Another big Ivanka Trump holding, a trust that includes her personal business selling purses, shoes and accessories, generated at least $1m in revenue in 2018, down from at least $5m the year before. Ivanka Trump announced in July of last year that she planned to close her fashion company to focus on her work as a White House adviser for her father.
The disclosures released by the White House and filed with the US Office of Government Ethics shows minimum revenue for the couple of $28m last year. The disclosures that must be filed by federal government officials show both assets and debts compiled in broad ranges between low and high estimates, making it difficult to precisely chart the rise and fall of the financial portfolios.
Among the dozens of sources of income was a $263,500 book advance for Ivanka Trump ’s Women Who Work: Rewriting the Rules for Success, published in 2017. Former and current tenants in the building have filed a suit against the Kushner Companies, alleging it used noisy, dusty construction to make living conditions unbearable in an effort to push them out so their apartments could be sold.
Their earnings aren’t publicly available, and their holdings are tied up in private investments and shielded through opaque shell corporations. Even Ivanka Trump ’s federally mandated financial disclosure form, with its broad loopholes and wide ranges, is of limited help.
So Forbes dug into property records, court documents and government filings to unearth as much of the first family’s financial dealings as possible. Neither has the first lady, besides a small Trump Tower apartment, 33 floors below the couple’s gilded penthouse, worth $1.5 million.
Over the past two decades, the three siblings have taken in an estimated $35 million each in pretax salary, commissions and bonuses, according to a Forbes analysis of Donald and Ivanka Trump ’s financial disclosures. Ivanka, whose company licensed her name to outside manufacturers, likely got around a 7% cut of her brands’ wholesale revenues, which are typically about half of retail sales, according to industry experts.
A document the president’s son-in-law privately submitted to a potential lender, later obtained by the New York Times, narrows that range considerably. Much of their fortune remains tied up in Kushner Cos.’ commercial buildings and rental apartments, plus cash accounts and a portfolio of index and mutual funds.
Ivanka still has her two-bedroom “starter” apartment on the sixth floor of the Trump Park Avenue building her father developed, worth about $3 million. Has spent a career working for his father and funneling his salary into businesses of his own, with a mixed track record to show for it.
He was among a group of investors who purchased an old Navy hospital in the city for $5 million, with a plan to renovate it and lease part of it back to the county. It’s unclear whether Don Jr., who told Charleston’s Post and Courier he was a passive 10% investor “with no voting rights or control,” profited from the deal.
And a group of investors bought the place as part of a prefab concrete business they hoped would revolutionize low-cost home building. The president quietly sold the building, which had a history of roof leaks and environmental contamination, in February 2018 for $4.1 million.
The president’s parents, Fred and Mary Trump, appear to have made only minor bequests to their grandchildren, according to documents filed by their estates. Yet the lack of detailed financial records, including Trump family tax returns, make it difficult to fully trace how much wealth has trickled down to the president’s children.
When Forbes launched its inaugural list of the 400 richest Americans in 1982, Donald Trump personally lobbied harder than anyone for a higher spot on the ranking. “ Donald claims $500 million.” In 1985, he invented a fake persona to lie about a transfer of wealth from his father, successfully securing a sole spot on the list.
Real estate and Trump Organization hotels accounted for much of the income. Though White House advisers typically divest from investments and companies, particularly when they could represent potential conflicts of interest, both Ivanka Trump and Kushner have retained multiple holdings.
They Were Out for Blood Ginny Thomas, Wife of Clarence, Cheered On the Rally That Turned Into the Capitol Riot Trump Goes “Ballistic” After Twitter Ban, Says He’s Looking at Creating Own Platform It’s Almost Over. The wife of one of Donald Trump ’s sons and the girlfriend of another one are each receiving $180,000 a year from the president’s reelection campaign.
The fact that the sons’ better halves are getting paid for their work on the reelection campaign isn’t new. The New York Times had already reported last month that Par scale Strategy, the campaign manager’s private company, was being used to make payments to Lara Trump and Guilfoyle.
In that piece, the Times described a scene in which Guilfoyle confronted Par scale about why her checks were always late. “Two people who witnessed the encounter said a contrite Mr. Par scale promised that the problem would be sorted out promptly by his wife, Candice Par scale, who handles the books on many of his ventures,” the Times reported without revealing how much they were each getting paid.
The confrontation described by the Times took place in June of last year, suggesting that the checks for Guilfoyle and Lara Trump are nothing new. Last month, Trump donors were among the people who picked up the tab for Guilfoyle’s lavish 51st birthday party in Mar-A-Lago.
The company is forging ahead with projects in Ireland, India, Indonesia and Uruguay, and is licensing the Trump name in such turbulent areas as Turkey and the Philippines. On the same day Trump and his daughter dined with Chinese President Xi Jinping at Mar-A-Lago in Florida in April 2017, China awarded her three preliminary trademark approvals for jewelry, purses and spa services.
In all, she has obtained more than a dozen Chinese trademarks since entering the White House, ensuring her access to the world’s second-largest economy if she goes back into business. Ivanka Trump, second from right, and her husband, White House senior advisor Jared Kushner, right, join her father, President Trump, at a dinner with Chinese President Xi Jinping in April 2017 at Mar-A-Lago in Palm Beach, Fla.
While Hunter Biden’s overseas deals may have embarrassed his father, now a Democratic presidential candidate, no evidence has emerged to suggest wrongdoing by the former vice president. “There’s no substantiated or credible allegation that I know of that Hunter Biden’s work was personally financially benefiting Joe Biden,” said Robert Maguire, research director for Citizens for Responsibility and Ethics in Washington, a nonprofit that is suing Trump and alleges he is illegally profiting from the presidency.
“We’ve lost a lot of money based on the fact that we don’t do any deals, that we’re sitting silent” while his father is in office, he said. The assets generated more than $100 million in income in 2017 and 2018 combined, according to the group, which calls those estimates conservative because the president has disclosed only ranges, not specific figures, in public.
The Trump Organization, as part of a stated commitment to return foreign profits to the U.S. Treasury, said it sent $191,538 to the government last year. Since Trump refuses to release his tax returns and the company keeps much of its financial data confidential, it’s unclear whether he is following the ethics rules he set for himself after the election.
The House Oversight Committee is investigating why the Pentagon has spent nearly $200,000 at Trump Turn berry golf resort in Scotland since 2017 for overnight stays and other expenses during refueling stops in nearby Glasgow. The Trumps also can market existing projects under the guidelines, and actively sell luxury condos to foreign buyers, among other investments.
Visitors flew over Manhattan in helicopters, dined at Trump ’s hotel and listened to a “fireside chat” between Trump Jr. Repeatedly told Indian reporters of his desire to do more business in India and other countries once his father leaves office.
“My personal chemistry is as good as it can get,” the president said two days later while discussing trade with the Indian leader on the sidelines of the U.N. General Assembly meetings in New York. And Eric Trump agreed to stay away from their father’s official duties, in part to signal to foreign governments or corporate leaders that they could not curry favor with the White House by doing business with the president’s sons.
Attended “pre-launch” events in Indonesia for two resorts being developed with a partner who founded one of the country’s political parties and remains highly active, with a daughter seeking a Cabinet position there. The government in Jakarta is seeking to avoid the tariffs the White House has imposed on other countries with a trade surplus.