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Ciresi worth $26.73 million
The lawyer's fortune -- assets of $26 million -- vastly exceeds Democratic candidate Al Franken's holdings.
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WASHINGTON - Mike Ciresi, in his second bid for the U.S. Senate, reported family assets of $26.73 million, according to financial reports released Tuesday by the Senate.
The Ciresi holdings, including stocks, bonds and retirement funds, came on top of income of $3.6 million last year from his Minneapolis law firm, Robins, Kaplan, Miller and Ciresi.
The new filing represents the first public glimpse into Ciresi's actual wealth since 1998, when he served as lead outside counsel in securing a $6.1 billion settlement from the tobacco industry on behalf of the state.
Ciresi's wealth far outstrips that of his leading DFL opponent, comedian Al Franken. Franken, whose financial disclosure came in May, listed assets in the range of $4.3 million and $9.9 million. His campaign said the figure is closer to $4.3 million.
Sen. Norm Coleman, the Republican incumbent, reported his financial holdings as a single IRA rollover, which he specified has a market value of $564,000.
Federal candidates are required to disclose their financial interests annually, but only in broad ranges of value. Ciresi itemized his wealth because he wanted to be more accurate, a campaign spokesperson said. Franken is the only one of the three who didn't detail his wealth.
Ciresi's investments are largely in managed funds where he does not direct investments. His holdings range from media corporations such as Gannett and the New York Times Co. to more than a quarter-million dollars in Computer Associates stock. His funds also include a $325,680 investment in MGM Mirage, a hotel in Las Vegas.
Ciresi does control nearly $9 million invested in local tax-free municipal bonds such as the Minnesota Housing Finance Agency and the Minneapolis school district.
About $2.3 million is invested in private holdings such as rental properties and a restaurant holding company in Florida. He also holds about $12,000 in Proctor & Gamble.
Moreover, Ciresi has almost $67,000 in Endo Pharmaceuticals, the maker of pain-management drugs such as Percocet. In his previous run for Senate in 2000, Ciresi made lowering drug prices a centerpiece of his campaign. About five months ago, Ciresi touted his legal history fighting the drug industry.
"Lots of people in this election will claim to be fighters and advocates," Ciresi told the Star Tribune in February. "I've done it. I know what it is to take on the pharmaceutical industry, the tobacco industry. I've represented individuals, states, countries. I would go in as a seasoned leader."
Leslie Sandberg, a Ciresi spokesperson, said the pharmaceutical investments are part of a mutual fund.
"These companies, if they broke the law, Mike would go after them as hard as anyone else," Sandberg said.
In 2000, Ciresi's campaign reported wealth only in ranges, valuing his assets at between $8.3 million and $25 million. That was two years after the state's $6.1 billion settlement against the tobacco industry, in which he played a leading role.
jsherman@startribune.com • 202-408-2723 kdiaz@startribune.com • 202-408-2753
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