Net Worth Ranker
What Is Eliot Spitzer’s Net Worth?
Eliot Spitzer, an American lawyer, political commentator, and former Democratic Party politician, has accumulated a substantial net worth estimated at $75 million. This wealth is primarily derived from his career in law, his family’s real estate holdings, and subsequent ventures in the real estate sector.
Early Life and Education
Born on June 10, 1959, in the Bronx, New York City, Eliot Laurence Spitzer’s upbringing was marked by privilege and intellectual stimulation. His mother was an English literature professor, instilling in him a love for learning, while his father, Bernard Spitzer, was a prominent real estate mogul, laying the foundation for Eliot’s future involvement in the industry. Eliot, along with his two siblings, grew up in an affluent Jewish household. His academic excellence was evident early on, leading him to Princeton University, where he earned an AB from the Woodrow Wilson School of Public and International Affairs. Further solidifying his academic prowess, Spitzer achieved a perfect score on the Law School Admission Test and was admitted to Harvard Law School, earning his Juris Doctor. While at Harvard, he also met and married his first wife and served as an editor for the “Harvard Law Review.” There are no confirmed details about the precise value of the Spitzer family’s real estate holdings during Eliot’s childhood, but Bernard Spitzer’s success undoubtedly contributed to the family’s comfortable lifestyle.
Legal and Political Career
Spitzer’s career began with clerkships after graduating from Harvard, followed by a stint at a New York law firm. He then joined the New York County District Attorney’s office, where he gained experience prosecuting organized crime figures, including members of the Gambino crime family. Specific details about the cases he handled and their financial implications for his career are not publicly available. In the early 1990s, Spitzer left the District Attorney’s office and worked at various law firms in New York before venturing into politics. He initially lost his bid for Attorney General but eventually won the election in 1998 and was re-elected in 2002. During his tenure as Attorney General, Spitzer gained a reputation for aggressively pursuing corruption and financial misconduct, particularly within the financial services industry. While specific financial figures related to the settlements and penalties he secured as Attorney General are publicly documented, it is difficult to attribute a direct impact on his personal net worth. However, his work in this role undoubtedly enhanced his public profile and contributed to his later political success.
In 2006, Spitzer successfully ran for Governor of New York, defeating Republican candidate John Faso. His time as Governor was marked by efforts to legalize same-sex marriage and limit police surveillance powers. However, his tenure was cut short by scandal and controversy. In 2008, reports surfaced in “The New York Times” that Spitzer had been paying for the services of high-class escorts employed by Emperors Club VIP. A federal wiretap revealed his interactions with a 22-year-old woman, later identified as Ashley Dupre. Investigations revealed that Spitzer had spent approximately $15,000 with the escort service for about seven or eight encounters. It was estimated that Spitzer spent around $80,000 in total for the services of prostitutes throughout his political career. These revelations stemmed from suspicious banking transactions reported by his bank due to anti-money laundering laws under the Patriot Act. Initially, authorities suspected bribery, but the investigation ultimately led to the prostitution ring. Spitzer resigned as a result of the scandal. His specific salary as Governor of New York was public record, around $179,000 annually, but this would represent a minor part of his overall wealth.
Real Estate Ventures and Spitzer Enterprises
Since stepping down from politics, Spitzer has significantly increased his involvement in the real estate sector. He created Spitzer Enterprises, a rebrand of his late father’s company, Spitzer Engineering. In 2015, Spitzer Enterprises sold an office building in Midtown, New York, for $1.78 billion, setting a world record at the time for the highest price per square foot ever paid for an office building. While the precise profit Spitzer Enterprises realized from this deal is not publicly disclosed, it undoubtedly contributed significantly to Eliot Spitzer’s net worth.
In 2020, it was reported that Roxana Girand, Spitzer’s then-fiancée, purchased two condos on the Upper East Side of New York for a combined total of $4.37 million. The condos, totaling 2,276 square feet, feature amenities such as a pool, roof deck, and garden with a waterfall. While these properties are not directly attributed to Eliot Spitzer, they highlight his close ties to the real estate market. According to his tax returns, Spitzer earns a substantial income as a landlord, increasing from $1.4 million to over $2.5 million per year between 2006 and 2012. Many of the buildings generating this rental income were previously built or owned by his father. In 2013, it was reported that this rental income accounted for about 60% of Spitzer’s yearly earnings.
While specific addresses and names of all rental properties owned by Spitzer are not fully public, the increase in rental income from $1.4 to $2.5 million over six years would suggest the acquisition of additional properties or increases in rental rates over this period.
Relationships
Spitzer divorced his first wife in 2013 and subsequently had a brief relationship with spokeswoman Lis Smith. He became engaged to Roxana Girand in 2019, having started their relationship in 2017. Girand is the founder and president of Sebastian Capital, a real estate agency. They postponed their planned marriage in 2020 due to Covid-19 concerns. These relationships are relevant to the extent that partnerships can influence financial decisions and real estate holdings, but no specifics are available.
Income as a Landlord
According to his tax returns, Spitzer earns a considerable income as a landlord. This income increased from $1.4 to over $2.5 million per year over a period spanning from 2006 to 2012. Many of the buildings that generate rental income for Eliot were previously built or owned by his late father. In 2013, it was reported that this rental income was responsible for roughly 60% of Spitzer’s yearly earnings.
From 2006 to 2012, there was a significant surge in Eliot Spitzer’s yearly income from $1.4 million to $2.5 million. This rise in income can be attributed to numerous factors, including favorable conditions in the real estate market and his astute business acumen. The income of $2.5 million is approximately equivalent to $208,333 per month and $6,849 per day.
Real Estate Holdings
Spitzer’s real estate portfolio is a significant contributor to his overall wealth. While specific addresses and values of all properties are not publicly available, the reported rental income and high-profile sale of the Midtown office building suggest a substantial and valuable collection of assets. In 2020, it was reported that Roxana and Girand had purchased two condos in the Upper East Side of New York worth a total sum of $4.37 million. The two condos measure a combined total of 2,276 square feet. Building amenities include a pool, a roof deck, and a garden with a waterfall.
