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Fri Jan 11, 2019, 01:39 PM

Trump Sold $35 Million Of Real Estate In 2018

Jan 11, 2019,10:02 am
Trump Sold $35 Million Of Real Estate In 2018
Dan Alexander
Forbes Staff


Donald Trump sold an estimated $35 million worth of real estate while serving in the White House last year, according to a Forbes analysis of local property records and federal filings. Although the president delegated day-to-day management of his assets to his sons Eric and Don Jr. upon taking office, he maintained ownership of his business, which continued to liquidate properties.

More than half of that $35 million came from a single deal, in which Trump and business partners offloaded a federally subsidized housing complex in Brooklyn for about $900 million. The president held a 4% stake in the property, according to his personal financial disclosure report. After subtracting roughly $370 million in debt, Forbes estimates Trump walked away with $20 million or so before taxes. The deal required approval from officials inside the Department of Housing & Urban Development, which rolls up to Donald Trump.

In Las Vegas, the president sold 36 units for $11 million inside his 64-story tower, which he owns in a 50-50 partnership with casino tycoon Phil Ruffin, according to an analysis of the latest public records. Trump’s cut of those deals amounted to an estimated $5.5 million before taxes. One-third of the Las Vegas condo customers purchased their units through limited liability companies, a move that allows buyers to shield their true identities.

In other words, people were pumping cash into the president’s coffers without disclosing who they were. According to a 2017 investigation by the USA Today, only 4% of purchasers in Trump buildings used LLCs in the two years before Trump secured the presidential nomination.

The president’s transactions come with other ethical concerns
. Just before Trump took office, one of his lawyers promised, “No new foreign deals will be made whatsoever during the duration of President Trump’s presidency.” But on October 2, a man named Yu Zhang purchased a unit in the Las Vegas tower for $255,000, listing his address as Taiyuan City, China. Neither the White House nor the Trump Organization responded to requests for comment. USA Today reported that the president’s company previously decided a 2017 sale to a German couple did not qualify as a “foreign deal.”

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https://www.forbes.com/sites/danalexander/2019/01/11/trump-sold-35m-of-real-estate-in-2018/amp/?fbclid=IwAR1_C-WID-Fx0HEZEF5IdR6aYzVOjHbK9xeWiK2i0BvLnDVuCQFbxVsXdbQ

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Reply Trump Sold $35 Million Of Real Estate In 2018 (Original post)
babylonsister Jan 11 OP
Crutchez_CuiBono Jan 11 #1
riversedge Jan 11 #2
Blue Owl Jan 11 #3

Response to babylonsister (Original post)

Fri Jan 11, 2019, 01:44 PM

1. Why's he not paying for his own golf?

That's quite a load of cheese. (or lettuce).

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Response to babylonsister (Original post)

Fri Jan 11, 2019, 02:18 PM

2. #trumpcorruption #trumpResign #TrumpTaxScam #TrumpShutDown #GOPshutdown #GOPcorruption

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Response to babylonsister (Original post)

Fri Jan 11, 2019, 02:36 PM

3. Now let's see those tax returns

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