Andrew Gillum's financial disclosure proves he's no millionaire

Jeff Burlew | Tallahassee Democrat

Tallahassee Mayor Andrew Gillum, who touts that he’s the only non-millionaire seeking the Democratic nomination for governor, has a net worth of $334,200, according to his financial disclosure.

Gillum last year earned a salary of $79,176 as mayor and another $71,680 for his work with P&P Communications, a public relations and consulting firm located on Melvin Street in the same building as People for the American Way. Gillum, a vice president at P&P, stepped down from his longtime job with the People for the American Way Foundation last year around the time he launched his gubernatorial campaign.

Gillum’s assets include his home on Carisbrooke Lane, valued at $462,000, and two retirement accounts with the city of Tallahassee, including a 401(k) plan valued at $79,992.

He also has $81,989 in a deferred compensation account, a benefit city commissioners voted to give themselves in 2005 but ended several years later amid controversy and a public outcry. Gillum suggested in 2012 he would make a charitable donation with the money when he reaches retirement age or leaves the city.

His financial disclosure shows he took a loan from the deferred compensation account, though it doesn’t say when. The amount owed on the loan totaled $32,965.

A Tallahassee Democrat reporter asked him about the loan after a news conference Wednesday in Tallahassee.

“It was from my retirement,” Gillum said. “To help us move through this race.”

His assets also include $47,651 in two savings accounts at Centennial Bank, another $4,841 in a savings account at Hancock Whitney Bank and $17,500 in education savings accounts for his three children.

His liabilities include $377,226 at Wells Fargo for the mortgage on his home and $66,169 from Partners Federal Credit Union in Burbank, California. Geoff Burgan, his campaign spokesman, said the California loans were for automobiles.

At least three of the other leading Democratic candidates for governor, former U.S. Rep. Gwen Graham, former Miami Beach Mayor Philip Levine and real estate billionaire Jeff Greene, are far wealthier than Gillum. Graham's net worth was listed at $14.4 million and Levine's at $133 million. Financial disclosures for Greene and Orlando area businessman Chris King were not yet available.

Gillum filed his financial disclosure form Monday with his other qualifying papers.

Click here to see Gillum's financial disclosure

Contact Jeff Burlew at jburlew@tallahassee.com or follow @JeffBurlew on Twitter.