SEATTLE ( Zillow) -- After a barrage of pressure to release his tax forms, former Massachusetts Gov. Mitt Romney reported his income, confirming what most already knew: He's the wealthiest of the GOP candidates, earning $43 million over the past two years.
While much of Romney's assets comes from his tenure at Bain & Co. and investment firm Bain Capital, the presidential contender grew up in relative wealth as the son of American Motor CEO and former Michigan Gov. George W. Romney. As such, Romney is also no stranger to high-end real estate, having owned properties in Massachusetts, Utah, New Hampshire, and most recently La Jolla, Calif.
Mitt Romney spent the first five years of his life in this 5,500-square-foot home in the upscale Detroit Palmer Woods neighborhood before moving to Detroit's Bloomfield Hills suburb. Although Detroit real estate has been hard hit in the past few years, Palmer Woods real estate remained steady as a high-end neighborhood. Even an upscale location couldn't save Romney's childhood home from foreclosure or the wrecking ball, though. After falling into disrepair in 2009, the house was one of 3,000 Detroit homes razed in the city's renewal plan.
According to property records, Romney and his family bought the seven-bedroom, 6.5-bath home in Belmont in 1989 -- five years after Romney founded investment firm Bain Capital. The Romneys' home sold for $3.5 million in 2009. That's 293% more than the 1989 purchase price of $890,000. Situated on 2.4 acres and within a 25-minute drive of downtown Boston, the 6,434-square-foot Colonial was an ideal home base for Romney, his wife Ann and their five sons for 20 years.