Rep. Phillips Faces Questions Over Undisclosed LLC and Out-of-State Real Estate Holdings

Rep. Dean Phillips bought a $1.5 million DC townhome in 2019 and took out a $1.3 million loan against it with a 1-year principal residency requirement.

Phillips purchased the townhome and two other properties using a real estate holding company called Annadea LLC that he did not disclose, despite ethics rules requiring disclosure of LLC positions.

Phillips has downsized real estate holdings in Minnesota since 2018 while expanding to DC and Virginia, where he launched his presidential campaign against Biden.

Phillips has taken out over $7 million in mortgages against properties he owned outright, allowing him access to large amounts of cash.

Phillips' complex finances and out-of-state property purchases contrast with his Democratic populism and calls for transparency and accountability.