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.
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.
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
-
October 13 editorial cartoons
Cartoons Monday's political cartoons include Donald Trump's consolation prize, government workers during shutdown, and more
-
Can Gaza momentum help end the war in Ukraine?
Today's Big Question Zelenskyy’s request for long-range Tomahawk missiles hints at ‘warming relations’ between Ukraine and US
-
The Israeli hostages and Palestinian prisoners being released
The Explainer Triumphant Donald Trump addresses the Israeli parliament as families on both sides of the Gaza war reunite with their loved ones
-
Gold tops $4K per ounce, signaling financial unease
Speed Read Investors are worried about President Donald Trump’s trade war
-
Electronic Arts to go private in record $55B deal
speed read The video game giant is behind ‘The Sims’ and ‘Madden NFL’
-
New York court tosses Trump's $500M fraud fine
Speed Read A divided appeals court threw out a hefty penalty against President Trump for fraudulently inflating his wealth
-
Trump said to seek government stake in Intel
Speed Read The president and Intel CEO Lip-Bu Tan reportedly discussed the proposal at a recent meeting
-
US to take 15% cut of AI chip sales to China
Speed Read Nvidia and AMD will pay the Trump administration 15% of their revenue from selling artificial intelligence chips to China
-
NFL gets ESPN stake in deal with Disney
Speed Read The deal gives the NFL a 10% stake in Disney's ESPN sports empire and gives ESPN ownership of NFL Network
-
Samsung to make Tesla chips in $16.5B deal
Speed Read Tesla has signed a deal to get its next-generation chips from Samsung
-
FCC greenlights $8B Paramount-Skydance merger
Speed Read The Federal Communications Commission will allow Paramount to merge with the Hollywood studio Skydance