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What is Steve Schmidt's net worth? Inside Lincoln Project co-founder's fortune and $1.4M mansion amid resignation

Since its launch, Lincoln Project has raised over $90 million but over $50 million of the amount was spent on consulting firms

Lincoln Project co-founder Steve Schmidt has resigned from his position after the controversy surfaced around his handling of John Weaver's sexual harassment allegations. In an elaborate statement issued on Twitter, Schmidt said that he would step down "to make room for the appointment of a female board member as the first step to reform and professionalize the Lincoln Project."

The former strategist and campaign advisor to John McCain is facing a barrage of criticism on social media over his treatment of the scandal as well as his past actions. The trend started after McCain's daughter Meghan McCain revealed in a tweet that her late father despised both Schmidt and Weaver till his last day.

Read his full statement here:

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How did Steve Schmidt build his fortune?

Steve Schmidt gathered his fortune through his years of working as a political strategist. He is especially remembered for being the senior campaign strategist and advisor to Senator John McCain during his 2008 presidential campaign. In fact, it was Schmidt who insisted that McCain should choose Sarah Palin as his running mate — a decision which both he and McCain regretted later.

Till July 2018, Schmidt also acted as the Vice-Chair with the PR firm Edelman. He is also a board member with the non-profit organization JUST Capital. In late 2019, Schmidt co-founded The Lincoln Project to lobby against the re-election of Donald Trump to the presidency in 2020. After another co-founder, John Weaver's sexual harassment of young men came to light, Lincoln Project issued an elaborate statement condemning his actions. Schmidt later resigned over the mounting controversy around his handling of the allegations. Schmidt has three children with his former wife Angela Schmidt. 

What is Steve Schmidt's net worth?

The former strategist to presidential campaigns of George W Bush, John McCain, and Arnold Schwarzenegger, Schmidt quit the Republican party in 2018, subsequently joining the Democratic side. He particularly disapproved of Trump's separation of the immigrant families at the US-Mexico border. As per a December 2020 report by Idol Persona, Steve Schmidt has an estimated net worth of $3 million. 

Fox News reported that Schimdt had bought a $1.4 million mansion in Kamas, Utah after The Lincoln Project made enormous profits in the past year. Since its launch, the firm has raised over $90 million but over $50 million of the amount was spent on consulting firms. Schmidt's home in Utah has five bedrooms and seven bathrooms. He has now listed the home for reselling at over $2.9 million.

Why Meghan McCain said her dad ‘wouldn't spit on’ Schmidt

Meghan McCain, the daughter of late John McCain, made a shocking remark after Steve Schmidt's resignation. In a tweet, she said her father despised Weaver and Schmidt so much that he had banned them from his funeral. She added, "Since 2008, no McCain would have spit on them if they were on fire."

Meghan's remark has spurred a section of the Twitteratti to condemn Smith, while others still choose to stand by him. "Of course Steve Schmidt is a liar and a terrible person." said one user. "How could ANYONE not have realized Steve Schmidt & the Lincoln Project were a gift. It‘s leadership was a cabal of Bush era neoconservative ghouls. Hatred of Trump made a lot of people blind deaf & dumb. Enter Joe Biden," wrote another.

However, Schmidt still has a dedicated follower base who choose to support him no matter what. One of them said: "I love you Steve Schmidt. You handled Sarah Palin and you deserve some kind of medal for it. You put the country first speaking of loony cowards did you see her on Britain Today talking about “shenanigans” refusing to answer the question does she believe Biden won the election."