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Gavin Newsom sold his Sacramento home for $7.5million on Monday — nearly double the price he paid for it seven years earlier.
Newsom and Jennifer Siebel Newsom, his wife, announced in 2019 that they bought the 12,000 square foot residence located in Fair Oaks. Fair Oaks is only 15 miles away from the Capitol. The sale of his house comes four months before his end-of-term as Governor and his expected run for the presidency.
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Newsom purchased the suburban mansion to avoid the 150-year old property, which was the residence of 13 former governors. Most recently, Jerry Brown moved in to the house in 2015, after it had been used as a museum. Brown moved into the Victorian three-story home following a $4,000,000 renovation that updated electrical and plumbing. Ronald Reagan was the last Governor to reside there prior to Brown. He lived there for just a few weeks in 1967.
Newsom stated that he chose to not live in the governor’s official mansion because he wanted to be closer to his children. Fair Oaks’ seven-bedroom mansion has a wine cellar with 5,000 bottles, a pool in a resort style, and tennis courts. At the time, he paid $3.7 million for it.
Matthew Hindy is a real-estate agent at Nick Sadek Sotheby’s International Realty which lists the property. When SFGATE contacted him, he declined to make any comments.
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The governor’s wife and children are moving 90 miles to the west, to Marin County. They lived there before Newsom was elected. They bought a house in Kentfield, California for $9,000,000. Politico stated that their original plan was to keep the Sacramento house and divide their time between the two places. Their plan was to also enroll their oldest daughter in high school, as a freshman. According to this outlet, their children are now all enrolled at school in Marin County.
The family purchased a house in Marin County in 2024 to ensure continuity in their children’s educational experience. Izzy Gardon is a Newsom spokesperson who told SFGATE that the sale of the family’s Sacramento house was the next phase in this transition. It was not clear from the office whether this meant that Newsoms had already moved to Marin full-time.
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They had owned their home in Kentfield before, and raised their children there until Newsom became governor. In 2011, they bought a home of 1,800 square feet with a beautiful view of Mount Tamalpais. After he was elected lieutenant-governor of California, he bought the house for $5.9million.
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Newsom becomes the third governor in a row to divide his time between Sacramento, California and another area of the state. Brown commuted to Oakland from Los Angeles for part of his tenure, while Arnold Schwarzenegger did the same.

Treasury Secretary Scott Bessent stated on Monday, that regular Treasury auctions for U.S. Debt will continue as usual. This follows his announcement of an increase in size of the buybacks of securities with longer maturities.
Bessent addressed a Monday press conference in which he discussed a plan to “economically asphyxiate” the Iranian regime by implementing secondary sanctions against Iran’s trading partner.
The Treasury Secretary was asked during the press conference if the agency would reduce the auction size for long-term bonds in the future or if other tools from the toolbox of the Department could be used to lower the yields.
We will continue our normal program of auctions. Bessent stated that you would hear from us at the start of next quarter. In response to another question, he added that “we haven’t purchased a single Bond yet.”
The Treasury Yields Hit Multi-Decade Highs Amid a Surging National Debt
Bessent pointed out that auctions for longer-dated Treasurys such as 10-year notes and 20-year and 30-year bond are not scheduled until September, which would be the latest the new structure of buybacks could enter into effect after Sept. 9th.
The Treasury announced the changes on August 19, which increased the maximum authority for buybacks by at least $2 billion. This will allow buybacks of any size to be based upon market conditions.
Treasury is expected to provide additional information on future buybacks after Nov. 4.
Treasury stated in its announcement, “the increase in buybacks reflects Treasury’s desire to provide more liquidity support in long-dated nominal sector where market participants consistently sponsor the sectors. This is evidenced by the large volume of quality offers Treasury receives regularly in the longer-dated purchase operations.”
US DEBT HITS 40 TRILLION MILLIONE MILESTONE FIRST TIME EVER
The announcement last week lowered the yields of 10-year Treasury notes and 20-year and 30-year bond for a brief period, but they had largely reversed these declines at the end of the previous week. On Monday, yields declined modestly.
Bessent stated last week that higher buybacks were intended to provide liquidity for a less liquid segment of the market. This is particularly true in the 30-year-old sector. The longer-dated Treasurys also compete with the heavy issuances of corporate bonds, which are higher in yield, amid AI buildout.
Treasurys with higher yields may put fiscal pressure on the government as it is required to pay more in interest for servicing the national debt. Last week, the U.S. national gross debt reached $40 trillion.
BESSENT LAYS OUT THE 5 PRINCIPLES DIRECTING TRUMP ADMIN’S APPROACH FOR ECONOMIC STAFFCRAFT
Treasury Department did not specify the source of funding for Treasury buybacks in its announcement. The Treasury General Account at the Federal Reserve, according to a Reuters article, could be used as a funding source. This would eliminate the need for new Treasury bills with shorter maturities and would not eat up the country’s reserves.
TGA is the Federal Government’s Checking Account. It’s what pays for all of its daily operations, including federal employee salaries, government contracts, and Treasury’s principal and interest obligations.
The TGA had about $940 Billion in funding as of Wednesday. Treasury has bolstered the TGA in order to pay some of the $166 Billion in refunds due to importers following a Supreme Court decision that invalidated a major portion of Donald Trump’s Tariff Regime.
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The TGA had an average of $840 billion in the last year. This was its highest balance ever, excluding the rapid increase during the COVID-19 Pandemic.

Gov. Gavin Newsom, his wife Jennifer Siebel Newsom have listed their Sacramento area home for sale at twice what they paid 8 years ago.
Zillow’s real estate listings show that California’s first couples listed their 12,000 square foot Fair Oaks house for sale at $7.5 Million on Tuesday.
This secluded house at 7640 Tobia Way is situated on eight acres of land and was used for events such as a holiday party, which reportedly annoyed neighbors within the gated Northern California community.
According to the listing, this 7-bed 12-bath home “offers a unique combination of comfort and ease in entertaining with its resort-style swimming pool, tennis court and casita. It also has a 5,000 bottle wine cellar and a private casita.”
The listing states that the bathroom’s main suite is a “destination unto itself” and offers a “spa like experience.” This includes a private outdoor pool with a resort-style, a cold plunge and a hot tub.
The lush, “meticulously-landscaped” grounds feature a variety of trees, as well as sweeping views from its location on the bluff next to the American River.
They bought the Fair Oaks home for $3.7million in 2018, through an LLC linked to Newsom’s cousin Jeremy Scherer who was employed by the PlumpJack hospitality company.
According to the tax returns that were released in October, Newsoms’ earned $1.7-$2 million per year between 2022-2024.
This was a combination of the income generated by his wine business, his government salary (roughly $200,000) and income earned through his wife’s non-profit.
Newsom, the California governor who revealed federal investigators had been investigating his family members and friends in a “political hit-job”, questioned this couple’s financial situation.

Generation X is feeling the pinch of retirement. Next year its oldest members, who will be 62, can begin to claim Social Security. Many Americans have too little money saved up to retire, even though the program is facing a funding crisis.
Chris Branaman jokes about his retirement as a Walmart greeter.
Branaman, an IT worker from Bay City in Michigan who has saved about $100,000 in his 401(k), said, “That’s a funny way to say I am likely going to work in retirement.” Even if he can save more over the next 10 years, he doesn’t think that’s enough money to cover his retirement.
Branaman’s story is not unique. The Gen Xers (now 46-61) entered the workplace in the 80s and 90s as companies began to shift away from pensions towards 401(k).
About half of private sector workers in the 1970s had employer-funded pensions that guaranteed a retirement payout. Only 14% of workers in the private sector have pensions today, which is a significant change to retirement planning. Experts cite this as one major reason why many Americans lack savings.
In the fundamental change to 401(k), it is now up to employees to determine how much they want to invest and what their savings strategy will be. Gen Xers now realize that Social Security could be their only or primary source of income in retirement. CBS News reported that several members of the group said they didn’t find success with their 401(k).
A projected Social Security shortfall of $1.2 trillion in 2032 could lead to benefit reductions just when many Gen Xers prepare for retirement.
The Gen Xers cited a range of challenges, from structural problems — automatic enrollment was not available to them when they began working and some did not always have access at certain times to retirement plans — to personal and economic crises. Job losses and divorce caused some Gen Xers to use their retirement funds to survive.
Branaman added, “Maybe it’s because previous generations were taken care of so well by their employers that we weren’t as aware early on.” He added, wryly: “The 401(k) was perfect for our generations. Figure it out.”
Social Security Warning
According to NFP, a financial services company, 41% of U.S. employees over the age of 55 believe that Social Security will be their main source of retirement income, up from just 32% in 2012. The poll showed that this is a far greater percentage than the 26% of Americans in the same age bracket who think their retirements are primarily funded by 401 (k), IRAs and retirement accounts.
Jessica Espinoza is the managing director of NFP and National Practice Leader for Retirement. She told CBS News that this data was “a warning sign”. The first group of people to have to depend on their savings is those who are approaching retirement.
She continued, “They did not have pension plans. It’s Social Security, or whatever they are able to save, that will determine whether or not they can retire at their own pace. And that is really intimidating for this population.”
Two-legged stool
Social Security is one of the three legs that make up retirement. The other two are personal savings (such as a pension) and individual investments, like 401(k). According to the National Council on Aging, Social Security is supposed to replace 40% of an individual’s retirement income.
According to the National Institute on Retirement Security, 14% of Gen Xers, including teachers and government employees, still receive pensions. Most people born between 1964-1980 will have to rely on 401(k), Social Security and IRAs in order to finance their retirement.
Gen Xers are not saving enough money for retirement. The median amount saved is only $107,000. Gen Xers believe they will need to save $700,000. This is according to a study by the Transamerica Center for Retirement Studies.
“It’s scary”
Many Gen Xers who were interviewed by CBS News said they would have to work into old age because of the retirement system.
Others have had to use their 401(k), such as a 61 year old woman who has been forced to withdraw $100,000 from her retirement account after she lost her job last December. Her lack of finding a job could possibly be due to ageism. Her confidentiality was requested by CBS News due to the confidential financial data she provided.
She told CBS News, “It is scary.” I honestly do not know how to navigate through the elder years.
She will continue to work after she claims Social Security. The amount of money that she receives is based on the earnings of her ex-husband. She expects to receive around $4,000 per month in Social Security, which she says will not be enough to cover the daily expenses she faces in Los Angeles.
The woman continued, “I do not know how someone in Southern California can live on $4000 a month without any savings.”
Gen Xers spoke with CBS News regarding the difficulties of saving money for retirement, while also balancing the pressures to help their children, many of whom are in their teens and early 20s. They also discussed the cost of living.
We used to buy groceries at $120 per week, said Joshua. A 54-year old Tennessee man with less than $100,000 in his 401 (k), he asked for his last name not be published due to concerns about privacy. Now, if you visit the supermarket, it costs $250.
He said, “The tide is rising, but the wages are not keeping up.”
He expects, unlike other Gen Xers to get a pension for his work as an IT administrator in a Tennessee public college. He said that if he is financially responsible, this benefit will allow him to retire.
It’s hard to catch up
Gen Xers like J. Ashley Renfroe are looking to assist their kids with the cost of college. Her daughter, 17, will graduate from high school this fall. Renfroe says that helping his daughter pay for her college expenses will probably cut into his budget in the coming years. However, he is committed to the decision.
He said, “I would rather that she did not have to start off with student loan debt, as I or my wife had,”
Renfroe is a 401k plan administrator and noted that many people are encouraged to make catch-up payments to boost their retirement savings. According to IRS tax laws, all workers will be able to save up $24,500 by 2026. However, people aged over 50 are allowed an additional $8,000 per year.
Few people can benefit from his retirement experience, according to him.
The only ones who pay catch-up payments are the owners or shareholders of these businesses. Renfroe added that the only others are high-earners, and his pay was not enough to qualify him.
He continued, “Everything is tone-deaf in my field.” The average person doesn’t earn enough money to pay for their living expenses or realize the full benefits of a 401 (k).
The Social Security System is in Crisis
Renfroe, unlike other Gen Xers interviewed on CBS News believes that Social Security won’t exist when he retires. He stated that he expected to continue working until his death.
We’ve told people to not rely on Social Security. “I’ve really taken this to heart,” said he.
Social Security is still six years from insolvency. At that point, the 70,000,000 people receiving monthly payments could face a 22.2% reduction. Most retirement experts still believe that Social Security will survive and, due to the political consequences, Congress may decide to strengthen the program in order to prevent a cut to benefits.
Unless something is done, Gen Xers may be forced to retire at a time when their Social Security payments are being severely cut.
Branaman explained that if Social Security became insolvent “then it would be a question of whether I live in a home, apartment or van by the river?” It’s important to be flexible and open-minded.
The Gen Xers interviewed by CBS News said that, in the meantime, they are talking with their kids, now teenagers and young adults, about how important it is to start saving early for retirement.
The 61-year old woman from Los Angeles said, “Nobody talked to me about budgeting, saving or looking forward to the future.” I came from a household with a single mother, a lower income range. She didn’t even know.
She added, “I’m glad I was able to teach my daughter who is light years ahead.”
Gen Xers interviewed by CBS News exhibited the cynicism that is characteristic of their generation when discussing retirement. They emphasized that when they first entered the workplace, it was presumed that employees would be able to know how to and when save.
Recent legislation, such as the 2022 SECURE 2.0 Act, has strengthened the retirement system, adding features like automatic 401(k), automatic escalation and increasing workers’ contributions over time. Gen Xers thought it would be impossible to save enough for retirement in their early 50s or late 60s.
Joshua, an IT administrator from Tennessee, said, “I will have to do this on my own. This is a Gen X thing.” When you reach my age and don’t own a $1,000,000 401(k), it makes you feel as if you are a failure. “There are many people in my position who have a 401k of $1 million.”