Trump sold $35 million in real estate in 2017 to secret buyers

Trump sold $35 million in real estate in 2017 to secret buyers

After taking office, Donald Trump sold $35 million in real estate to secretive buyers. The estates in question include 41 luxury condo units in Las Vegas. According to a USA Today report, these buyers used limited liability companies (LLCs) to remain anonymous.  

President Trump has access to these funds and can withdraw from them anytime he wants through a trust that names him as the sole beneficiary although the trust is managed by his sons Eric and Donald Trump Jr.

USA Today has reported an increase in the use of LLCs, a variation that seems to be connected to Trump becoming the Republican candidate and then president. 

Before signing the GOP tax bill into law in December 2017, a last-minute tax break for real estate investors who use LLC’s, corporations, and partnerships was added. 

Even before the tax break was announced, the number of buyers using LLC to do business with Trump increased dramatically. In the two years prior to becoming the Republican nominee, only a 4% of buyers used the secretive shell companies. One year after that, the percentage rose to almost 70%.

The business interactions for the sale of Trump's Palm Beach mansion to Russian oligarch Dimitry Rybolovlev in 2008 resurfaced last year and made speculators suspect possible collusion between Trump's campaign and Russia. 

Reuters reported that there are at least 63 Russian citizens who have purchased approximately $98 million of Trump's properties. 

“If someone wants to do business with the Trump entities in the form of an LLC, we look behind the LLC to see who the owner of it is and where the funding is coming from,” Bobby Burchfield, the ethics adviser at the Trump Organization, told the newspaper. “If we can’t determine that, we won’t sign off on it.”

Before his first day as president, Trump said that he would turn over his businesses to his two sons but would not divest his assets and properties. 

 

Featured Articles

What's Trending

What's Trending

What's Trending

What's Trending

What's Trending

What's Trending

What's Trending

What's Trending

The Spot Light

Travel to Lisse where you can see 7 million blooms in spring

Travel to Lisse where you can…

Why You Should Travel Green

Why You Should Travel Green

What you should know before traveling to Turkmenistan

What you should know before…

Packing Tips for Travelling

Packing Tips for Travelling

Welcome To One World Trade Center

Welcome To One World Trade…

The Editor's Choice

 Five Things in Your Kitchen You Are Using Wrong

Five Things in Your Kitchen You Are Using Wrong

You hold and pretty much use them every day if not at least once a week. Did you know that you're probably using most of your kitchen items wrong? Here are five things in your kitchen that you're not using how they should be used and how you can fix that. 1.Spaghetti Spoon Have you ever…

Risque Real Estate

Risque Real Estate

Risque Real Estate

Four wall colors you might regret next year

Four wall colors you might regret next year

The paint job on a house wall can be expensive. This is why you should be careful about the colors you decide to use. Keep in mind that some colors might work for a season but maybe not for the rest of the year. The recommendation still remains within pastel colors. But maybe even these colors,…

5 Things You Need to Know Before Selling Your House

5 Things You Need to Know Before Selling Your House

Regardless of your reason for selling your house, the fact remains that there are certain steps that you need to take to make sure that it is ready to sell. In addition to that, there are a few things that you may want to know first so the process goes as smoothly as possible. Here are five things…

What and where is the Occidental Grand Papagayo?

What and where is the Occidental Grand Papagayo?

Occidental Papagayo is a beautiful and modernized resort that is ideal for couples. It is located in Guanacaste, Costa Rica and attracts millions of tourists from all across the globe. Unlike other hotels in this region, this inclusive resort only offers its services to adults seeking a mix of…

Visit 1984 Isgyvenimo Drama

Visit 1984 Isgyvenimo Drama

There are several attractions to visit if you ever travel to Lithuania. 1984: Isgyvenimo Drama (or 1984: Survival Drama) is a reproduction of an actual Soviet bunker built in the 1980s. To get more information about the site and its attractions, you can visit their website at sovietbunker.com. When…

Weeki Wachee Springs

Weeki Wachee Springs

Weeki Wachee Springs is a great attraction that the whole family will surely delight in visiting. It's actually one of the 22 first-magnitude springs located in Florida. What makes the Weeki Wachee Springs a tourists' favorite are the activities it has for the guests. To name a few of the…

Visit the Karni Mata Temple, Deslinoke, India

Visit the Karni Mata Temple, Deslinoke, India

Visiting India as a tourist provides an opportunity to absorb experiences far different than we are used to in the West. Even walking in the streets can be an example of what it’s like to be immersed in a completely different culture. Many of the tourist spots reflect this as well,…