Catsimatidis draws majority of fortune from real estate, energy

The wealth that fills mayoral hopeful John Catsimatidis’ vast coffers comes primarily from his real estate and energy holdings, the Wall Street Journal reported.

Catsimatidis – who puts his own net worth at between $3 billion and $5 billion — is the only mayoral candidate who has refused to release his tax returns. But a financial disclosure report he filed with the city’s Conflicts of Interest Board that was reviewed by the Journal reveals that he owns about 70 properties in locations including New York, Florida, Ohio and Pennsylvania.

But the energy business – Catsimatidis owns hundreds of gas stations — is his most lucrative one, he told the Journal. His Gristedes supermarket chain just about breaks even, he said.

Catsimatidis added that if he were elected, his wife and adult children would hold his power of attorney to make decisions on his real estate portfolio, and his Wall Street investments would be placed in a trust. [WSJ] – Hiten Samtani