Nevada senators disclose income, assets

Thursday, June 14, 2007 | 8:18 a.m.

Summaries of the 2006 financial disclosure statements for Nevada's Senate delegation:

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Sen. Harry Reid, D-Nev., Senate majority leader.

Earned income: $183,500.

Honoraria, all donated to charity: None.

Major assets: 160 acres in Bullhead City, Ariz., $250,001-$500,000; Nevada land holdings and mining claims, $496,000-$1.39 million; school district, county and state bonds, $830,000-$1.9 million; pension and profit sharing plan, invested in various mutual funds, $561,000-$1.3 million.

Major sources of unearned income: Interest from school district, county and state bonds, $35,026-$80,000.

Major liabilities: Loan from the Harry Reid Ltd. law firm, $50,000-$100,000; credit line from Wells Fargo, $15,000-$50,000.

Gifts: None.

Narrative: Reid has owned portions of more than 200 acres of mining claims in Nevada for years, including old claims around his hometown of Searchlight.

According to aides, Reid changed the method of reporting the values of his land holdings this year, using their assessed value rather than their purchase price. The change increased the reported value of his Nevada mining claims and land holdings from $365,015-$875,000 in 2005, and decreased the reported value of the 160-acre property in Bullhead City, Ariz., near the Nevada-Arizona border, from $500,001-$1 million in 2005.

The assessed value of Reid's land in Bullhead City is about $280,000, according to county records.

A Los Angeles Times story earlier this year questioned how Reid acquired full control of that property. The story noted that Reid had owned it jointly with a pension fund until 2002 when he paid $10,000 for the equivalent of 60 acres - less than one-tenth the assessed value of the property at the time - and got full control.

The pension fund was controlled by a friend of Reid's, but Reid aides said the transaction was not a gift.

Reid serves on the board of the Kennedy Center for the Performing Arts and the Holocaust Museum in Washington, and is an advisory board member of the National Endowment for the Arts.

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Sen. John Ensign, R-Nev.

Earned income: $165,200.

Honoraria, all donated to charity: None.

Major assets: Charles Schwab money market account, $50,001-$100,000; Wright-Patman congressional credit union checking/savings account, $15,001-$50,000; U.S. Senate federal credit union checking/savings account, $1,001-$15,000; Bank of America checking/savings account, $15,001-$50,000; RBC Dain Rausher investment accounts for his three children, two valued at $250,001-$500,000, one valued at $100,001-$250,000; E&P Partnership in Las Vegas, building and land, $1 million - $5 million; Income from 2001 sale of veterinary clinic, $250,001-$500,000; Note receivable from 1996 sale of lake house in Newberry, Calif., $50,001-$100,000.

Major sources of unearned income: Interest from note receivable, $2,501-$5,000; interest and capital gains from veterinary clinic stock sale, $15,001-$50,000; rent from E&P Partnership property, $15,001-$50,000.

Major liabilities: Mortgage on E&P Partnership building and land, $500,0001-$1 million.

Gifts: None.

Narrative: Ensign bought two investment accounts for each of his three children, Trevor, Siena and Michael last year at brokerage firm RBC Dain Rausher. Each account was valued at $1,001-$15,000. Ensign is a general partner in E&P Partnership, the owner of the South Shores Animal Hospital in Las Vegas.