As she wound down her final days as House speaker, the estate of Rep. Nancy Pelosi (D-Calif.) and her husband in the Napa Valley bore financial fruit for the couple, literally. The estate, worth at least $5 million, provided the Pelosis at least $5,000 worth of grape sales from the vineyard, according to financial disclosure forms for 2010.
Now House minority leader, Pelosi and her husband, Paul, a San Francisco real-estate magnate and financial investor, are worth a minimum of $42 million with holdings spread across property investments in northern California and a litany of Fortune 500 companies, particularly regionally-based high-tech companies such as Yahoo! and EBay. However, some financial holdings under Paul Pelosi’s name suffered significant losses in 2010, including Cisco Systems stock that was sold in May 2010 for a loss of between $100,000 and $1 million, as well as a similar loss on EBay holdings.
Nowehere, however, did the Pelosis feel the financial pinch quite as much as in what has become a personal pet project of Mr. Pelosi’s: the former California Redwoods.
The Redwoods are a football team that of which Paul Pelosi is the principal owner, a squad that plays in the minor league known as the United Football League. Formerly based in San Francisco, the team -- coached by former NFL legend Dennis Green -- now play out of Sacramento, adopting the Mountain Lions as their nickname.
To finance the upstart team, Paul Pelosi has poured money into both the team and the league’s finances. He now holds a stake worth a minimum of $1 million in the UFL as well as another asset worth at least $5 million in his Mountain Lions. In 2010, Mr. Pelosi lost at least $1 million on the Lions. Throughout 2010, he pumped more than $1.8 million into the team’s finances.
While his team went just 4-4 last season, Sacramento had the second highest attendance in the league, averaging more than 18,000 fans for home games.
The new season begins Aug. 14.