Shreve bankrolls $13.5M in Indianapolis' most expensive mayoral election. Will it pay off?

More money has been thrown into this year's Indianapolis mayoral election than any other in the city's history, demonstrating just how financially competitive the Nov. 7 election could be as Indianapolis voters select who will lead them for the next four years.

Republican candidate and businessman Jefferson Shreve bankrolled 93% of his campaign fundraising with $13.5 million in contributions to himself, pre-election campaign finance reports released at noon Friday showed. Of that amount, $10.5 million is marked as a loan.

Meanwhile, incumbent Democratic Mayor Joe Hogsett raised almost $2.6 million this year, bringing his election cycle fundraising total to $6.1 million. His campaign said this is a record high, exceeding Hogsett's previous fundraising record in his successful 2019 mayoral campaign.

The most expensive mayoral election in Indianapolis history

These eye-watering sums have been virtually unheard of in local Indianapolis elections until now. For comparison, Hogsett's last opponent, Jim Merritt, raised only about $782,000 in the year before his unsuccessful bid in 2015. Former Mayor Greg Ballard raised $3.2 million in the year before his last election in 2011.

Shreve's personal wealth comes in part from his sale of the self-storage company he founded, Storage Express, for $590 million last year.

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The money has led to the flooding of Indianapolis airwaves with campaign ads from both camps in the past several months.

How do Hogsett and Shreve's campaign coffers compare

Hogsett's $6.1 million in campaign contributions are less than half of Shreve's $14.5 million.

Although Shreve has a financial advantage, experts said, Hogsett has an incumbency advantage on his side, as well as being the Democrat running in a heavily blue city.

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No Republican has won county-wide since 2011, when Republican Mayor Ballard won his bid for a second term. Indianapolis voters lean about 60-40 Democratic, according to 2022 election results.

Who were Hogsett and Shreve's top donors

Other than himself, Shreve's top donor by far was John C. Lechleiter, the former Eli Lilly President and Chief Executive Officer, who donated $129,000.

Hogsett's top individual donors this year were all from the prominent Simon family. Philanthropist Deborah J. Simon and her sister, philanthropist Cindy Simon Skjodt, daughters of the late shopping mall mogul Melvin Simon, as well as their uncle, Herbert Simon, the owner of the Indiana Pacers and chairman emeritus of the shopping mall developer Simon Property Group, each donated $100,000 this year.

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Herbert Simon is developing a $20 million entertainment venue project near Gainbridge Fieldhouse. He also pitched a $250 million hotel and apartment project near the same spot last year.

IndyStar previously reported that Hogsett's campaign war chest is powered by some of Indianapolis' biggest players in business and real estate.

What Hogsett and Shreve said about campaign money

The Hogsett campaign said Friday that his leadership has united Indianapolis, indicated by the record fundraising amount from a broad-based coalition of support.

"While 100% of Mayor Joe's campaign has been funded by people, organizations, and businesses who support his positive vision for the city, only 7% of Jefferson’s donations came from donors other than himself," Blake Hesch, his campaign manager, wrote in a statement.

The Shreve campaign said Friday they are grateful to the thousands of residents across the city who have joined the cause by contributing their time, resources and ideas to help turn our city around.

“Shreve is personally committed to moving Indy forward, as a safer, more vibrant community," Matt Organ, his campaign manager, wrote in a statement.

The election is Nov. 7. Early voting has begun.

Contact IndyStar reporter Ko Lyn Cheang at kcheang@indystar.com or 317-903-7071. Follow her on Twitter: @kolyn_cheang.

This article originally appeared on Indianapolis Star: Most expensive Indianapolis mayor race: Jefferson Shreve, Joe Hogsett