Net Worth Elijah Cummings: $1.5 million
For those who have been trying to decide whether or not to purchase a book about the life of David O. Selznick, it can be difficult to know exactly how much of Elijah Cummings’ net worth is available for investment. Like most famous authors, the Selznick estate does not share information about their investments, nor does anyone else.
Selznick, who was an avid movie buff and became well known for his input into popular movies, including Gone With The Wind, preferred a more formal and long lasting estate structure. His extensive investments in stocks and real estate were concentrated in the east coast United States. Most of his stock investments were located in the Northeastern United States and then later the West Coast of the United States.
Although the detailed information about all of Elijah Cummings’ investments is almost impossible to come by, in spite of this there are few stock market trends that are directly correlated to his decision to give up on stocks and invest his fortune in real estate. For the first twenty years of his career he remained committed to investing exclusively in high profile brand name companies. However, with the failure of most of these investments in the late 1960’s to early 1970’s and the subsequent inflation of prices of almost all brands, he began to diversify his portfolio into lesser known but still highly priced real estate.
Although during the early to mid seventies Elijah Cummings managed to maintain a healthy income for himself and his family, he soon began losing money on many of his real estate endeavors. In spite of this he managed to come out of some of his real estate ventures with significant profit, such as buying the investment properties and rentals of author Eudora Welty.
When Cummings lost money on his properties, he began to use his credit lines to finance his various acquisitions. Because of his lack of ability to effectively manage his finances in his earlier years, he was forced to begin taking out larger loans from the bank at a higher interest rate than ever before. While he held on to these loans for a long time he did not find the money to go back on more recent loans and his debt payments became more costly.
It is likely that the divorce of Cummings’ parents to another woman during this time as well as the birth of his young son that caused him to change his methods of making payments on his large loans. After the divorce he sold some of his collection of holiday homes and went into serious debt to fulfill his needs and to try to keep up with his financial obligations. As a result of this, he found it very difficult to make the payments on his debts and as a result of the failed real estate investments, his net worth decreased sharply.
Because of his drastic reduction in net worth he turned to loans to try to refinance and get out of the debt. Unfortunately, when he refinance mortgage he found that there were many lenders who would not take him due to his low credit score.
This time period can be considered the beginning of Elijah Cummings’ downfall as a successful real estate investor. At the end of the day he decided that it was simply not worth the money or effort to try to regain a decent net worth and he gave up on real estate.