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Author Topic: Trump’s Secretive Real Estate Sales Continue Unabated  (Read 1107 times)

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Offline edpc

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Trump’s Secretive Real Estate Sales Continue Unabated
« on: January 10, 2018, 03:24:21 pm »
President Trump’s companies sold more than $35 million in real estate in 2017, mostly to secretive shell companies that obscure buyers’ identities, continuing a dramatic shift in his customers' behavior that began during the election, a USA TODAY review found.

In Las Vegas alone, Trump sold 41 luxury condo units in 2017, a majority of which used limited liability companies – corporate entities that allow people to purchase property without revealing all of the owners’ names.

The trend toward Trump's real estate buyers buyers obscuring their identities began around the time he won the Republican nomination, midway through 2016, according to USA TODAY's analysis of every domestic real estate sale by one of his companies.

https://www.usatoday.com/story/news/2018/01/10/trumps-secretive-real-estate-sales-continue-unabated/1018530001/
« Last Edit: January 10, 2018, 03:25:30 pm by edpc »
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Offline edpc

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Re: Trump’s Secretive Real Estate Sales Continue Unabated
« Reply #1 on: January 10, 2018, 03:31:52 pm »


Trump appointed an independent ethics advisor, attorney Bobby Burchfield, to review new deals.

Last year, when USA TODAY first reported the rapid rise in the share of obscured buyers among Trump's real estate transactions, Burchfield would not reveal the details of his reviews. Now, he says a four-part test is used when evaluating deals: is it at fair market value or in the ordinary course of business; is it an appropriate counterparty; is there any indication the deal is intended to curry favor with the president and is there any likelihood the deal could compromise or diminish the Office of the President.


Fine, but between Sekulow's TV appearances, Dowd's tweet gaffe, and Harder's cease and desist letter, the Trump legal team has been fairly unimpressive so far.
« Last Edit: January 10, 2018, 03:34:57 pm by edpc »
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Oceander

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Re: Trump’s Secretive Real Estate Sales Continue Unabated
« Reply #2 on: January 10, 2018, 03:34:46 pm »
It is not uncommon for foreigners to purchase US real estate through an entity such as a corporation because that helps them avoid US gift or estate tax if they transfer the property by gift or bequest. 
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Offline edpc

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Re: Trump’s Secretive Real Estate Sales Continue Unabated
« Reply #3 on: January 10, 2018, 03:39:36 pm »
@Oceander

That won't stop the usual suspects from yelling 'Russians!' and demanding Mueller look into this as part of his investigation.
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Offline Frank Cannon

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Re: Trump’s Secretive Real Estate Sales Continue Unabated
« Reply #4 on: January 10, 2018, 03:42:21 pm »
In Las Vegas alone, Trump sold 41 luxury condo units in 2017, a majority of which used limited liability companies – corporate entities that allow people to purchase property without revealing all of the owners’ names.

Big deal. I do the same thing. This is a pretty common practice for the investor community.
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Oceander

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Re: Trump’s Secretive Real Estate Sales Continue Unabated
« Reply #5 on: January 10, 2018, 03:46:26 pm »
Quote from: Frank Cannon on January 10, 2018, 03:42:21 pm
In Las Vegas alone, Trump sold 41 luxury condo units in 2017, a majority of which used limited liability companies – corporate entities that allow people to purchase property without revealing all of the owners’ names.

Big deal. I do the same thing. This is a pretty common practice for the investor community.

In fact it’s recommended as a way of protecting other properties from problems, like a judgment, that might crop up with one property. 
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Offline endicom

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Re: Trump’s Secretive Real Estate Sales Continue Unabated
« Reply #6 on: January 10, 2018, 04:20:27 pm »
Quote from: Oceander on January 10, 2018, 03:46:26 pm
In fact it’s recommended as a way of protecting other properties from problems, like a judgment, that might crop up with one property.


What if Oceander LLC offered Trump Inc. a good price for a property and was refused the sale? Could Oceander LLC then find some reason to sue Trump Inc.?

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Offline WingNot

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Re: Trump’s Secretive Real Estate Sales Continue Unabated
« Reply #7 on: January 10, 2018, 04:26:52 pm »
Quote from: endicom on January 10, 2018, 04:20:27 pm

What if Oceander LLC offered Trump Inc. a good price for a property and was refused the sale? Could Oceander LLC then find some reason to sue Trump Inc.?

Do you really want to pollute this thread with a sum bullshit from the gay cake baker topic?
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Offline Night Hides Not

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Re: Trump’s Secretive Real Estate Sales Continue Unabated
« Reply #8 on: January 10, 2018, 04:54:29 pm »
Quote from: Oceander on January 10, 2018, 03:34:46 pm
It is not uncommon for foreigners to purchase US real estate through an entity such as a corporation because that helps them avoid US gift or estate tax if they transfer the property by gift or bequest.

A large chunk of Miami condos are owned by South Americans using LLCs, primarily to get bank financing. When the market goes south, so do they, leaving us to bail out the banks.

That’s exactly what happened in the mid 2000s. Yet no one went to jail, and Main Street bailed out Wall Street, thanks to Dubya, Hank Paulson, and Tim Geithner.
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Offline Emjay

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Re: Trump’s Secretive Real Estate Sales Continue Unabated
« Reply #9 on: January 10, 2018, 05:32:32 pm »
Quote from: edpc on January 10, 2018, 03:24:21 pm
President Trump’s companies sold more than $35 million in real estate in 2017, mostly to secretive shell companies that obscure buyers’ identities, continuing a dramatic shift in his customers' behavior that began during the election, a USA TODAY review found.

In Las Vegas alone, Trump sold 41 luxury condo units in 2017, a majority of which used limited liability companies – corporate entities that allow people to purchase property without revealing all of the owners’ names.

The trend toward Trump's real estate buyers buyers obscuring their identities began around the time he won the Republican nomination, midway through 2016, according to USA TODAY's analysis of every domestic real estate sale by one of his companies.

https://www.usatoday.com/story/news/2018/01/10/trumps-secretive-real-estate-sales-continue-unabated/1018530001/

I would rather Trump make money this way, as long as it's all legal, than the way the Clinton's and Obama's made money.  They went from poor to wealthy without selling as much as an outhouse.
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Offline Night Hides Not

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Re: Trump’s Secretive Real Estate Sales Continue Unabated
« Reply #10 on: January 10, 2018, 07:53:37 pm »
Quote from: Emjay on January 10, 2018, 05:32:32 pm
I would rather Trump make money this way, as long as it's all legal, than the way the Clinton's and Obama's made money.  They went from poor to wealthy without selling as much as an outhouse.

Those two families sold access, the coin of the realm in the swamp.
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Oceander

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Re: Trump’s Secretive Real Estate Sales Continue Unabated
« Reply #11 on: January 10, 2018, 07:55:45 pm »
Quote from: Emjay on January 10, 2018, 05:32:32 pm
I would rather Trump make money this way, as long as it's all legal, than the way the Clinton's and Obama's made money.  They went from poor to wealthy without selling as much as an outhouse.

True enough
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Offline Sanguine

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Re: Trump’s Secretive Real Estate Sales Continue Unabated
« Reply #12 on: January 10, 2018, 08:22:10 pm »
Quote from: Night Hides Not on January 10, 2018, 07:53:37 pm
Those two families sold access, the coin of the realm in the swamp.

It looks like the Clinton's may have sold everything that wasn't nailed down and some that was.
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Offline WingNot

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Re: Trump’s Secretive Real Estate Sales Continue Unabated
« Reply #13 on: January 10, 2018, 08:32:01 pm »
Quote from: Sanguine on January 10, 2018, 08:22:10 pm
It looks like the Clinton's may have sold everything that wasn't nailed down and some that was.

Reports said There was some old Revere Silverware and some lead crystal missing after the Clintons were evicted.  Hilary said they must be still in storage in the White House basement.
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Offline GrouchoTex

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Re: Trump’s Secretive Real Estate Sales Continue Unabated
« Reply #14 on: January 10, 2018, 09:26:14 pm »
I see the logic here, and I think this is a good idea for both sides.

The LLC buys it, rather than an individual, so you can't say the Bannons, Kochs, Soros, etc., of the world are trying to buy influence from Trump.

It also protects to buyer from crazy Anti-fa type folks would would want to harass them for buying something from Trump.

Seems kind of a smart way of going about it, if you ask me.
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Offline RoosGirl

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Re: Trump’s Secretive Real Estate Sales Continue Unabated
« Reply #15 on: January 10, 2018, 09:28:25 pm »
Are the deals concluded with the double super-secret handshake?
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Offline GrouchoTex

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Re: Trump’s Secretive Real Estate Sales Continue Unabated
« Reply #16 on: January 10, 2018, 09:29:47 pm »
Quote from: RoosGirl on January 10, 2018, 09:28:25 pm
Are the deals concluded with the double super-secret handshake?

....and a decoder ring.
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Offline RoosGirl

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Re: Trump’s Secretive Real Estate Sales Continue Unabated
« Reply #17 on: January 10, 2018, 09:35:01 pm »
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Offline WingNot

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Re: Trump’s Secretive Real Estate Sales Continue Unabated
« Reply #18 on: January 10, 2018, 09:48:57 pm »
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