Joe Carollo, a Cuban-American politician, has had a tumultuous career marked by significant achievements and financial challenges.
From serving as Miami’s mayor to controversies surrounding lawsuits, his finances reflect a mix of public service and legal turmoil.
In this article, we’ll break down Joe Carollo net worth, his salary as a commissioner, the assets contributing to his wealth, and the liabilities shaping his financial journey.
Quick Facts
| FACT | DETAIL |
|---|---|
| Real Name | Joseph Xavier Carollo |
| Popular Name | Joe Carollo |
| Gender | Male |
| Birth Date | March 12, 1955 |
| Age | 69 (as of 2024) |
| Parents | N/A |
| Siblings | N/A |
| Birthplace | N/A |
| Nationality | Cuban-American |
| Ethnicity | Cuban |
| Education | N/A |
| Marital Status | Divorced |
| Spouse | N/A |
| Children | N/A |
| Dating | N/A |
| Net Worth | Negative $63.9 million (2024) |
| Source of Wealth | Political roles, public service |
| Height | N/A |
What is the Net Worth of Joe Carollo in 2024?
As of 2024, Joe Carollo’s financial disclosure reveals a negative net worth of $63.9 million.
This dramatic decline results from significant legal judgments and liabilities tied to lawsuits. While Carollo’s political roles have provided a steady income, his legal battles have overshadowed his financial stability.
Comparatively, Carollo’s situation contrasts starkly with other public officials. Some of his peers, including high-profile politicians, manage to maintain positive financial standings despite similar challenges.
- Bill Fuller
- Martin Pinilla
- Art Acevedo
- Francis Suarez
- Xavier Suarez
- Frank Carollo
- Alex Penelas
- Jorge Mas Canosa
- Daniella Levine Cava
- Manny Morales
For more profiles of public officials, check out our list of wealthiest political figures.
Joe Carollo Wealth, Salary, and Finance Overview
How Did He Accumulate His Wealth and Financial Liabilities?
Joe Carollo’s career spans decades in public service, beginning with his election to the Miami City Commission in 1979 at age 24.
His role as Miami’s mayor brought him prominence but also legal troubles. He earns $58,200 annually as a city commissioner.
However, legal judgments have severely impacted his finances. The most notable is the $63.5 million awarded to Little Havana businessmen Bill Fuller and Martin Pinilla.
Additional liabilities, including $2.7 million in legal fees, have deepened his financial struggles.
What Are the Key Assets Contributing to His Wealth?
Despite his negative net worth, he owns significant assets:
- A Coconut Grove home valued at $2.5 million, though it’s subject to legal battles over its seizure.
- A retirement account worth $46,430.
- His checking account balance has diminished to less than $2,500 as of his latest financial disclosure.
How Does His Salary as a City Commissioner Factor Into His Income?
Joe Carollo’s current salary of $58,200 annually provides a modest income. However, this figure pales compared to the financial pressures he faces from ongoing lawsuits and judgments.
His salary reflects standard compensation for city commissioners but is insufficient to cover his liabilities.
What Financial Challenges Has He Faced in Recent Years?
Carollo’s legal battles are central to his financial challenges. The $63.5 million judgment against him arises from accusations of political retaliation.
Furthermore, disputes with QBE Specialty Insurance over $10 million in legal fees have complicated matters.
This financial strain has significantly affected his personal life, as evidenced by dwindling bank account balances and mounting legal obligations.
How Do Legal Issues Impact His Financial Stability?
Ongoing lawsuits, such as those involving former Miami Police Chief Art Acevedo, add to Carollo’s financial instability.
Federal courts have authorized asset seizures to fulfill his obligations. Legal challenges have not only strained his finances but also raised questions about his conduct in office.
What Is the Role of External Entities in His Financial Situation?
Entities like QBE Specialty Insurance and individuals such as Bill Fuller and Martin Pinilla play pivotal roles in Carollo’s finances.
QBE’s refusal to cover legal fees has exacerbated his financial woes, while lawsuits from Fuller and Pinilla resulted in a massive judgment against him.
How Have His Financial Disclosures Changed Over Time?
A review of Joe Carollo’s financial disclosures reveals a stark decline in his net worth. In 2022, his net worth was reported at $2.35 million.
By 2024, liabilities had far exceeded his assets, leaving him with a negative net worth.
FAQs About Joe Carollo
How long has he served in public office?
He has been active in public office since 1979, with roles including city commissioner and mayor of Miami.
What is the value of his Coconut Grove property?
His Coconut Grove home is valued at $2.5 million as of his latest financial disclosure.
What legal challenges has he faced recently?
He has faced significant legal challenges, including a $63.5 million judgment for political retaliation.
What is Joe Carollo’s current annual salary?
As a Miami city commissioner, he earns $58,200 annually.
What entities are involved in his financial disputes?
Entities like QBE Specialty Insurance and individuals Bill Fuller and Martin Pinilla are central to his financial disputes.
What assets does he own?
Joe Carollo owns a Coconut Grove home and a retirement account valued at $46,430.
Conclusion
Joe Carollo’s financial journey is as complex as his political career. From assets to liabilities, his situation offers lessons in managing public and personal finances. I encourage readers to leave comments, share this article, or explore more insights about public figures at www.andomoney.com.
