WASHINGTON — The U.S. Senate seat for South Dakota is up for grabs, all of a sudden, and it is due to the rise of former South Dakota U.S. Senator and independent Larry Pressler. However, news are coming to light of his substantial wealth as a Washington, D.C. lobbyist.
POLITICO reported that Pressler is worth up to $847,000, when in campaign speeches, he claims he is “a rich man and cannot afford to buy more than one house.” He and his wife have no debt, as far as financial filings show.
He is benefitting from a “homestead deduction,” or a tax break where he can claim principal residence in the nation’s capital. His 2,2000 square foot, two-bedroom and 2 1/2 bathroom condo is in Foggy Bottom, close to the U.S. State Department headquarters, and he paid $690,000 for it in 2003.
Polls from SurveyUSA claimed that GOP candidate Mike Rounds, the state’s former governor, is up 35% to Pressler at 32% and Democratic candidate Rick Weiland at 28%. But, the RealClearPolitics poll average shows Rounds is up 11 percentage points over Weiland and Pressler.