Gov. Rick Scott has amassed over $22.5 million — including $14 million of his own money — since announcing in April he would challenge incumbent U.S. Sen. Bill Nelson in November's election, according to newly released figures from the Federal Elections Commission.
Of that, the Republican has spent $18 million, partly on an expansive series of TV commercials.
Nelson, a Democrat, raised $4.4 million from April through June, the period covered in the most recent report. But he spent just $1.3 million.
Nelson, who opened his current campaign account soon after starting his third term in the Senate in 2013, has a sizable advantage in cash on hand: $13.7 million to just $4.5 million for Scott.
This is not the first time Scott — who made tens of millions of dollars as a health care executive before entering politics — has poured his own money into his own campaign.
Scott spent $75 million of his own money in his successful bid to become Florida's governor in 2010, his first political race. He reached into his own pocket for another $15 million for his re-election campaign in 2014.
Because of term limits, Scott can't run for governor again.
In his latest financial disclosure form filed with the state, Scott listed his net worth at $232 million as of this past December.
Nelson has assets worth between $1.5 million and $6.5 million and liabilities of between $850,000 and $1.75 million, according to his most recent Senate financial disclosure form, which allows filers to give a wide range of values to assets and liabilities.
Even without his own money, Scott had an impressive fundraising quarter. The $8 million he raised from individual contributors from April through June compared with $4.4 million for Nelson during the same period.
Only Texas Democrat Beto O'Rourke collected more from individual contributors in a Senate race in that period, according to Politico. In the second quarter, O'Rourke took in $10.4 million from individuals in his attempt to unseat Republican Sen. Ted Cruz.
The Nelson-Scott race is already shaping up to be one of the most expensive Senate campaigns ever. The $18 million that Scott spent in just three months is more than the $17 million Nelson spent during his entire 2012 re-election campaign against Connie Mack.
The $40 million amassed so far by Nelson and Scott trails only the $47 million in the Texas Senate race and the $42 million in Massachusetts. The late entry of Scott into the Florida race promises to boost the Sunshine State contest to the top of the list in subsequent filings.
Longtime Florida elections expert Susan MacManus, who recently retired from her role as a political science professor at the University of South Florida, said she expected the Nelson-Scott race — and the contest to fill Scott's seat in the governor's mansion — to break records for political spending in Florida.
"This reflects the importance of Florida in national politics," MacManus said. "These races are the Super Bowl of politics."
Despite Scott's avalanche of spending, most polls show the race is a toss-up.
"The assumption is that money wins," MacManus said. "But that’s not always the case."
