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.
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
-
June 29 editorial cartoons
Cartoons Sunday's political cartoons include the AI genie, Iran saving face, and bad language bombs
-
A tall ship adventure in the Mediterranean
The Week Recommends Sailing aboard this schooner and exploring Portugal, Spain and Monaco is a 'magical' experience
-
How drone warfare works
The Explainer From Ukraine to Iran, it has become clear that unmanned aircraft are rapidly revolutionising modern warfare
-
Economists fear US inflation data less reliable
speed read The Labor Department is collecting less data for its consumer price index due to staffing shortages
-
Crypto firm Coinbase hacked, faces SEC scrutiny
Speed Read The Securities and Exchange Commission has also been investigating whether Coinbase misstated its user numbers in past disclosures
-
Starbucks baristas strike over dress code
speed read The new uniform 'puts the burden on baristas' to buy new clothes, said a Starbucks Workers United union delegate
-
Warren Buffet announces surprise retirement
speed read At the annual meeting of Berkshire Hathaway, the billionaire investor named Vice Chairman Greg Abel his replacement
-
Trump calls Amazon's Bezos over tariff display
Speed Read The president was not happy with reports that Amazon would list the added cost from tariffs alongside product prices
-
Markets notch worst quarter in years as new tariffs loom
Speed Read The S&P 500 is on track for its worst month since 2022 as investors brace for Trump's tariffs
-
Tesla Cybertrucks recalled over dislodging panels
Speed Read Almost every Cybertruck in the US has been recalled over a stainless steel panel that could fall off
-
Crafting emporium Joann is going out of business
Speed Read The 82-year-old fabric and crafts store will be closing all 800 of its stores