father being a prominent investment manager and real estate investor. She is linked to Thomas Siebel, the multi-billion dollar founder of software company Siebel Systems.
Newsome was previously married to Kimberly Guilfoyle, a former San Francisco prosecutor who currently works as a commentator and policy advisor. The couple divorced in 2006 after five years of marriage, Celebrity Net Worth reported.
Real estate companies
The Newsoms downsized their house when Gavin became governor. In the first quarter of 2019, they listed their home in Kentfield, Calif., Which they had purchased for $ 2.225 million, for $ 5.995 million. Not finding that the governor’s mansion in Sacramento was a good fit for their family, they quickly bought a house for $ 3.7 million in nearby Fair Oaks, California.
In the end, the citizens of California decided not to recall Newsom on September 14. Of course, even if things had turned out differently, he still would have had PlumbJack to fall back on, which continues to do well.
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Last updated: September 17, 2021
This article originally appeared on GOBankingRates.com: How much is Gavin Newsom worth after prevailing in the California recall election?