The "Duke's" Real Estate Dilemma

So apparently Randy "Duke" Cunningham got caught with his hand in the cookie jar; allegations are surfacing that Cunningham sold his Del Mar home for $1.675 million to a shell corporation set up by a defense contractor, which held on to the home for eight months, and then resold it for a $700,000 loss.

How is anyone losing money in the San Diego real estate market right now? You don't suppose that "1523 New Hampshire Avenue LLC" actually paid more than Fair Market Value for Mr. Randy's home, in exchange for lucrative contracts awarded by the congressional committee of which Mr. Randy is a member, do you?

Because that smells like official bribery, and I'm sure such a staunch supporter of Tom Delay would never be involved in such a thing.

On Edit: Even the San Diego Union-Tribune is getting into the act.