ELECTIONS / 25TH CONGRESSIONAL DISTRICT : Wealthy Front-Runners Take the Heat From Rivals

The two richest candidates in the six-way race for the Republican nomination in the 25th Congressional District also happen to be the ones leading the pack--Assemblyman Phillip Wyman and former Santa Clarita Mayor Howard (Buck) McKeon.

According to federal asset disclosure reports and interviews, McKeon--part-owner of a clothing-store chain and chairman of a Valencia bank--is the wealthiest of the GOP hopefuls, with a personal worth of $2.5 million to $3 million.

Wyman, a seven-term lawmaker from Tehachapi, said he is worth $1 million to $1.5 million. He holds shares in a family-owned firm that runs a 6,000-acre cattle and fruit ranch in Kern County.

Wyman’s and McKeon’s financial assets have become a factor in the race because both men have loaned hefty sums to their campaigns. McKeon has loaned his campaign $80,000 to date, while Wyman has poured in $18,000 of his money.

The loans have engendered grumbling among some of the less prosperous candidates, who complain that Wyman’s and McKeon’s personal fortunes give them a political advantage.

“No, I don’t think it’s fair,” said John Lynch, a former Los Angeles County assessor who is running a low-budget campaign and is thought to be running a distant fourth in the race.

“If I had what those guys have, I could take this race,” he said.

On the other hand, Wyman’s and McKeon’s money may give voters the impression that they are trying to “buy the election,” and that may backfire on them, Lynch said.

Republicans heavily outnumber Democrats in the 25th District, and whoever wins the GOP nomination in the June 2 primary election will probably win the seat in November. The district, which covers Los Angeles County’s northern half, is one of seven new California congressional seats created by the recent reapportionment.

McKeon’s main asset is stock in Howard & Phil’s Western Wear stores, which he owns with his four brothers. His shares in the 47-store chain are worth about $2 million, McKeon said, and he earned nearly $295,000 in salary from the stores last year.

McKeon also reported a variety of corporate stock holdings, including shares in Valencia National Bank valued at between $15,000 and $50,000. McKeon is the bank’s chairman, and earned about $3,000 in directors’ fees last year.

In addition, McKeon owns a home in the posh Sand Canyon area. He said he has put it on the market for nearly $1 million in anticipation of being elected and moving to Washington.

He owns a condominium near the Beaver Creek ski resort in Colorado and, with his brothers, a Canyon Country rental home and a rental condo in Valencia. A mortgage loan on the Canyon Country dwelling was made by the bank McKeon serves as chairman.

Wyman’s two biggest assets are a commercial building in Glendale and his interest in the Summit Lime Co., the holding company for his family’s Tehachapi ranch. His shares in both are valued at between $250,000 and $500,000, he reported.

In addition, he owns stock in a variety of telecommunication firms, utilities and other companies and a rental home in the Marin County town of Inverness valued at between $50,000 and $100,000. His Assembly salary last year was more than $73,000.

Wyman said that although he has considerable wealth, he is at a disadvantage with McKeon because his assets are largely tied up in real estate, preventing him from transferring as much of his own wealth to his campaign as McKeon.

Wyman added that he thought candidates should be limited to spending $100,000 of their own money in congressional campaigns.

“It’s obvious that I’m up against a person who can . . . open his checkbook and write unlimited numbers of checks for large denominations,” said Wyman, referring to McKeon.

“I really question the value of a system that allows people to use unlimited wealth for their campaigns,” he said, adding that he has been “extremely successful” in raising money from outside contributors.

McKeon responded that Texas billionaire Ross Perot, a likely independent presidential candidate, “seems to have quite a bit of money and that seems to be a plus.”

He also said that he sank his own money into the campaign in order to keep up with Wyman, who McKeon said transferred $72,000 early on in the race to his congressional kitty from his Assembly campaign war chest.

The third major candidate, former Rep. John H. Rousselot, reported receiving a $96,000 salary from the Washington-based lobbying and public relations firm in which he is a partner.

Rousselot, who served in Congress for 14 years before his 1982 defeat, also reported drawing $15,000 to $50,000 from his congressional pension last year. He said he owns mutual funds valued at between $50,000 and $100,000.