How Hastert benefited from sale | Chicago Tribune: "How Hastert benefited from sale
Planned highway could sweeten asset near Plano
By James Kimberly and Andrew Zajac, Tribune staff reporters. James Kimberly reported from Chicago and Andrew Zajac from Washington; Tribune staff reporters Mike Dorning and Ray Gibson contributed t(sic)
Published June 18, 2006
The complex structure of a real estate transaction in Kendall County last December left House Speaker Dennis Hastert with a seven-figure profit and in prime position to reap further benefits as the exurban region west of Chicago continues its prairie-fire growth boosted by a Hastert-backed federally funded proposed highway.
Instead of cash, Hastert (R-Ill.) took most of his share of the proceeds in land, some of it less than 2 miles from the parcels he and two partners in a land trust sold for nearly $5 million to a developer who plans to build more than 1,500 homes and commercial space on the property near Little Rock and Galena roads in Plano.
Hastert received five-eighths of the proceeds of the sale, which worked out to a profit of more than $1.5 million for him on property that he and his partners accumulated in a little more than three years. . ."
Here we go again.
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