Shell companies are gobbling up Trump properties
An investigation by USA Today has documented more than 400 previously undisclosed properties across the U.S. owned by President Trump's business trust and companies. The properties are worth an estimated $250 million and include "at least 422 luxury condos and penthouses from New York City to Las Vegas, 12 mansion lots on bluffs overlooking his golf course on the Pacific Ocean, and dozens more smaller pieces of real estate," USA Today reported.
The properties present "an extraordinary and unprecedented potential for people, corporations, or foreign interests to try to influence the president," USA Today wrote. Because the properties in question are owned directly by Trump's companies and not licensed through a separate development company, any sales would directly augment Trump's wealth. Already, there are some murky deals: USA Today found that of the 14 luxury condos and home-building lots Trump companies have sold since Election Day, "half were sold to limited liability companies" and "no names were listed in deeds, obscuring buyers' identities."
Now that Trump has assumed office, a lot more people are apparently inquiring about buying real estate owned by the president. While Trump isn't legally obligated to offer a complete inventory of every property he owns, nor is he required to disclose when he makes a sale, he is constitutionally prohibited from accepting gifts from foreign officials. But because real estate laws allow shell companies to be set up so that a person can make a purchase without revealing his or her identity, USA Today noted it could be "impossible for the public to know" who purchases a Trump property in this manner.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
"Anyone seeking to influence the president could set up an anonymous company and purchase his property," said Heather Lowe, director of government affairs at Global Financial Integrity, a group focused on stopping illegal financial transactions. "It's a big black box, and the system is failing as a check for conflicts of interest."
Read the full product of USA Today's four-month-long investigation here.
Create an account with the same email registered to your subscription to unlock access.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
-
Empty-nest boomers aren't selling their big homes
Speed Read Most Americans 60 and older do not intend to move, according to a recent survey
By Peter Weber, The Week US Published
-
Brazil accuses Musk of 'disinformation campaign'
Speed Read A Brazilian Supreme Court judge has opened an inquiry into Elon Musk and X
By Rafi Schwartz, The Week US Published
-
Disney board fends off Peltz infiltration bid
Speed Read Disney CEO Bob Iger has defeated activist investor Nelson Peltz in a contentious proxy battle
By Rafi Schwartz, The Week US Published
-
Disney and DeSantis reach detente
Speed Read The Florida governor and Disney settle a yearslong litigation over control of the tourism district
By Peter Weber, The Week US Published
-
Visa and Mastercard agree to lower swipe fees
Speed Read The companies will cap the fees they charge businesses when customers use their credit cards
By Peter Weber, The Week US Published
-
Reddit IPO values social media site at $6.4 billion
Speed Read The company makes its public debut on the New York Stock Exchange
By Peter Weber, The Week US Published
-
Housing costs: the root of US economic malaise?
speed read Many voters are troubled by the housing affordability crisis
By Peter Weber, The Week US Published
-
Feds cap credit card late fees at $8
speed read The Consumer Financial Protection Bureau finalized a rule to save households an estimated $10 billion a year
By Peter Weber, The Week US Published