Friday, February 23, 2007

UPDATED: Obamas and Rezkos no longer neighbors

The bizarre real estate deal that became a major embarrassment for Sen. Barack Obama has run its course.

Rita Rezko, the wife of indicted Illinois Democratic political insider Tony Rezko, sold that narrow strip of land that adjoins the Obama family mansion in Chicago's Kenwood neighborhood.

From the Chicago "free registration required" Tribune.

On Dec. 28, 2006, land records show, Rezko's wife, Rita, sold the garden lot she owned next to Obama's home, transferring it to a company that plans to develop housing there. That sale deed became public this month when it was registered with the Cook County recorder of deeds.

On Friday, a spokesman for the Democratic senator and presidential candidate issued a written statement saying Obama hadn't communicated with Rezko about the deal: "The senator knows only that development is planned, but not any of the details. Sen. Obama was informed by his counsel of the plan for development."

Rezko's wife and Obama bought the adjoining South Side lots in 2005 and then engaged in a series of personal financial transactions to re-divide and improve their parcels. After their dealings were disclosed by the Tribune, Obama said he was "bone-headed" to enter the financial arrangements because Rezko was reported to be under grand jury investigation during that period.


UPDATE Feb. 24: The Chicago Sun-Times reports the new owner of the property is Tony Rezko's longtime lawyer, Michael J. Sreenan. And he's contribued $5,000 to Obama's campaigns.

Related posts: More Obama and Rezko

Obama watch: More Tony Rezko

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