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Not a Good Look

September 22, 2009 - by Donny Shaw

Check up what ProPublica dug up on the Blue Dog’s health care task force leader, Rep. Mike Ross [D, AR-4]

Arkansas Rep. Mike Ross – a Blue Dog Democrat playing a key role in the health care debate – sold a piece of commercial property in 2007 for substantially more than a county assessment (PDF) and an independent appraisal (PDF) say it was worth.

The buyer: an Arkansas-based pharmacy chain with a keen interest in how the debate plays out.

Ross sold the real estate in Prescott, Ark., to USA Drug for $420,000 – an eye-popping number for real estate in the tiny train and lumber town about 100 miles southwest of Little Rock.

“You can buy half the town for $420,000,” said Adam Guthrie, chairman of the county Board of Equalization and the only licensed real estate appraiser in Prescott.

But the $420,000 was just the beginning of what Ross and his pharmacist wife, Holly, made from the sale of Holly’s Health Mart. The owner of USA Drug, Stephen L. LaFrance Sr., also paid the Rosses $500,000 to $1 million for the pharmacy’s assets and paid Holly Ross another $100,001 to $250,000 for signing a non-compete agreement. Those numbers, which Ross listed on the financial disclosure reports he files as a member of Congress, bring the total value of the transaction to between $1 million and $1.67 million.

And that’s not counting the $2,300 campaign contribution Ross received from LaFrance two weeks after the sale closed.

Interestingly, Ross is one of the few members of Congress who thinks that Baucus’ health care bill, without a public option, is “an idea worth serious consideration.”

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Comments

  • dingobully 11/24/2009 6:57pm

    I’m not saying there might not be some potential back-scratching to look into here, but the comment “You can buy half the town for $420,000” the price of perhaps two moderately priced homes, is a little over the top. To sell a pharmacy for a million or so dollars doesn’t seem completely unimaginable.

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