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McFadden, one of GOP's challengers to Franken, worth up to $57M

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Mike McFadden, a Republican businessman who is one of three GOP candidates hoping to unseat U.S. Sen. Al Franken, is worth as much as $57 million, the Associated Press reports.

Mike McFadden, who lives in the St. Paul suburb of Sunfish Lake, released the figures Friday to the AP, in a copy of a federally required public financial disclosure report. His spokesman said the form was being filed with the U.S. Senate on Friday.

Estimates for McFadden's wealth vary quite a bit - from $15 million to $57 million, says the AP - because Senate candidates have wider parameters for valuing their assets. Franken is said to be worth between $4 million and $12 million.

Franken draws a base Senate salary of $174,000, and also draws residuals from writing he's done for television, movies and books.

McFadden is on leave from his job as co-CEO of Lazard Middle Market, a financial management firm that deals with mergers and acquisitions. His last yearly salary there was $2.4 million, says Fox 9.

Just last month, reports were that McFadden had raised $700,000 in contributions for his campaign, when some outlets were characterizing him as a "blank slate" politically.

As WCCO-TV reports, two Republicans in the state Legislature, Sen. Julianne Ortman and Rep. Jim Abeler, are also running to be the party’s candidate against Franken next year. The financial disclosure reports must be filed with the U.S. Senate by the end of the month.

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