Reply #38: So the people who sold him the house for under their original asking price, [View All]

are they in on this, too?


I don't think he bought the land for a song, either:



To preserve the aesthetic balance, Obama also wanted to put some space between his house and the proposed fence, so he personally asked Tony Rezko if they would sell a portion of their lot without restricting their ability to build in the future.

"I told them if you can spare another 5 or 10 feet, I'd be happy to purchase it from you," Obama said. "They came back and said they could sell us up to 10 feet."

Using a standard formula, Obama's appraiser estimated the 1,500-square-foot portion at a market value of $40,500.

But Obama felt it would be fair to pay the Rezkos $104,500, or a sixth of their original $625,000 purchase price, because he was acquiring a sixth of their land. The sale closed in January 2006.

http://www.chicagotribune.com/news/local/chicago/chi-0611010273nov01,1,2852476.story?page=3