SCGOP Doesn’t Own, Overpaid On Its New Headquarters
REPUBLICANS PAID MORE THAN A HUNDRED THOUSAND DOLLARS OVER FAIR MARKET VALUE ON DOWNTOWN COLUMBIA BUILDING THEY DON’T EVEN OWN
FITSNews – January 9, 2007 - The South Carolina Republican Party loves to brag about its new downtown Columbia headquarters. It’s the signature “capital investment” (and one of the prominent reelection planks) of SCGOP Chairman Katon Dawson, or at least that’s what he’d like you to believe.
The only problem is, the party doesn’t own its snazzy new headquarters building.
That’s right. They’re paying rent.
According to documents obtained exclusively by FITSNews, the SCGOP’s new downtown headquarters at 1913 Marion Street, Columbia S.C. is owned not by the S.C. Republican Party, but instead by a non-profit, public benefit company called the Republican Trust Building Corporation.
Documents also show that the registered agent for the Republican Trust Building Corporation is none other than SCGOP Executive Director Scott Malyerck, who is leaving the party this week to take a job in the State Treasurer’s Office with Thomas Ravenel .
Malyerck may want to brush up on his dollars and cents before starting his new job, because as it turns out the Republican Trust Building Corporation didn’t exactly get the best deal on the property.
According to tax records, the building was purchased on December 21, 2005 by a company called Ogburn Jones for $395,000. Two weeks later, on January 3, 2006, Ogburn Jones sold it to the Republican Trust Building Corporation for $505,250.
We’re not real good at math, but we’re pretty sure that’s a difference of $110,250.
Exactly what the property did over the course of fourteen days to become that much more valuable is unclear, but one thing we are sure of is that Scott Malyerck has a little bit of explaining to do.
For starters – what is the Republican Trust Building Corporation? Who are its members? Why do they own the headquarters and not the party itself? How much are they charging the party in rent each year? Who receives the proceeds of those rent payments? Oh, and why did the corporation pay $110,250 above what the building sold for just two weeks before they bought it?
Malyerck did not immediately return calls from FITSNews seeking comment.
Kevin Hall, a rumored challenger to Katon Dawson for the SCGOP Chairman’s Office, also did not immediately return calls from FITSNews seeking comment.
Count on FITSNews to keep you posted on all the latest developments related to this breaking story.
Comments
By tammy on January 9th, 2007 at 12:51 pm
From what I have learned on “Property Ladder” on TLC…this real estate flip was a success.
By sally on January 9th, 2007 at 9:45 pm
thanks for keeping us posted Will, it is great to have you back my days are much better now.
By Mike Green on January 10th, 2007 at 4:36 pm
Once again Will if you would go to the Executive committee meetings of the SCGOP you would have seen who was on the board. The board is comprised of people like Congressman Joe Wilson and others.
This is the same way the Flordia GOP did it. They did it this way so one state party Chairman could not mortgage the building for a campaign.
There is nothing wrong with this you are once again attacking a good man and trying to destroy him.
By fitsnews on January 10th, 2007 at 5:12 pm
Mike,
Couple things …
1) We go to our Chess Club meetings and our Local 151 of Oprah’s Book Club because we are card-carrying members of both organizations. We would obviously not go to an SCGOP Executive Committee meeting because, as it turns out, we are not members of the SCGOP Executive Committee. Amazing how that works.
2) Joe Wilson is insane. If you were trying to inspire confidence in the leadership of this board by citing his involvement, you were unsuccessful.
3) Assuming you are correct, however, and a bunch of principled, fiscally conservative Einstiens really do comprise the membership of the SCGOP Executive Committee, the question remains – Why did they overpay on this property by $110,250?
4) We don’t attack people, we “serve” them. If it feels familiar, that’s because it’s happening to you … right now. Enjoy.
Sincerely,
FITSNews
P.S. – You know we were going to do a snippet (which is not even a real post) about your recent move to Team Tompkins, but dropped the idea when we realized no one would read it.
By tongue man on January 14th, 2007 at 7:01 pm
You’re an idiot, and know very little about Real Estate. I guess that is why you can sit around and right crap like this all the time.
Have you looked at an appraisal? If I am not mistaken the building is about 4000 -5000 square feet. So, the price barely puts it above 100.00 per square foot. I paid more for my house, btw.
Did you find out the circumstances, behind the first purchase? It’s possible that it was transferred from a trust or LLC to an individual for tax purposes. I’ve done that before. So before you get your panties in a wad, do a little research.