At just 7 years old, Temer's son already has assets worth R$ 2 million in real estate.
Two high-end commercial properties were donated to "Michelzinho" as an advance on his inheritance, according to the interim president's press office; between 2006 and 2014, the interim president's declared assets rose from R$ 2,3 million to R$ 7,5 million – more than doubling above inflation during that period.
247 - At just 7 years old, Michel Miguel Elias Temer Lulia Filho, known as Michelzinho, is already a millionaire.
He inherited it from his father. two properties whose combined value exceeds R$ 2 million, according to reports. Reporting by José Roberto de Toledo and Daniel BramattiAccording to Temer's press office, the properties were donated as an advance on inheritance.
"Located in the Lugano Building, in Itaim-Bibi, in the southern part of São Paulo, each unit has 196 m² and a market value of R$ 1.024.802, according to the São Paulo City Hall – the data is public and can be consulted online. The market value is usually 20% to 40% higher than the reference value used by the City Hall to calculate the Urban Property Tax (IPTU)," the text says.
However, journalists point out that the properties were declared below their actual value.Even so, in the asset declaration that Temer submitted to the Electoral Court in 2014, each property is valued at only R$ 190. This is common in politicians' declarations, as properties are usually declared at their purchase price. The law does not require updating the value."
The report also reveals that Temer's declared assets have grown well above inflation in recent years. "The interim president's assets have grown rapidly since 2006. In that year, Temer ran for federal deputy and declared assets worth R$ 2.293.645,53. If corrected by the IGP-M index from the Getúlio Vargas Foundation, they would correspond, in 2014, to R$ 3.678.526,22. However, his assets declared to the Electoral Court in 2014 had already grown to R$ 7.521.799,27. In other words, more than doubled above inflation between two elections – and this without taking into account the appreciation of real estate."