USA Today reports: Since President Trump won the Republican nomination, the majority of his companies’ real estate sales are to secretive shell companies that obscure the buyers’ identities, a USA TODAY investigation has found.
Over the last 12 months, about 70% of buyers of Trump properties were limited liability companies – corporate entities that allow people to purchase property without revealing all of the owners’ names. That compares with about 4% of buyers in the two years before.
USA TODAY journalists have spent six months cataloging every condo, penthouse or other property that Trump and his companies own – and tracking the buyers behind every transaction. The investigation found Trump’s companies owned more than 430 individual properties worth well over $250 million.
Since Election Day, Trump’s businesses have sold 28 of those U.S. properties for $33 million. The sales include luxury condos and penthouses in Las Vegas and New York and oceanfront lots near Los Angeles. The value of his companies’ inventory of available real estate remains above a quarter-billion dollars.
Profits from sales of those properties flow through a trust run by Trump’s sons. The president is the sole beneficiary of the trust and can withdraw cash any time.
The increasing share of opaque buyers comes at a time when federal investigators, members of Congress and ethics watchdogs are asking questions about Trump’s sales and customers in the U.S. and around the world. Some Congressional Democrats have been asking for more detail about buyers of Trump’s domestic real estate since USA TODAY’s initial report.
Their concern is that the secretive sales create an extraordinary and unprecedented potential for people, corporations or foreign interests to try to influence a President. Anyone who wanted to court favor with the President could snap up multiple properties or purposefully overpay, without revealing their identity publicly.
The real estate cache, which Trump has never fully revealed and is not required by law to disclose, offers unique opportunity for anyone to steer money to a sitting President. [Continue reading…]
