More:
Real estate for sale in HOLLYWOOD Florida – f1097491 – Video
Read this article:
Steve A Mason | Attorney | Hollywood FL – Video
Read more:
Real estate for sale in Hollywood Florida – MLS# R3249829 – Video
Dawn Shirreffs, Hollywood
Everglades Restoration Program Manager National Parks Conservation Association
Jobs and the 'Glades
In response to your Feb. 12 article on Everglades funding in trouble in budget talks, we must urge Florida lawmakers to maximize our investment in one of America's most treasured places.
Over the last three years, Everglades restoration projects have generated 10,500 jobs, with more than 442,000 jobs expected to be created over the next several decades in tourism, real estate and commercial and recreational fishing industries, which would benefit and continue to thrive from a strong commitment by our state legislators.
Everglades National Park alone generates more than $165 million in visitor spending each year. For every dollar invested in Everglades restoration, $4 is generated in economic benefits to the public.
We applaud the leadership demonstrated by President Barack Obama's budget proposal released earlier this week calling for $232 million for Everglades restoration. The federal government recognizes the importance for restoring America's Everglades, and the state must not be seen as wavering in its commitment.
Gov. Rick Scott proposed $40 million for Everglades restoration. The Florida Senate should immediately restore Everglades funding, currently zeroed out in their budget, and not jeopardize drinking water supply for 7 million Floridians.
Each time we turn dirt on an Everglades restoration project, we are protecting our drinking water supply, creating jobs and fulfilling a promise to protect our national parks, wildlife and family memories for our children and grandchildren to enjoy.
Read the rest here:
Letter: Jobs and the 'Glades
By Tim Reid
BEVERLY HILLS — The careworn house not far from Santa Monica Boulevard resembles millions of other homes that have been foreclosed on since the calamitous U.S. housing crash four years ago.
Garbage spews from trash bags behind the property. A smashed television leans against broken furniture. A filthy toy dog lies on its side, an ear draped across its face. The garden is overgrown. The house needs a paint job.
Yet the property on North Rexford Drive, Beverly Hills, California, is no ordinary foreclosure.
A sprawling, Spanish-style estate, fringed by majestic pine trees and located near the boutiques of Santa Monica Boulevard, its former owners were served with a default notice in 2010; they were US$205,000 behind in their payments on mortgages totalling US$6.9-million.
Welcome to foreclosure Beverly Hills-style.
Some 180 houses in Beverly Hills, the storied Los Angeles enclave rich with Hollywood stars and music moguls, have been foreclosed on by lenders, scheduled for auction, or served with a default notice, the highest level since the 2008 financial crash, according to a Reuters analysis of figures compiled by RealtyTrac, which tracks foreclosures nationwide.
As in the default-ravaged suburban subdivisions of Phoenix, Arizona, and Tampa, Florida, plunging real estate prices are the root of the problem in Beverly Hills.
But the dynamics of the residential real estate collapse are very different in elite neighborhoods such as this. The majority of delinquent homeowners here owe more than US$1-million. Many are walking away not because they can’t pay, but because they judge it would be foolish to keep doing so.
“It’s a business decision, not an emotional one which it is for normal people,” said Deborah Bremner, owner of the Bremner Group at Coldwell Banker, which specializes in high-end properties in the Los Angeles area. “I go to cocktail parties and all people are talking about is whether it is time to walk away, although they will never be quoted in the real world.”
She said she had seen in Beverly Hills a big increase in “strategic defaults,” in which owners who can still afford to make their monthly mortgage payment choose not to because the property is now worth so much less than the giant loan used to buy it during the housing bubble.
Strategic default is an especially appealing option in California, one of only a handful of U.S. states where primary mortgages made by banks are “non-recourse” loans. That means the loan is secured solely by the property, and banks cannot go after a delinquent owner’s wages or other assets if they default.
Bremner said she helped a client buy a Beverly Hills mansion last year that the prior owner had bought for over US$4-million. He decided to stop paying his US$3-million mortgage — even though he could easily afford it — when the value of the property had dropped to US$2.5-million.
“They were able to comfortably cover the loan,” Bremner said. “They were just no longer willing to see the value of the property drop.”
A huge “shadow inventory” is building of elite homes that are in default but have not been put on the market. Of the 180 distressed properties in Beverly Hills, only 12 are up for sale.
The backlog reflects the pent-up flood of foreclosed properties of all price ranges that are expected to hit the U.S. market this year, especially after five major banks reached a US$25-billion settlement last week with the U.S. over fraudulent foreclosure practices.
DEFAULTS ON ‘JUMBO’ LOANS SOARING
Across the United States, the largest increase in foreclosures and delinquencies, compared with 2008 levels, is with ”jumbo“ mortgages — loans too large to be insured by Fannie Mae and Freddie Mac, the government controlled mortgage finance providers. Foreclosures on jumbo loans are up 579% since 2008, greater than any other form of loan, according to a report last month by Lender Processing Services, Inc.
Strategic defaults are now more likely among jumbo loan-holders than any other type of borrower, according to a report issued late last year by JPMorgan Chase & Co. Nearly 40% of delinquencies among non-governmental mortgages, which are mostly jumbo loans, are strategic defaults, the report said.
”Now that these homeowners with jumbo loans are finding out you can do this, more and more are doing strategic foreclosures,“ said Jon Maddux the CEO of YouWalkAway.com, which advises homeowners who are ”underwater,“ the term for those whose loans exceed the value of their home.
Nathaniel J. Friedman, a Beverly Hills lawyer, insists he is not a strategic defaulter — that he never missed a mortgage payment in his life. But he stopped making payments on his five-bedroom, six-bathroom Beverly Hills house on Schuyler Road three years ago.
Friedman, who had mortgages totalling US$3-million with the now-defunct Countrywide Home Loans, returned home one evening in January 2009 to find a letter from Countrywide freezing his US$150,000 line of credit, which was linked to his second US$900,000 loan. His primary loan was US$2.1-million. The property is worth about US$2-million today.
Friedman says he decided to stop paying out of a sense of vengeance from the moment he received that letter. He has been in negotiations for months with Bank of America, which took over Countrywide after its collapse, to modify the loan.
”I thought to hell with it,“ he told Reuters. ”Why should I keep feeding a dead horse if the bank has no confidence in me?“
”I was able to maneuver things my way because of the inertia of the banking sector,“ Friedman said. He believes the bank will blink first, and eventually modify his loan.
© Thomson Reuters 2012
See original here:
U.S. foreclosures hit Beverly Hills, 90210
Record number of defaults in Beverly Hills
BEVERLY HILLS – The careworn house not far from Santa Monica Boulevard resembles millions of other homes that have been foreclosed on since the calamitous U.S. housing crash four years ago.
Garbage spews from trash bags behind the property. A smashed television leans against broken furniture. A filthy toy dog lies on its side, an ear draped across its face. The garden is overgrown. The house needs a paint job.
Yet the property on North Rexford Drive, Beverly Hills, California, is no ordinary foreclosure.
A sprawling, Spanish-style estate, fringed by majestic pine trees and located near the boutiques of Santa Monica Boulevard, its former owners were served with a default notice in 2010; they were $205,000 behind in their payments on mortgages totalling $6.9 million.
Welcome to foreclosure Beverly Hills-style.
Some 180 houses in Beverly Hills, the storied Los Angeles enclave rich with Hollywood stars and music moguls, have been foreclosed on by lenders, scheduled for auction, or served with a default notice, the highest level since the 2008 financial crash, according to a Reuters analysis of figures compiled by RealtyTrac, which tracks foreclosures nationwide.
As in the default-ravaged suburban subdivisions of Phoenix, Arizona, and Tampa, Florida, plunging real estate prices are the root of the problem in Beverly Hills.
But the dynamics of the residential real estate collapse are very different in elite neighborhoods such as this. The majority of delinquent homeowners here owe more than $1 million. Many are walking away not because they can't pay, but because they judge it would be foolish to keep doing so.
“It's a business decision, not an emotional one which it is for normal people,” said Deborah Bremner, owner of the Bremner Group at Coldwell Banker, which specializes in high-end properties in the Los Angeles area. “I go to cocktail parties and all people are talking about is whether it is time to walk away, although they will never be quoted in the real world.”
She said she had seen in Beverly Hills a big increase in “strategic defaults,” in which owners who can still afford to make their monthly mortgage payment choose not to because the property is now worth so much less than the giant loan used to buy it during the housing bubble.
Strategic default is an especially appealing option in California, one of only a handful of U.S. states where primary mortgages made by banks are “non-recourse” loans. That means the loan is secured solely by the property, and banks cannot go after a delinquent owner's wages or other assets if they default.
Bremner said she helped a client buy a Beverly Hills mansion last year that the prior owner had bought for over $4 million. He decided to stop paying his $3 million mortgage – even though he could easily afford it – when the value of the property had dropped to $2.5 million.
“They were able to comfortably cover the loan,” Bremner said. “They were just no longer willing to see the value of the property drop.”
A huge “shadow inventory” is building of elite homes that are in default but have not been put on the market. Of the 180 distressed properties in Beverly Hills, only 12 are up for sale.
The backlog reflects the pent-up flood of foreclosed properties of all price ranges that are expected to hit the U.S. market this year, especially after five major banks reached a $25 billion settlement last week with the U.S. over fraudulent foreclosure practices.
Defaults on 'jumbo' loans soaring
Across the United States, the largest increase in foreclosures and delinquencies, compared with 2008 levels, is with “jumbo” mortgages – loans too large to be insured by Fannie Mae and Freddie Mac, the government controlled mortgage finance providers. Foreclosures on jumbo loans are up 579 percent since 2008, greater than any other form of loan, according to a report last month by Lender Processing Services, Inc.
Strategic defaults are now more likely among jumbo loan-holders than any other type of borrower, according to a report issued late last year by JPMorgan Chase & Co. Nearly 40 percent of delinquencies among non-governmental mortgages, which are mostly jumbo loans, are strategic defaults, the report said.
“Now that these homeowners with jumbo loans are finding out you can do this, more and more are doing strategic foreclosures,” said Jon Maddux the CEO of YouWalkAway.com, which advises homeowners who are “underwater,” the term for those whose loans exceed the value of their home.
Nathaniel J. Friedman, a Beverly Hills lawyer, insists he is not a strategic defaulter – that he never missed a mortgage payment in his life. But he stopped making payments on his five-bedroom, six-bathroom Beverly Hills house on Schuyler Road three years ago.
Friedman, who had mortgages totalling $3 million with the now-defunct Countrywide Home Loans, returned home one evening in January 2009 to find a letter from Countrywide freezing his $150,000 line of credit, which was linked to his second $900,000 loan. His primary loan was $2.1 million. The property is worth about $2 million today.
Friedman says he decided to stop paying out of a sense of vengeance from the moment he received that letter. He has been in negotiations for months with Bank of America, which took over Countrywide after its collapse, to modify the loan.
“I thought to hell with it,” he told Reuters. “Why should I keep feeding a dead horse if the bank has no confidence in me?”
“I was able to maneuver things my way because of the inertia of the banking sector,” Friedman said. He believes the bank will blink first, and eventually modify his loan.
Visit link:
Welcome to foreclosure Beverly Hills-style
BEVERLY HILLS (Reuters) – The careworn house not far from Santa Monica Boulevard resembles millions of other homes that have been foreclosed on since the calamitous U.S. housing crash four years ago.
Garbage spews from trash bags behind the property. A smashed television leans against broken furniture. A filthy toy dog lies on its side, an ear draped across its face. The garden is overgrown. The house needs a paint job.
Yet the property on North Rexford Drive, Beverly Hills, California, is no ordinary foreclosure.
A sprawling, Spanish-style estate, fringed by majestic pine trees and located near the boutiques of Santa Monica Boulevard, its former owners were served with a default notice in 2010; they were $205,000 behind in their payments on mortgages totaling $6.9 million.
Welcome to foreclosure Beverly Hills-style.
Some 180 houses in Beverly Hills, the storied Los Angeles enclave rich with Hollywood stars and music moguls, have been foreclosed on by lenders, scheduled for auction, or served with a default notice, the highest level since the 2008 financial crash, according to a Reuters analysis of figures compiled by RealtyTrac, which tracks foreclosures nationwide.
As in the default-ravaged suburban subdivisions of Phoenix, Arizona, and Tampa, Florida, plunging real estate prices are the root of the problem in Beverly Hills.
But the dynamics of the residential real estate collapse are very different in elite neighborhoods such as this. The majority of delinquent homeowners here owe more than $1 million. Many are walking away not because they can't pay, but because they judge it would be foolish to keep doing so.
“It's a business decision, not an emotional one which it is for normal people,” said Deborah Bremner, owner of the Bremner Group at Coldwell Banker, which specializes in high-end properties in the Los Angeles area. “I go to cocktail parties and all people are talking about is whether it is time to walk away, although they will never be quoted in the real world.”
She said she had seen in Beverly Hills a big increase in “strategic defaults,” in which owners who can still afford to make their monthly mortgage payment choose not to because the property is now worth so much less than the giant loan used to buy it during the housing bubble.
Strategic default is an especially appealing option in California, one of only a handful of U.S. states where primary mortgages made by banks are “non-recourse” loans. That means the loan is secured solely by the property, and banks cannot go after a delinquent owner's wages or other assets if they default.
Bremner said she helped a client buy a Beverly Hills mansion last year that the prior owner had bought for over $4 million. He decided to stop paying his $3 million mortgage – even though he could easily afford it – when the value of the property had dropped to $2.5 million.
“They were able to comfortably cover the loan,” Bremner said. “They were just no longer willing to see the value of the property drop.”
A huge “shadow inventory” is building of elite homes that are in default but have not been put on the market. Of the 180 distressed properties in Beverly Hills, only 12 are up for sale.
The backlog reflects the pent-up flood of foreclosed properties of all price ranges that are expected to hit the U.S. market this year, especially after five major banks reached a $25 billion settlement last week with the U.S. over fraudulent foreclosure practices.
DEFAULTS ON “JUMBO' LOANS SOARING
Across the United States, the largest increase in foreclosures and delinquencies, compared with 2008 levels, is with “jumbo” mortgages – loans too large to be insured by Fannie Mae and Freddie Mac, the government controlled mortgage finance providers. Foreclosures on jumbo loans are up 579 percent since 2008, greater than any other form of loan, according to a report last month by Lender Processing Services, Inc.
Strategic defaults are now more likely among jumbo loan-holders than any other type of borrower, according to a report issued late last year by JPMorgan Chase & Co. Nearly 40 percent of delinquencies among non-governmental mortgages, which are mostly jumbo loans, are strategic defaults, the report said.
“Now that these homeowners with jumbo loans are finding out you can do this, more and more are doing strategic foreclosures,” said Jon Maddux the CEO of YouWalkAway.com, which advises homeowners who are “underwater,” the term for those whose loans exceed the value of their home.
Nathaniel J. Friedman, a Beverly Hills lawyer, insists he is not a strategic defaulter – that he never missed a mortgage payment in his life. But he stopped making payments on his five-bedroom, six-bathroom Beverly Hills house on Schuyler Road three years ago.
Friedman, who had mortgages totaling $3 million with the now-defunct Countrywide Home Loans, returned home one evening in January 2009 to find a letter from Countrywide freezing his $150,000 line of credit, which was linked to his second $900,000 loan. His primary loan was $2.1 million. The property is worth about $2 million today.
Friedman says he decided to stop paying out of a sense of vengeance from the moment he received that letter. He has been in negotiations for months with Bank of America, which took over Countrywide after its collapse, to modify the loan.
“I thought to hell with it,” he told Reuters. “Why should I keep feeding a dead horse if the bank has no confidence in me?”
“I was able to maneuver things my way because of the inertia of the banking sector,” Friedman said. He believes the bank will blink first, and eventually modify his loan.
(Reporting By Tim Reid; Editing by Jonathan Weber and Leslie Adler)
BETHESDA, Md.–(BUSINESS WIRE)–
Pebblebrook Hotel Trust (NYSE: PEB – News) (the “Company”) today announced that it has successfully executed a new $47.0 million non-recourse, secured loan with PNC Bank, N.A. at a fixed annual interest rate of 4.25 percent. The loan has a term of five years and is secured by a first mortgage on the Company’s 252-room Argonaut Hotel in San Francisco, California. Proceeds from the loan will be used to pay down the outstanding balance on the Company’s credit facility, to fund future acquisitions and for general business purposes.
Earlier this month, the Company announced that it paid off the $56.1 million first mortgage that was secured by its 306-room Sofitel Philadelphia hotel with proceeds from its recently completed debt financings, available cash on its balance sheet and proceeds from its $200 million senior unsecured credit facility.
“We are extremely pleased with the terms and execution of this debt financing, and our continued ability to access the debt markets to take advantage of the very attractive interest rate environment,” stated Raymond D. Martz, Chief Financial Officer for Pebblebrook Hotel Trust. “We have successfully refinanced or paid off all of our 2012 debt maturities. Our balance sheet remains strong and we continue to be well capitalized to take advantage of acquisition opportunities in the marketplace.”
Following the application of proceeds from the Argonaut Hotel refinancing, the Company has $226.5 million in consolidated debt and $284.7 million in unconsolidated, non-recourse debt at weighted average interest rates of 4.7 percent and 3.2 percent, respectively. The consolidated debt balance incudes $15.0 million outstanding on the Company’s $200 million senior unsecured credit facility. The Company will have approximately $40.0 million of consolidated cash, cash equivalents and restricted cash and approximately $17.2 million of unconsolidated cash, cash equivalents and restricted cash. The unconsolidated debt, cash, cash equivalents and restricted cash amounts represent the Company’s 49 percent pro rata interest in the Company’s Manhattan Collection portfolio, a joint venture with affiliates of Denihan Hospitality Group that owns six upper upscale hotels in Manhattan, New York.
About Pebblebrook Hotel Trust
Pebblebrook Hotel Trust is a publicly traded real estate investment trust (“REIT”) organized to opportunistically acquire and invest primarily in upper upscale, full service hotels located in urban markets in major gateway cities. The Company owns 20 hotels, comprised of 14 wholly owned hotels, with a total of 3,812 guest rooms and a 49% joint venture interest in six hotels with 1,733 guest rooms. The Company owns, or has an ownership interest in, hotels located in nine states and the District of Columbia, including 14 markets: Bethesda, Maryland; San Francisco, California; Buckhead, Georgia; Washington, DC; Minneapolis, Minnesota; Columbia River Gorge, Washington; Santa Monica, California; Philadelphia, Pennsylvania; San Diego, California; Seattle, Washington; West Hollywood, California; Miami, Florida; Boston, Massachusetts; and New York, New York. For more information, please visit www.pebblebrookhotels.com.
This press release contains certain “forward-looking statements” made pursuant to the safe harbor provisions of the Private Securities Reform Act of 1995, including with regard to the anticipated use of proceeds. Forward-looking statements are generally identifiable by use of forward-looking terminology such as “may,” “will,” “should,” “potential,” “intend,” “expect,” “seek,” “anticipate,” “estimate,” “approximately,” “believe,” “could,” “project,” “predict,” “forecast,” “continue,” “assume,” “plan,” references to “outlook” or other similar words or expressions. Forward-looking statements are based on certain assumptions and can include future expectations, future plans and strategies, financial and operating projections and forecasts and other forward-looking information and estimates. No assurance can be given that the net proceeds of the offering will be used as indicated. These forward-looking statements are subject to various risks and uncertainties, many of which are beyond the Company’s control, which could cause actual results to differ materially from such statements. These risks and uncertainties include, but are not limited to, the state of the U.S. economy and the supply of hotel properties, and other factors as are described in greater detail in the Company’s filings with the Securities and Exchange Commission, including, without limitation, the Company’s Annual Report on Form 10-K for the year ended December 31, 2010.
For further information about the Company’s business and financial results, please refer to the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” sections of the Company’s SEC filings, including, but not limited to, its Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, copies of which may be obtained at the Investor Relations section of the Company’s website at www.pebblebrookhotels.com.
All information in this release is as of February 15, 2012. Except as required by law, the Company undertakes no duty to update the statements in this release to conform the forward-looking statements to actual results or changes in the Company’s expectations.
For additional information or to receive press releases via email, please visit our website at www.pebblebrookhotels.com.
Photos/Multimedia Gallery Available: http://www.businesswire.com/cgi-bin/mmg.cgi?eid=50170708&lang=en
MULTIMEDIA AVAILABLE:http://www.businesswire.com/cgi-bin/mmg.cgi?eid=50170708&lang=en
Continued here:
Pebblebrook Hotel Trust Completes $47.0 Million, 4.25 Percent, Secured Debt Financing
In the months before Mitt Romney's resounding victory in Tuesday's Florida presidential primary, Palm Beach County business leaders threw their financial support behind the former Massachusetts governor.
Read the original post:
Palm Beach County business leaders lift Mitt Romney's super PAC
Richard Graulich/The Palm Beach Post
Mitt Romney, speaking at a recent rally in West Palm Beach, has long-standing relationships with local business leaders William Koch, Marc Leder, Rodger Krouse and others.
By Jeff Ostrowski
Palm Beach Post Staff Writer
Updated: 12:15 a.m. Sunday, Feb. 5, 2012
Posted: 6:41 p.m. Saturday, Feb. 4, 2012
In the months before Mitt Romney's resounding victory in Tuesday's Florida presidential primary, Palm Beach County business leaders threw their financial support behind the former Massachusetts governor.
Fully $1.5 million – nearly 5 percent – of the $30.2 million raised by a pro-Romney “super” political action committee in 2011 came from Palm Beach County donors, according to financial disclosures released last week.
No other super PAC garnered more than $5,000 from Palm Beach County contributors, according to a Palm Beach Post analysis of campaign finance filings.
Super PACs are a controversial new force in presidential politics. A candidate can accept no more than $2,500 per donor for an election, but super PACs are separate from candidates and can raise limitless sums from individuals, corporations and labor unions, and they can spend unlimited amounts to defend or attack a candidate.
Palm Beach billionaire William Koch is the biggest local supporter of the pro-Romney super PAC, Restore Our Future. His Oxbow Carbon of West Palm Beach donated $750,000, and Koch himself wrote a check for $250,000, making him responsible for $1 million of the $1.5 million given to the Romney super PAC by Palm Beach County donors.
“We believe Mitt Romney is more supportive of business and industry than Barack Obama, and certainly our industry,” Oxbow spokesman Brad Goldstein said.
Oxbow is a privately held energy company. Its operations include coal mines.
Longtime ties to Romney
Romney is hardly the only Republican to criticize Obama for what conservatives consider an anti-capitalism bent, but Oxbow hasn't contributed to other contenders for this year's GOP nomination.
Goldstein said Oxbow supports Romney because of Koch's long-standing ties to the candidate. Romney and Koch have known each other for decades, and Oxbow's chief financial officer once worked at Bain Capital, the Boston private equity fund co-founded by Romney.
Over the years, Oxbow and Koch have proven omnivorous donors, supporting not just Republicans but also such Democrats as Hillary Clinton and Sen. Dick Durbin of Illinois.
“We're nonpartisan,” Goldstein said. “If you want to put a letter after us, you can't put an R and you can't put a D. You can put a B for business.”
While Koch was the most generous supporter of the pro-Romney PAC in 2011, other wealthy Palm Beach County residents also ponied up. Marc Leder and Rodger Krouse, the co-founders of Sun Capital Partners, a private equity firm in Boca Raton, each gave $125,000 to Restore Our Future.
Like Koch, the Sun Capital founders have a long relationship with Romney. The New York Times reported last month that Romney's success at Bain Capital inspired Leder and Krouse to launch their private equity fund. And in 2000, Sun Capital bought Bain Capital's stake in JTech Communications of Boca Raton.
The other Palm Beach County contributors to the Romney super PAC were Darlene Jordan of Palm Beach, who gave $100,000; Peter Sudler of Tequesta, $100,000; and B/E Aerospace, a publicly traded maker of airplane interiors based in Wellington, $50,000.
“I truly believe that he's the only person in the race who can beat Barack Obama in the general election,” Jordan said.
Two other donors to the Romney super PAC have strong ties to Palm Beach County, though they don't list Palm Beach County addresses on campaign finance forms. Real estate developer and Miami Dolphins owner Stephen Ross, who owns a home in Palm Beach, gave $100,000. Michael Moran, partner at Boca Raton private equity fund Brockway Moran & Partners, contributed $20,000.
The flood of contributions from deep-pocketed donors isn't playing well with good-government advocates.
“We don't know who will win in November, but the latest round of campaign finance reports shows 'we the people' are already running far behind 'we the 1 percent,' ” said Bob Edgar, president of Common Cause, a nonprofit watchdog group.
Hollywood helps Obama
Though the super PAC that supports President Obama hasn't raised money in Palm Beach County, it has received big donations from wealthy liberals and labor groups. Hollywood mogul Jeffrey Katzenberg contributed $2 million last year to Priorities USA. The Service Employees International Union gave $1 million.
More:
Palm Beach Post: Palm Beach County business leaders lift Mitt Romney's super PAC