Trump Sold $35 Million Of Real Estate In 2018

[brooklynite]

Source: Forbes

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.

Read more: https://www.forbes.com/sites/danalexander/2019/01/11/trump-sold-35m-of-real-estate-in-2018/

[at140]

1. He needs to pay 70% tax rate proposed by AOC..

That may slowdown his real-estate activity.

[watoos]

2. Poor Jimmy Carter,

had to sell his beloved peanut farm when he became president to avoid a conflict of interest.

Why isn't this a violation of the emoluments clause? Why isn't this grounds for impeachment?

[Dave Starsky]

4. It is, and it is.

But you need a Senate who will do their jobs as described in the Constitution, and not a bunch of corrupt slimeballs feeding from the same treasonous trough as His Orange Majesty.

[louis-t]

3. He has to keep making his payments to Putin

and friends. I believe his debts far outweigh his income.

[Dave Starsky]

5. I actually think the head manager at your local McDonald's...

Has a higher net worth than the fraud in the Oval Office, who has been kited for decades by money laundering and loans from Russia.

[The Liberal Lion]

6. Reading this just sickens me.