The Daily Sandwich

"We have to learn the lesson that intellectual honesty is fundamental for everything we cherish." -Sir Karl Popper

Location: Boston, Massachusetts, United States


Friday, June 16, 2006

Hastert makes $1 million+ after land deal, highway bill

Republican House Speaker Dennis Hastert and two partners turned a profit of more than $3 million on property they accumulated and sold in just over three years near the route of a proposed controversial freeway on the western fringe of suburban Chicago, according to land records and financial disclosure reports released Wednesday.

Hastert spokesman Ron Bonjean rejected the notion that the land, located 5 1/2 miles from the proposed Prairie Parkway route, rose in value because of the highway project. The speaker long has been an aggressive proponent of the highway and helped secure more than $200 million in federal funding through an earmark in federal transportation legislation.

The property near Plano, Ill., was sold three months after the transportation bill was signed into law. It was purchased by a real estate developer who is planning to build more than 1,500 homes on the land.

Kendall County, where the land is located, has one of the fastest-growing housing markets in the nation, and there has been a corollary rapid rise in land values.

Think Progress has more specifics on Hastert's big score.