Rep. Michele Bachmann reports assets worth $1.3M to $2.8M

Republican presidential candidates Rep. Michele Bachmann, (R-Minn.), greets

Republican presidential candidates Rep. Michele Bachmann, (R-Minn.), greets former Massachusetts Gov. Mitt Romney during a Republican presidential debate in Tampa, Fla. (Sept. 12, 2011) (Credit: AP)

MINNEAPOLIS - U.S. Sen. Al Franken and U.S. Rep. Michele Bachmann are the wealthiest members of Minnesota's 10-person congressional delegation, according to financial disclosure forms filed this week.

Franken, a Democrat, is worth between $4 million and $12.5 million, while Bachmann, a Republican, owns assets worth between $1.3 million and $2.8 million.

The bulk of Bachmann's assets are from her husband's Christian counseling clinic and a stake in his family farm in Wisconsin.


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She reported zero income from memoirs published last year. Her other assets include a variety of mutual funds, including one that focuses on gold and the gold industry that is worth between $15,000 and $50,000, according to a Minnesota Public Radio report.

The figures are part of annual financial disclosures that all members of Congress are required to file. However, the forms only require that lawmakers reveal their holdings in broad ranges, making it impossible to precisely determine their net worth.

Franken is easily the state's richest congressional member. Like most of the other 10, he invests heavily in mutual funds and doesn't own individual stocks. However, he has some unusual investments that include tax-exempt municipal bonds and a variety of mortgage bonds issued by government-owned GNMA.

He owns a co-op apartment in New York City valued between $1 and $5 million, with rent that brought in between $93,000 and $257,000 last year. He also has a mortgage on a Minneapolis home worth between $100,000 and $250,000.

Franken lists royalty agreements that stem from his time on "Saturday Night Live" and residual payments for appearances in films such as "Stuart Saves His Family" and "Trading Places."

Democratic U.S. Rep. Collin Peterson reported assets worth between $104,000 and $310,000, mostly in the form of real estate. He owns a stake in a family farm worth between $100,000 and $250,000, and he has stakes in two rental properties valued between $1,000 and $15,000 each.

However, he also has liabilities between $300,000 and $850,000, including mortgages on a Washington condo and his home in Detroit Lakes.

Republican U.S. Rep. Chip Cravaack, whose congressional disclosure statement was posted online Friday, reported that he and his wife have assets worth $1 million to $2.2 million. He also gets an airline disability pension of $92,000 a year.

The other six members of Minnesota's delegation submitted their financial filings in June. Here is what those documents revealed:

— Democratic Sen. Amy Klobuchar is worth between $310,000 and $1.05 million.

— Republican U.S. Rep. John Kline reported assets of $263,000 to $695,000.

— Republican U.S. Rep. Erik Paulsen owns assets worth between $152,000 and $709,000.

— Democratic U.S. Rep. Tim Walz reported holding assets worth $98,000 to $295,000.

— Democratic U.S. Rep. Betty McCollum has assets worth $12,000 to $180,000.

— Democratic U.S. Rep. Keith Ellison listed assets worth between $1,000 and $34,000.

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