Alaska has three members of its congressional delegation. Senior Senator Ted Stevens is facing an FBI investigation. The only Congressman, Don Young, has a staffer who was convicted in the Abramoff scandal -- and has some sketchy earmarks deals in his history. Now TPM Muckraker reports that the other member of the delegation, Lisa Murkowski, has her own suspect land deal that "raise[s] eyebrows":

Late last year, Alaskan real estate developer Bob Penney testified before a grand jury about his cozy relationship with Sen. Ted Stevens (R-AK). But it looks like Penney also has financial ties with Alaska’s other senator: Lisa Murkowski (R). At around the same time, she quietly bought a prime piece of property along the bank of the Kenai River from Penney.

Because of Alaska’s weak records requirements, it’s unclear whether Murkowski got a special deal from Penney. The market value of the 1.27 acre plot is worth around $300,000, according to Kenai real estate agents and locals. Both Penney and Murkowski's office refused to reveal what Murkowski paid.

The arrangement alarms some watchdogs who see ethical and even legal issues stemming from the deal. Ryan Alexander, the director of Taxpayers for Common Sense, said that Penney's history makes it look like he deliberately does business with Alaska politicians with an eye for future gain.

"It raises more than question, it raises concern," said Alexander. "It puts [Murkowski] into that web of folks that has raised eyebrows."

The only available information on Penney’s sale price (land transaction prices are not public record in Alaska) is a Deed of Trust, available here, that shows that Murkowski purchased the riverfront plot in late December of last year with a mortgage of $136,000. A borough assessment values the property at $214,000 – but real estate agents said that is well below what Penney could have fetched. Based on a review of Murkowski's disclosure records, it's unclear if she had enough cash on hand to handle such a large down payment.