Table of Contents
Executive Summary: The Financial Profile of Victoria Spartz
An analysis of Congresswoman Victoria Spartz’s financial profile reveals a substantial estimated net worth, with the overwhelming majority of her wealth tied to illiquid assets, primarily real estate and business ownership.
The latest available estimates place her net worth at approximately $25.42 million.1
This financial position has been a central element of her public career, from her self-funded congressional campaign to the regulatory and ethical scrutiny that has followed her business and legislative activities.
This report moves beyond a single net worth figure to provide a detailed examination of the sources of her wealth, the specific nature of her asset holdings, and the controversies stemming from her financial disclosures and business dealings.
A key finding is that the foundation of her wealth is rooted in a long-term strategy of acquiring and selling land in central Indiana, a practice that has directly enabled her political ambitions.
However, this has also led to accusations of financial opacity, alleged violations of federal law, and concerns about potential conflicts of interest between her business ventures and her legislative actions.
The report synthesizes these elements to present a comprehensive and nuanced financial portrait of the Congresswoman.
Section 1: Estimated Net Worth and the Composition of Her Wealth
The most recent estimated net worth for Congresswoman Victoria Spartz is $25.42 million.1
This figure is a calculated estimate based on public financial disclosures and other available records.
It reflects a portfolio heavily concentrated in non-liquid assets, which distinguishes her financial profile from many public officials who may hold more traditional liquid investments.
The latest data includes a breakdown of her holdings, with the most recent reported trade occurring on April 3, 2025.1
Her portfolio is dominated by real assets, as detailed in her latest financial estimates 2:
- Real Property: Valued at an estimated $18.6 million. This category includes a mix of large tracts of land and investment properties.2
- Farms: Estimated at $3.0 million, primarily held through a company named EcoAgro USA.2
- Ownership Interests: Estimated at $3.0 million, representing her stake in businesses such as Westbrook Village, a manufactured home community.2
- Stocks: A smaller portion of her total portfolio, with an estimated value of $766,000. Her stock holdings are largely concentrated in Simon Property Group and are held within various retirement accounts.1
- Other Liquid Assets: A minor component, with IRAs held in cash estimated at $108,000.2
It is important to recognize the methodology behind these figures.
The estimated net worth is calculated from public financial disclosure forms filed with the U.S. House of Representatives.2
These forms require public officials to report assets and liabilities in broad value ranges (e.g., “$1,000,001 – $5,000,000”) rather than precise figures.
The total net worth is therefore an estimation, and the actual value could be significantly higher or lower depending on where each asset falls within its reported range.2
This inherent ambiguity is a fundamental limitation of the public data and must be considered in any financial analysis.
The composition of Spartz’s wealth, with its heavy concentration in illiquid assets, has significant implications.
The vast majority of her net worth is tied up in real estate and business ownership that cannot be quickly converted to cash.
The minimal allocation to liquid assets, such as cash-held IRAs or a diverse stock portfolio, indicates a reliance on the long-term appreciation of her real property holdings for wealth generation.
This is particularly relevant when analyzing her political activities.
The necessity of liquidating real estate to access funds for other purposes, such as campaign financing, establishes a direct causal link between her private business success and her public political aspirations.
This relationship would not be apparent from a simple net worth number alone and provides critical context for understanding her career choices and public controversies.
Table A: Disclosed Assets and Value Ranges (2020-Present)
This table presents a comprehensive overview of Victoria Spartz’s major disclosed holdings, their asset types, and the reported value ranges from her annual filings.
| Asset Name | Asset Type | Reported Value Range | Report Year |
| ENTRUST ROTH IRA | Real Property | $5,000,001 – $25,000,000 | 2024 |
| ECOAGRO USA | Farms | $1,000,001 – $5,000,000 | 2024 |
| WESTBROOK VILLAGE | Ownership Interest | $1,000,001 – $5,000,000 | 2024 |
| CHARLES SCHWAB ROTH IRA ⇒ SIMON PROPERTY GROUP, INC. | Stock | $500,001 – $1,000,000 | 2024 |
| ENTRUST ROTH IRA | Real Property | $5,000,001 – $25,000,000 | 2023 |
| CHARLES SCHWAB ROTH IRA ⇒ SIMON PROPERTY GROUP, INC. | Stock | $1,000,001 – $5,000,000 | 2023 |
| WESTBROOK VILLAGE | Ownership Interest | $1,000,001 – $5,000,000 | 2023 |
| ECOAGRO USA | Farms | $1,000,001 – $5,000,000 | 2023 |
| ENTRUST ROTH IRA | Real Property | $5,000,001 – $25,000,000 | 2022 |
| TD AMERITRADE ROTH IRA ⇒ SIMON PROPERTY GROUP, INC. | Stock | $1,000,001 – $5,000,000 | 2022 |
| WESTBROOK VILLAGE | Ownership Interest | $1,000,001 – $5,000,000 | 2022 |
| ECOAGRO USA | Farms | $1,000,001 – $5,000,000 | 2021 |
| WESTBROOK VILLAGE | Ownership Interest | $1,000,001 – $5,000,000 | 2021 |
| ENTRUST ROTH IRA ⇒ ENTRUST ROTH IRA | Real Property | $5,000,001 – $25,000,000 | 2020 |
| TD AMERITRADE ROTH IRA ⇒ SIMON PROPERTY GROUP, INC. ( SPG) | Stock | $1,000,001 – $5,000,000 | 2020 |
| WESTBROOK VILLAGE | Ownership Interest | $1,000,001 – $5,000,000 | 2020 |
Section 2: The Foundation of Wealth – A History of Real Estate and Business Ventures
Victoria Spartz’s career trajectory and wealth accumulation are built upon a foundation of business and financial expertise, which she has leveraged in both the private and public sectors.
She earned a bachelor’s and master’s degree in economics from Kyiv National Economic University in Ukraine before immigrating to the United States in 2000.5
She subsequently earned a Master of Professional Accountancy from the Indiana University Kelley School of Business.5
Her professional roles have included working as a CPA for Big Four public accounting firms, serving as an adjunct faculty member at the Kelley School of Business, and holding the position of CFO for the Indiana Attorney General’s office.5
She held a CPA license until 2021 and a real estate broker license until 2020.5
Alongside her professional roles, Spartz has owned and operated several businesses, including financial consulting, farming, and real estate ventures.6
These business activities, particularly her real estate dealings, appear to be the primary engine of her wealth.
Public records and news reports provide several examples of her strategic real estate investments.
One notable transaction involved the sale of a 34.5-acre property in Noblesville for $5.1 million, which had been purchased for less than $1 million.
The proceeds from this sale were, according to Spartz, intended to be used for a new home but were ultimately used to fund her congressional campaigns.11
Another example of her investment strategy involved the sale of a 40-acre parcel in Westfield.
This property was bought for $205,000 and sold for $2.28 million through a Roth IRA in her husband’s name, demonstrating the use of a tax-advantaged “uncommon investment vehicle” for a significant real estate gain.11
Her business holdings also include Westbrook Village, a manufactured home community in Noblesville, and EcoAgro USA, which owns farmland in Sheridan.2
This financial history reveals a pattern that contrasts with the “American Dream” narrative often promoted in her campaign messaging, which emphasizes her journey from a bank teller to a successful businesswoman.6
While her professional accomplishments are significant, the documents show that her considerable fortune was not built through a traditional salary-based career.
Instead, her wealth was substantially accelerated by strategic, long-term real estate investments, some of which were reportedly facilitated by her husband’s parents.11
The financial engine of her wealth appears to be real estate appreciation rather than earned income from a corporate career.
The direct link between her private financial success and her public political power is a crucial aspect of her profile.
In 2020, Spartz loaned her campaign more than $1.2 million, a figure that exceeded the amount of available cash she disclosed in her personal financial statement at the time.12
This ability to self-fund her campaigns was a direct consequence of her successful real estate deals, with Spartz explicitly stating that selling land allowed her to finance her political R.N.12
This establishes a clear cause-and-effect relationship where her financial success provides the capital necessary to gain and maintain political office.
This contrasts with her more recent campaign filings, where OpenSecrets reports 0% self-financing for the 2023-2024 cycle.14
Section 3: Analysis of Financial Disclosures and Regulatory Scrutiny
Victoria Spartz’s financial disclosures and business practices have been subject to significant scrutiny, leading to questions about transparency and potential conflicts of interest.
These issues, viewed collectively, suggest a pattern of financial management that has consistently drawn criticism.
One area of concern involves her financial disclosures.
For her 2020 Federal Personal Financial Disclosure, she did not report any bank accounts.12
A campaign spokesperson later clarified that she did, in fact, have bank accounts, but they were not interest-bearing.12
This clarification, while addressing the discrepancy, highlights the initial opacity of her financial reporting.
Furthermore, her campaign declined to provide the source of a $750,000 loan she made to her own campaign in 2020, leading a reporter’s attorney to state that “a great deal that is not known about Ms. Spartz’s business interests and the actual source of her considerable fortune”.12
Her congressional tenure has also been marked by alleged violations of federal law.
In September 2021, Business Insider reported that Spartz had violated the Stop Trading on Congressional Knowledge (STOCK) Act of 2012 by failing to properly disclose a purchase of stock in Simon Property Group.5
This federal law is designed to enhance transparency and prevent conflicts of interest by requiring public officials to disclose their financial transactions in a timely manner.
Further allegations of conflicts of interest stem from her time as an Indiana state senator.
Reports from 2020 accused her of “shady land deals” and using her political office to benefit herself financially.12
A specific case involves the development of wetlands.
After a multi-million-dollar family project was halted by the Indiana Department of Environmental Management (IDEM) for destroying wetlands without a permit, Spartz, as a state senator, wrote a bill that removed state oversight of wetlands near regulated drains.12
This sequence of events has been cited as a significant potential conflict of interest.
Additionally, allegations have been made that she posted campaign signs on a property held within an IRA, which a financial expert stated could be a violation of the rules prohibiting the owner from using the land for personal or political reasons.12
Individually, these issues could be interpreted as isolated incidents.
However, when considered in the aggregate—the delayed disclosure of a stock trade, the non-reporting of bank accounts, the refusal to disclose the source of campaign loans, and the legislative action that mirrored a personal financial setback—they present a pattern.
This pattern suggests a consistent approach to financial matters that has prioritized privacy and leveraged legal ambiguities, often leading to public scrutiny.
Her campaign’s claims of being “100% in compliance” with financial disclosure rules 12 may be legally accurate, but they do not fully address the broader concerns about transparency and the potential for conflicts of interest that have persisted throughout her political career.
Table B: Key Stock Trading Activity (2021-Present)
This table outlines Victoria Spartz’s reported stock transactions from 2021 through early 2025.
| Stock | Transaction | Value Range | Filed Date | Trade Date |
| SPG | Purchase | $1,001 – $15,000 | Apr 26, 2025 | Apr 3, 2025 |
| SPG | Purchase | $15,001 – $50,000 | Feb 10, 2025 | Feb 3, 2025 |
| SPG | Sale | $1,000,001 – $5,000,000 | Nov 4, 2024 | Sep 20, 2024 |
| SPG | Purchase | $50,001 – $100,000 | Jul 25, 2024 | Jun 28, 2024 |
| SPG | Purchase | $50,001 – $100,000 | Feb 15, 2024 | Feb 2, 2024 |
| SPG | Purchase | $1,001 – $15,000 | Feb 15, 2024 | Feb 2, 2024 |
| SPG | Purchase | $1,001 – $15,000 | Feb 15, 2024 | Feb 2, 2024 |
| SPG | Purchase | $15,001 – $50,000 | Aug 22, 2023 | Aug 3, 2023 |
| SPG | Purchase | $1,001 – $15,000 | May 10, 2023 | May 3, 2023 |
| SPG | Purchase | $1,001 – $15,000 | May 10, 2023 | May 3, 2023 |
| SPG | Purchase | $15,001 – $50,000 | Apr 30, 2023 | Apr 13, 2023 |
| SPG | Purchase | $15,001 – $50,000 | Jan 12, 2023 | Jan 10, 2023 |
| SPG | Purchase | $15,001 – $50,000 | Dec 21, 2022 | Nov 28, 2022 |
| SPG | Purchase | $15,001 – $50,000 | Sep 12, 2022 | Sep 1, 2022 |
| SPG | Purchase | $15,001 – $50,000 | May 16, 2022 | May 14, 2022 |
| SPG | Purchase | $1,001 – $15,000 | Feb 8, 2022 | Jan 19, 2022 |
| SPG | Purchase | $15,001 – $50,000 | Feb 8, 2022 | Jan 14, 2022 |
| SPG | Purchase | $1,001 – $15,000 | Feb 8, 2022 | Jan 14, 2022 |
| SPG | Purchase | $15,001 – $50,000 | Oct 6, 2021 | Oct 5, 2021 |
| SPG | Purchase | $15,001 – $50,000 | Sep 27, 2021 | Aug 13, 2021 |
| SPG | Purchase | $500,001 – $1,000,000 | Jun 20, 2021 | Jun 10, 2021 |
| LUV | Sale | $100,001 – $250,000 | Jun 20, 2021 | May 18, 2021 |
| ALK | Sale | $250,001 – $500,000 | Jun 20, 2021 | May 17, 2021 |
| SPG | Purchase | $100,001 – $250,000 | Jun 20, 2021 | May 12, 2021 |
| LUV | Sale | $100,001 – $250,000 | Feb 20, 2021 | Feb 4, 2021 |
| SPG | Purchase | $1,001 – $15,000 | Feb 20, 2021 | Jan 22, 2021 |
Section 4: Contextualizing the Data – The Limitations of Public Information
Any financial analysis of a public official must be viewed through the lens of inherent data limitations and the political context in which this information is presented.
The financial profile of Victoria Spartz is no exception.
A primary constraint is the system of congressional financial disclosures itself, which relies on broad value ranges rather than exact figures.2
For instance, a single asset valued between $5,000,001 and $25,000,000 could create a variance of nearly $20 million in the total net worth calculation.
This makes it impossible to determine a precise, definitive net worth and means that any reported number is, by its very nature, an estimate.
It is also important to consider the sources of information.
Much of the scrutiny directed at Spartz’s financial dealings, particularly from her state legislative tenure, comes from documents produced by political opposition groups, such as the Democratic Congressional Campaign Committee (DCCC).12
While these reports are a form of opposition research, the factual claims they raise—such as specific land sale figures, legislative records, or quotes from news articles—can often be verified through independent public records.
Therefore, these documents serve as a roadmap for investigation, and the information they contain, when verifiable, provides a critical data point for a comprehensive analysis.
Finally, the discussion of Spartz’s financial profile is part of a broader conversation about her professional conduct.
Allegations of a “toxic” work environment and an unusually high staff turnover rate, measured at three and a half times the House average in 2021, have led to a House ethics committee probe.5
While these allegations are not financial in nature, they are relevant to her overall profile as a public official and reflect a pattern of behavior that has drawn significant scrutiny.
Her recent decision to leave her Republican committee assignments until she sees “that Republican leadership in Congress is governing” is another data point that illustrates the political ramifications of these ongoing issues.5
The sum of the evidence—from the need for a spokesperson to clarify the non-existence of interest-bearing bank accounts to her legislative actions on wetlands following a family incident—suggests a strategic management of financial information.
Her team asserts full compliance with the law, but the documented events indicate that legal compliance does not always align with a transparent and open financial profile.
This is a crucial distinction for understanding that in the political arena, accountability often extends beyond the letter of the law, and that public trust is built on a proactive commitment to transparency that has been consistently questioned.
Conclusion
The financial profile of Congresswoman Victoria Spartz is one of significant success, marked by an estimated net worth of $25.42 million, primarily driven by her strategic real estate and business ventures.
Her ability to self-fund her campaigns, particularly in her initial run for Congress, is a direct result of these successful business dealings, demonstrating a clear connection between her private wealth and her political career.
However, her financial history is also defined by a recurring pattern of scrutiny and controversy.
Allegations of conflicts of interest from her state legislative tenure, a reported violation of a federal transparency law, and questions surrounding the completeness of her financial disclosures collectively present a portrait of a public official who, while financially successful, has faced persistent criticism regarding her approach to transparency and accountability.
The fact that the majority of her wealth is held in illiquid assets further highlights the complex interplay between her business strategy and her political ambitions.
Ultimately, her financial narrative is a powerful illustration of a public figure whose economic achievements are closely tied to the challenges and questions of modern political ethics.
Works cited
- Victoria Spartz Trading Activity – Quiver Quantitative, accessed on August 8, 2025, https://www.quiverquant.com/congresstrading/politician/Victoria%20Spartz-S000929
- Victoria Spartz Net Worth | Quiver Quantitative, accessed on August 8, 2025, https://www.quiverquant.com/congresstrading/politician/Victoria%20Spartz-S000929/net-worth
- Westbrook Village in Noblesville, Indiana – Manufactured Home Community, accessed on August 8, 2025, https://www.manufacturedhomes.com/community/3606/westbrook-village/noblesville/
- financial DiScloSure report – House.gov, accessed on August 8, 2025, https://disclosures-clerk.house.gov/public_disc/financial-pdfs/2020/10042951.pdf
- Victoria Spartz – Wikipedia, accessed on August 8, 2025, https://en.wikipedia.org/wiki/Victoria_Spartz
- About | Representative Victoria Spartz – House.gov, accessed on August 8, 2025, https://spartz.house.gov/about
- Victoria Spartz – Ballotpedia, accessed on August 8, 2025, https://ballotpedia.org/Victoria_Spartz
- Representative Victoria Spartz – Global Tech Security Commission, accessed on August 8, 2025, https://techdiplomacy.org/globaltechsecuritycommission/honorary-co-chair/representative-victoria-spartz/
- Victoria Spartz | Archives of Women’s Political Communication, accessed on August 8, 2025, https://awpc.cattcenter.iastate.edu/directory/victoria-spartz/
- About Victoria – Victoria Spartz for Congress, accessed on August 8, 2025, https://www.spartzforcongress.com/about/
- Profit from real estate deals helping Spartz fund congressional …, accessed on August 8, 2025, https://www.ibj.com/articles/profit-from-real-estate-deals-helping-spartz-fund-campaign
- Victoria Spartz has a history of shady land deals and using her …, accessed on August 8, 2025, https://dccc.org/wp-content/uploads/2020/08/20201017-Shady-Land-Deals-Proof-Point-FINAL.pdf
- The registered address of Victoria Spartz’s business (both of them) is a trailer park in Noblesville : r/Indiana – Reddit, accessed on August 8, 2025, https://www.reddit.com/r/Indiana/comments/jfy63i/the_registered_address_of_victoria_spartzs/
- Rep. Victoria Spartz – Campaign Finance Summary – OpenSecrets, accessed on August 8, 2025, https://www.opensecrets.org/members-of-congress/victoria-spartz/summary?cid=N00046537
- INDems Statement on Victoria Spartz’s Investigation Regarding Alleged Staff Abuse – Indiana Democratic Party, accessed on August 8, 2025, https://indems.org/press-release/indems-statement-on-victoria-spartzs-investigation-regarding-alleged-staff-abuse/
