California Governor Gavin Newsom is more than just a politician; he is also the mastermind behind a multi-million dollar business empire that has garnered attention recently. Much like former President Donald Trump, Newsom has a backstory that intertwines politics and business. Before stepping into the world of public service, he forged an impressive brand known as Plump Jack Group, which he brought to life with help from notable investors, including oil heir and billionaire Gordon Getty, a family acquaintance. Today, Plump Jack stands tall in Napa Valley’s wine scene and is a well-recognized name in San Francisco’s vibrant social atmosphere.
Now, Newsom’s business brilliance might be somewhat obscured due to the hazy nature of California’s financial disclosure forms. In a move that raises eyebrows, he placed his business dealings in a trust, relinquishing control and even issuing an executive order to prevent state agencies from partnering with Plump Jack. This recent development has led many to speculate whether Newsom harbors presidential ambitions. To uncover the scope of his holdings, Forbes reviewed financial disclosures, real estate documents, and details from Plump Jack’s website, painting a clear picture of Newsom’s sprawling empire.
Plump Jack Wine and Spirits is where it all began for Newsom. This San Francisco store first opened its doors in 1992, marking the start of a grand adventure into the world of wine and spirits. According to his financial disclosures, Newsom’s stake is valued between $100,000 and $1 million, which is no small change for a shop nestled in a historic 1928 building.
Following this venture, the Plump Jack Estate Winery in Napa became his flagship winery, established in 1995. With a sprawling vineyard covering 42 acres and tasting rooms dating back to the 1880s, it’s clear that this place is a gem for wine lovers. Newsom’s stake in this estate is reported to be worth over $1 million, with revenue surpassing $100,000. Talk about striking it rich in style!
Adding to his illustrious portfolio is Kade Estate Winery, nestled in the scenic Angwin, California. This charming winery offers 54 acres of exquisite land, with 18 acres dedicated to growing fantastic grapes. Though Kade Estate faced challenges like the Glass Fire in 2020 and the collapse of its lender in 2022, it remains a unique testament to Newsom’s investments. And let’s not forget about the Plump Jack Inn and Café located in Olympic Valley, which opened alongside the winery. This ski-in, ski-out hotel welcomes travelers year-round and has its own history, with Newsom declaring his stake to be worth between $10,000 and $100,000.
As if his business empire wasn’t enough, Governor Newsom also boasts impressive real estate holdings. After becoming governor in 2019, he purchased a lavish 12,600 square-foot home in Fair Oaks for a cool $3.7 million, taking out a substantial loan for the purchase. It seems he wanted some privacy outside the taxpayer-funded Governor’s Mansion. Additionally, he recently acquired an even grander home in Kentfield for $9.1 million, a deal made just after Donald Trump reclaimed the spotlight. This property features luxurious amenities such as a pool and spa, making it a considerable upgrade from his previous Marin County residence.
In a nutshell, Gavin Newsom’s journey from businessman to politician is a fascinating tale of ambition and success. His Plump Jack Group continues to thrive, leaving many to ponder what the future may hold as he potentially eyes a run for the presidency. While the details of his finances lay shrouded in secrecy, one thing is clear: Newsom’s entrepreneurial spirit shines brightly amidst his political endeavors. For those interested in exploring every intricate detail of his wealth, the full financial breakdown is available on Forbes.com.
