http://blogs.rgj.com/factchecker/20...-from-land-deals-involving-highway-wind-farm/
The AP’s story about Reid’s land transactions with his friend Jay Brown came out in 2006. According to the article, Reid bought what the AP called "undeveloped residential property on Las Vegas’ booming outskirts" in 1998 for about $400,000, and bought a second, adjacent parcel jointly with Brown, a former casino lawyer. In 2001, Reid sold the first parcel for the same price to a holding company that Brown created, AP said. Then in 2004, Brown’s company sold the land to other developers, and Reid got $1.1 million of the proceeds. So according to the records that AP looked at, it seemed as though Reid got his $400,000 back when he sold the land to the company in 2001, and also got $1.1 million on top of that when the company sold the land several years later, even though he no longer owned it.
On top of that, AP reported, Reid never disclosed on his Senate financial disclosure statement the 2001 sale of the land to the holding company, and when he collected the $1.1 million in 2004, he reported it on that year’s statement as a sale of land he owned personally.
Reid’s office, however, said no money changed hands when Reid transferred the land to the holding company in 2001; instead,
Reid got an ownership stake in the company equal to the value of his land. If true, that means Reid didn’t get paid for the property until the company sold it in 2004, when he received nearly triple what he paid for it originally. Reed’s aides said he continued to pay taxes on the property and didn’t disclose the change in ownership because he considered it a
"technical transfer."
Reid asked the Senate Ethics Committee whether he should amend his annual financial disclosure statements to reflect what had actually happened with the land. Then several days later, without waiting for a response from the panel,
Reid did adjust his disclosure statement to reflect the circumstances of the land transfer, and also reported two much smaller land deals that had previously been unknown to the public. That pretty much put an end to press stories about the deal, until the matter was recently revived by the Angle campaign.