Save Money in this Sunday's paper

comments
  • Print

Fortune helped fuel Kennedys' legacy

Biggest wealth source was father's business; other assets, salary, royalties boosted total.

By Steve LeBlanc
Associated Press

More Information

  • Members of Congress must annually disclose assets they, their spouses and any dependents hold. Sen. Edward Kennedy's 2008 report showed:

    Publicly traded assets included two trusts valued at $5 million-$25 million and four valued at $1 million-$5 million; one asset valued at $500,000-$1 million; and two dozen other assets valued under $250,000, the majority of those at $1,000-$15,000.

    The trusts include several established by his father, Joseph P. Kennedy.

    Non-publicly traded assets valued at $100,000-$250,000 and land in Lafayette, La., valued at $500,000-$1 million.

    Source: U.S. Senate Financial Disclosure Reports



BOSTON Sen. Edward Kennedy's family fortune not only fueled his brothers' presidential campaigns and his eight terms in the U.S. Senate, it also helped drive the family's liberal legacy and forge Kennedy's lifelong crusade for universal health care.

Just how wealthy was Kennedy when he died Tuesday at 77 after a yearlong battle with brain cancer?

Untangling a family fortune that reaches back to the early days of the past century is difficult, but the annual federal financial disclosure reports that Kennedy was required to file provide a partial glimpse.

As a U.S. senator, Kennedy earned a base salary of $165,200 a year.

On the most recent report in 2008, Kennedy listed a string of publicly and non-publicly traded trusts and assets.

Kennedy has other sources of income, including $1,995,833 in royalties he received from Grand Central Publishing, a division of Hachette Group Book, publishers of his memoir “True Compass,” which is scheduled to be released in mid-September. Part of the proceeds will go to charity, including the John F. Kennedy Library.

The main source of Kennedy's wealth was his father and family patriarch, Joseph P. Kennedy, who amassed a fortune in banking, real estate, liquor, films and Wall Street holdings that grew to an estimated $500 million by the 1980s.

Hide Comments

This affects comments on all stories.

Cancel OK

The Charlotte Observer welcomes your comments on news of the day. The more voices engaged in conversation, the better for us all, but do keep it civil. Please refrain from profanity, obscenity, spam, name-calling or attacking others for their views.

Have a news tip? You can send it to a local news editor; email local@charlotteobserver.com to send us your tip - or - consider joining the Public Insight Network and become a source for The Charlotte Observer.

  Read more



Hide Comments

This affects comments on all stories.

Cancel OK

The Charlotte Observer welcomes your comments on news of the day. The more voices engaged in conversation, the better for us all, but do keep it civil. Please refrain from profanity, obscenity, spam, name-calling or attacking others for their views.

Have a news tip? You can send it to a local news editor; email local@charlotteobserver.com to send us your tip - or - consider joining the Public Insight Network and become a source for The Charlotte Observer.

  Read more


Quick Job Search
Salary Databases