# Obama mansion/Rezko Again **URL:** \ **Category:** Great Debates\ **Created:** [February 27, 2008, 1:47am UTC](https://boards.straightdope.com/t/obama-mansion-rezko-again/439324 "2008-02-27T01:47:49Z")\ **Posts on this page:** 20\ **Page:** 1
**Author:** ![The\_Flying\_Dutchman](https://avatars.discourse-cdn.com/v4/letter/t/9fc348/32.png) [@The\_Flying\_Dutchman](https://boards.straightdope.com/u/The_Flying_Dutchman)\ **Post date:** [February 27, 2008, 1:47am UTC](https://boards.straightdope.com/t/obama-mansion-rezko-again/439324/1 "2008-02-27T01:47:49Z")
Well I just got some new information on the land/mansion deal we’ve previously discussed where many have dismissed the story as not indicative of any wrongdoing . Well it turns out that the lot Rezko paid full price for, $650,000 was rendered useless when he sold a 10 foot strip of the property to Obama for $104,500 . The end result is that since no one can build on the property, the value of Obama’s property next door is further increased. Now why would a developer with a shady reputation take a $545,500 loss which benefits a politician whose done work for him and for whom he has made campaign contributions? [Is this a reputable cite?](http://www.investors.com/editorial/editorialcontent.asp?secid=1501&status=article&id=288835262114697) > [@](#): > > They would do business yet again. In 2005, at a time Rezko was under federal investigation of influence peddling in the administration of Illinois Gov. Rod Blagojevich, Sen. Obama and Rezko’s wife Rita bought adjacent pieces of property from a Chicago doctor. > > The doctor sold one parcel to Obama for $1.65 million, $300,000 below the asking price, while Rezko’s wife paid full price, $625.000, for the adjacent vacant lot. Six months later, Obama paid Rezko’s wife $104,500 for a 10-foot wide strip of her land, allegedly so he could have a bigger yard. But it rendered the Rezko parcel too small to build on, thereby increasing the value of Obama’s property. ---
**Author:** ![Phlosphr](https://avatars.discourse-cdn.com/v4/letter/p/c68b51/32.png) [@Phlosphr](https://boards.straightdope.com/u/Phlosphr)\ **Post date:** [February 27, 2008, 2:12am UTC](https://boards.straightdope.com/t/obama-mansion-rezko-again/439324/2 "2008-02-27T02:12:30Z")
Hasn’t that been covered ad nauseum? Even the info in your link? ---
**Author:** ![Jophiel](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/jophiel/32/66_2.png) [@Jophiel](https://boards.straightdope.com/u/Jophiel)\ **Post date:** [February 27, 2008, 5:06am UTC](https://boards.straightdope.com/t/obama-mansion-rezko-again/439324/3 "2008-02-27T05:06:52Z")
According to [Bloomberg News](http://www.bloomberg.com/apps/news?pid=20601103&sid=a_9sOMpy91Js&refer=us): > [@](#): > > In January 2006, Rita Rezko sold the Obamas one-sixth of the lot, for $104,500, to expand their yard. She later sold the rest of the land to Michael Sreenan, who said by e-mail yesterday that he bought it in late December 2006 for $575,000. Michael Sreenan said he intended to build a six-unit condo on the site but didn’t have the time due to other business ventures so he’s selling the lot for $1.5mil. Seems like a lot of cash for a site that can’t be built on. If nothing else, even if it CAN’T be built on, you’d think it could be rezoned for construction rather than letting all that potential property tax revenue go to waste. [Google cached link](http://72.14.205.104/search?q=cache:SqS33kReVB4J:maroon.uchicago.edu/online_edition/news/2007/10/26/property-adjacent-to-obama%E2%80%99s-on-market/+%22Michael+Sreenan%22+lot+construction&hl=en&ct=clnk&cd=3&gl=us). The link in the OP is to an editorial. I think someone just got their facts wrong. ---
**Author:** ![Carol\_Stream](https://avatars.discourse-cdn.com/v4/letter/c/c2a13f/32.png) [@Carol\_Stream](https://boards.straightdope.com/u/Carol_Stream)\ **Post date:** [February 27, 2008, 5:33am UTC](https://boards.straightdope.com/t/obama-mansion-rezko-again/439324/4 "2008-02-27T05:33:55Z")
There’s also new questions as to where the purportedly broke Rezkos got the $ to finance the whole deal. > **[The Times & The Sunday Times](https://www.thetimes.co.uk/)** > > News and opinion from The Times & The Sunday Times ---
**Author:** ![Jophiel](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/jophiel/32/66_2.png) [@Jophiel](https://boards.straightdope.com/u/Jophiel)\ **Post date:** [February 27, 2008, 5:40am UTC](https://boards.straightdope.com/t/obama-mansion-rezko-again/439324/5 "2008-02-27T05:40:40Z")
[QUOTE=Carol Stream] There’s also new questions as to where the purportedly broke Rezkos got the $ to finance the whole deal. > **[Latest news & breaking headlines](https://www.thetimes.com/)** > > The latest breaking UK, US, world, business and sport news from The Times and The Sunday Times. Go beyond today's headlines with in-depth analysis and comment. [/QUOTE] Nothing in that article implicates Obama though. In fact, the third page of it is all about how neither Auchi or Obama ever recall meeting although _maybe_ they met for a minute at a hotel when Obama cruised past a dinner being held there. Maybe Auchi did give Rezko the cash that Rezko later used for the lot purchase. But that’s nothing to pin on Senator Obama. ---
**Author:** ![Carol\_Stream](https://avatars.discourse-cdn.com/v4/letter/c/c2a13f/32.png) [@Carol\_Stream](https://boards.straightdope.com/u/Carol_Stream)\ **Post date:** [February 27, 2008, 5:48am UTC](https://boards.straightdope.com/t/obama-mansion-rezko-again/439324/6 "2008-02-27T05:48:07Z")
[QUOTE=Jophiel] In fact, the third page of it is all about how neither Auchi or Obama ever recall meeting although _maybe_ they met for a minute at a hotel when Obama cruised past a dinner being held there. [/QUOTE] There are no “maybes” in Chicago politics. ---
**Author:** ![bannerrefugee](https://avatars.discourse-cdn.com/v4/letter/b/c68b51/32.png) [@bannerrefugee](https://boards.straightdope.com/u/bannerrefugee)\ **Post date:** [February 27, 2008, 6:14am UTC](https://boards.straightdope.com/t/obama-mansion-rezko-again/439324/7 "2008-02-27T06:14:17Z")
[QUOTE=Carol Stream] There are no “maybes” in Chicago politics. [/QUOTE] And so what? ---
**Author:** ![EsotericEnigma](https://avatars.discourse-cdn.com/v4/letter/e/e274bd/32.png) [@EsotericEnigma](https://boards.straightdope.com/u/EsotericEnigma)\ **Post date:** [February 27, 2008, 7:31am UTC](https://boards.straightdope.com/t/obama-mansion-rezko-again/439324/8 "2008-02-27T07:31:32Z")
So Obama bought a property for a fair (albeit marked down) value and Rezko bought the adjacent lot for the full asking price. Obama then _purchased_ a sixth of the lot at roughly equal value, from Rezko. I don’t understand, is it wrong to purchase something at fair value? Are you condemning someone for making a business deal with a shady character? I hate to tell you, but when you go to 7-11 every day to buy your smokes, you’re being rung up by a guy who does a little coke and looks at child porn. You should be fired for having business dealings with such a shady character. Hope you don’t aspire to run for office! I do, however, like the assumption that because Obama made a fair deal, but this shady character “didn’t,” (although Rezko, as was mentioned later in the post, did sell the remaining lot for fair value, and an overall profit, I might add) somehow there must have been political favors exchanged. We’re all cynics now. We can’t handle that there’s a chance that there might be a single politician who isn’t dirty, so we dig and dig. Buying things at fair prices from someone who isn’t a good person and dressing in Muslim garb while on a diplomatic visit. What’s next? He used to smoke? ---
**Author:** ![Carol\_Stream](https://avatars.discourse-cdn.com/v4/letter/c/c2a13f/32.png) [@Carol\_Stream](https://boards.straightdope.com/u/Carol_Stream)\ **Post date:** [February 28, 2008, 2:49am UTC](https://boards.straightdope.com/t/obama-mansion-rezko-again/439324/9 "2008-02-28T02:49:27Z")
[QUOTE=bannerrefugee] And so what? [/QUOTE] So either Obama is crooked himself (which no one is suggesting), or he shows a profound lack of judgement in his personal and professional life. ---
**Author:** ![Jophiel](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/jophiel/32/66_2.png) [@Jophiel](https://boards.straightdope.com/u/Jophiel)\ **Post date:** [February 28, 2008, 2:52am UTC](https://boards.straightdope.com/t/obama-mansion-rezko-again/439324/10 "2008-02-28T02:52:47Z")
Well, showed, anyway. I haven’t seen anything to suggest that this is a common occurance with him and, as far as misjudgements go, it doesn’t register as anything to seriously concern me. That’s just me though, everyone else can be as concerned as they’d like. I’ve been watching the _Chicago Tribune_ and the _Chicago Sun-Times_ try waving this smoke around for two years now trying desperately to find fire. So far they’ve failed and it’s old hat in my mind by now until someone actually finds something damning. ---
**Author:** ![Maeglin](https://avatars.discourse-cdn.com/v4/letter/m/8baadc/32.png) [@Maeglin](https://boards.straightdope.com/u/Maeglin)\ **Post date:** [February 28, 2008, 2:53am UTC](https://boards.straightdope.com/t/obama-mansion-rezko-again/439324/11 "2008-02-28T02:53:34Z")
[QUOTE=Carol Stream] So either Obama is crooked himself (which no one is suggesting), or he shows a profound lack of judgement in his personal and professional life. [/QUOTE] False dilemma. The alternative I choose is that your personal evaluation of these issues is tendentious and disproportionate. ---
**Author:** ![Lamar\_Mundane](https://avatars.discourse-cdn.com/v4/letter/l/85f322/32.png) [@Lamar\_Mundane](https://boards.straightdope.com/u/Lamar_Mundane)\ **Post date:** [February 28, 2008, 2:55am UTC](https://boards.straightdope.com/t/obama-mansion-rezko-again/439324/12 "2008-02-28T02:55:59Z")
[QUOTE=Carol Stream] So either Obama is crooked himself (which no one is suggesting), or he shows a profound lack of judgement in his personal and professional life. [/QUOTE] Again, why? This story keeps getting thrown out there, but I’ve never been able to figure out what the Obama’s did wrong. Please explain. ---
**Author:** ![Dinsdale](https://avatars.discourse-cdn.com/v4/letter/d/97f17d/32.png) [@Dinsdale](https://boards.straightdope.com/u/Dinsdale)\ **Post date:** [February 28, 2008, 2:19pm UTC](https://boards.straightdope.com/t/obama-mansion-rezko-again/439324/13 "2008-02-28T14:19:41Z")
[QUOTE=Lamar Mundane] Again, why? This story keeps getting thrown out there, but I’ve never been able to figure out what the Obama’s did wrong. Please explain. [/QUOTE] Wouldn’t the argument be that he obtained the value of the whole property next door for the cost of 1/6th of it? In rendering the remainder of his lot unbuildable, Rezko effectively “gave” at least some beneficial use of it to Obama. I agree with the Chicago Trib columnist Eric Zorn that this is a bit of an issue for Obama, simply because Rezko appears to be a pretty big slimeball who is going to remain in the news, and it is never an advantage for Obama to allow his opponents to keep associating his name with Rezko’s. Zorn recommends that Obama sit down with the press for as long as it takes to answer every question about Rezko, after which he can fairly say that he has been as open about it as he can possibly be, and there is nothing to it. Probably unnecessary theater, but as it is, opponents are able to suggest that he has been something short of fully forthcoming. ---
**Author:** ![tomndebb](https://avatars.discourse-cdn.com/v4/letter/t/b9e5f3/32.png) [@tomndebb](https://boards.straightdope.com/u/tomndebb)\ **Post date:** [February 28, 2008, 2:37pm UTC](https://boards.straightdope.com/t/obama-mansion-rezko-again/439324/14 "2008-02-28T14:37:40Z")
[QUOTE=Carol Stream] So either Obama is crooked himself (which no one is suggesting), or he shows a profound lack of judgement in his personal and professional life. [/QUOTE] In order to draw either of these conclusions, one must first demonstrate that Obama knew in advance that the property transferred from the neighboring lot would have rendered that lot unacceptable for building under Chicago codes. Given the hodge-podge of codes employed throughout Chicago (and the vagaries of enforcement) along with the fact that in over two years of hand-waving, not one bit of evidence suggests that that is true, this is simply a smear tactic embraced by those with a desperate need to find dirt. ---
**Author:** ![Hamlet](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/hamlet/32/2818_2.png) [@Hamlet](https://boards.straightdope.com/u/Hamlet)\ **Post date:** [February 28, 2008, 2:43pm UTC](https://boards.straightdope.com/t/obama-mansion-rezko-again/439324/15 "2008-02-28T14:43:44Z")
[QUOTE=Dinsdale] Wouldn’t the argument be that he obtained the value of the whole property next door for the cost of 1/6th of it? In rendering the remainder of his lot unbuildable, Rezko effectively “gave” at least some beneficial use of it to Obama. [/quote] I have yet to see a credible cite for the “unbuildable” and, if you take what Rezko paid for his lot ($625,000) and what he sold it for ($575,000 for the lot plus the $104,500 for the strip), and it means Rezko made about $54,500. That’s a profit (and not a bad one). > [@Dinsdale](#): > > I agree with the Chicago Trib columnist Eric Zorn that this is a bit of an issue for Obama, simply because Rezko appears to be a pretty big slimeball who is going to remain in the news, and it is never an advantage for Obama to allow his opponents to keep associating his name with Rezko’s. That is true. But it didn’t seem to harm Bush, for whom Rezko co chaired a million dollar fundraiser. But, you and Eric are right, even though there is no evidence of any wrongdoing, it can be twisted to make it appear as though it is. And the truth dies another small death. > [@Dinsdale](#): > > Zorn recommends that Obama sit down with the press for as long as it takes to answer every question about Rezko, after which he can fairly say that he has been as open about it as he can possibly be, and there is nothing to it. Probably unnecessary theater, but as it is, opponents are able to suggest that he has been something short of fully forthcoming. Nothing is going to stop it. Zorn is wrong. The actual truth is of no relevance. Even if Obama sat down and explained it (again, because he’s been doing it for years now) a thousand more times, it won’t change a thing. ---
**Author:** ![The\_Flying\_Dutchman](https://avatars.discourse-cdn.com/v4/letter/t/9fc348/32.png) [@The\_Flying\_Dutchman](https://boards.straightdope.com/u/The_Flying_Dutchman)\ **Post date:** [February 28, 2008, 3:03pm UTC](https://boards.straightdope.com/t/obama-mansion-rezko-again/439324/16 "2008-02-28T15:03:25Z")
Didn’t Obama appologize for dealing with Rezko? Appologize for what? Didn’t he say that that he himself was boneheaded ? What does that say about his vaunted judgement ? ---
**Author:** ![Digital\_Stimulus](https://avatars.discourse-cdn.com/v4/letter/d/aeb1de/32.png) [@Digital\_Stimulus](https://boards.straightdope.com/u/Digital_Stimulus)\ **Post date:** [February 28, 2008, 3:12pm UTC](https://boards.straightdope.com/t/obama-mansion-rezko-again/439324/17 "2008-02-28T15:12:46Z")
[QUOTE=The Flying Dutchman] Didn’t Obama appologize for dealing with Rezko? [/quote] Yes. > [@](#): > > Appologize for what? For the appearance of impropriety. > [@](#): > > Didn’t he say that that he himself was boneheaded ? Yes. > [@](#): > > What does that say about his vaunted judgement ? It says that he made a (political, not substantive) mistake and has learned from it. ---
**Author:** ![Shayna](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/shayna/32/17976_2.png) [@Shayna](https://boards.straightdope.com/u/Shayna)\ **Post date:** [February 28, 2008, 3:15pm UTC](https://boards.straightdope.com/t/obama-mansion-rezko-again/439324/18 "2008-02-28T15:15:12Z")
The original sellers [weighed in](http://www.bloomberg.com/apps/news?pid=20601103&sid=aR8NLIoQEDc4&refer=us). > [@](#): > > Feb. 18 (Bloomberg) – The couple who sold Barack Obama his Chicago home said the Illinois senator’s $1.65 million bid ``was the best offer’’ and they didn’t cut their asking price because a campaign donor bought their adjacent land, according to e-mails between Obama’s presidential campaign and the seller. > > . . . > > The sellers hadn’t previously made their side of the story public out of concern for their privacy, according to Bill Burton, a spokesman for Obama’s campaign. They approached Obama’s Senate office 15 months ago and **agreed to break their silence now through the campaign out of concern that the story was being distorted in the media** , Burton said. > > The e-mail says that the sellers `did not offer or give the Obamas a `discount' on the house price on the basis of or in relation to the price offered and accepted on the lot.'' It also says that `in the course of the negotiation over the sales price,‘’ Obama and his wife, Michelle, ``made several offers until the one accepted at $1.65 million, and that this was the best offer you received on the house.‘’ > > . . . > > The Obamas submitted three bids: $1.3 million on Jan. 15, 2005; $1.5 million on Jan. 21; and $1.65 million on Jan. 23, according to a copy of the sale contract shown to Bloomberg News. Obama received more than $1.2 million in book royalties and a book advance in 2005, the year he was sworn in to the U.S. Senate, his financial disclosure statement shows. > > The e-mail between Wondisford and the campaign adviser also says that the sellers had ``stipulated that the closing dates for the two properties were to be the same.‘’ In January 2006, Rita Rezko sold the Obamas one-sixth of the lot, for $104,500, to expand their yard. She later sold the rest of the land to Michael Sreenan, who said by e-mail yesterday that he bought it in late December 2006 for $575,000. Not one single thing that’s questionable about any of that. The effort to twist this into something nefarious is absurd. ---
**Author:** ![Kokopilau](https://avatars.discourse-cdn.com/v4/letter/k/5f8ce5/32.png) [@Kokopilau](https://boards.straightdope.com/u/Kokopilau)\ **Post date:** [February 28, 2008, 3:15pm UTC](https://boards.straightdope.com/t/obama-mansion-rezko-again/439324/19 "2008-02-28T15:15:54Z")
[QUOTE=The Flying Dutchman] Didn’t Obama appologize for dealing with Rezko? Appologize for what? Didn’t he say that that he himself was boneheaded ? What does that say about his vaunted judgement ? [/QUOTE] That if his worst misjudgment is making an apparently perfectly legal one-time deal with someone who is a bit dirty (and who, despite your OP, did indeed make a modest profit on the deal instead of taking a half-mil loss), then his “vaunted judgment” is pretty good. ---
**Author:** ![Phlosphr](https://avatars.discourse-cdn.com/v4/letter/p/c68b51/32.png) [@Phlosphr](https://boards.straightdope.com/u/Phlosphr)\ **Post date:** [February 28, 2008, 3:15pm UTC](https://boards.straightdope.com/t/obama-mansion-rezko-again/439324/20 "2008-02-28T15:15:58Z")
What else are you looking for **Dutchman**? He did nothing illegal…this issue has been dead and burried. [Next page](https://boards.straightdope.com/t/obama-mansion-rezko-again/439324.md?page=2)