Tags: Donald Trump | Trump Administration | LLCs | property | Trump Organization | real estate

USA Today: Trump Property Buyer Identities Hidden in LLCs

Image: USA Today: Trump Property Buyer Identities Hidden in LLCs
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Tuesday, 13 Jun 2017 09:20 PM

The majority of President Donald Trump's business organization's real estate sales have been to limited liability companies that obscure the buyers' identities, USA Today reported.

Over the past 12 months, about 70 percent of buyers of Trump properties were LLCs – corporate entities that let people buy property without disclosing all of the owners' names, the newspaper reported.

That compares with about 4 percent of buyers in the two years before that, USA Today reported.

According to the news outlet, its six-month investigation catalogued "every condo, penthouse or other property that Trump and his companies own" and tracked "the buyers behind every transaction."

The investigation found Trump's companies owned more than 430 individual properties worth well over $250 million, USA Today reported.

Since Election Day, Trump's businesses have sold 28 of those U.S. properties for $33 million, the news outlet reported – including 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, according to USA Today.

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, USA Today reported.

"If what's going on is somebody is buying something from The Trump Organization to buy favor, there's no way you'd ever figure out who that person is or what favor they're trying to buy," Jack Blum, a Washington attorney specializing in offshore tax evasion and financial crime and former staff lawyer for two U.S. Senate committees, told USA Today.

The Trump Organization did not answer questions about the sales, USA Today reported.

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The majority of President Donald Trump's business organization's real estate sales have been to limited liability companies that obscure the buyers' identities, USA Today reported.
LLCs, property, Trump Organization, real estate
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2017-20-13
Tuesday, 13 Jun 2017 09:20 PM
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