The heirs to Donald Trump's fortune have been forced to take out hefty loans to buy their Florida properties, the DailyMail reported Sunday.
After leaving the White House, Trump and his three eldest adult children all moved to Florida, a state where their properties cannot be seized due to a homestead exemption, which prevents a home as well as pensions and other 401k interests exempt from attachment.
Jared Kushner and Ivanka didn't take a salary while working at the White House, circumventing nepotism laws. Yet, upon leaving the White House, the couple reported between $172 million and $640 million in outside income, the Citizens for Responsibility and Ethics in Washington (CREW) said. In their final year, they made $24 million despite the pandemic.
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Then, upon leaving the White House, Kushner made a deal with the Saudi Investment Fund for $2 billion to start a hedge fund.
The former first daughter and her family then purchased a $30 million plot of land at "Billionaire’s Bunker" on a Miami island.
The Daily Mail report only accounts for part of the funds, saying that the Indian Creek home cost $24 million. They borrowed $15 million from Bank of America using an LLC "linked to Kushner's general counsel, Christopher Smith." The New York Post reported they got a discount on the property, but said that Kushner also purchased the "200 feet of beachfront" area as their own, which appears to be the $6 million discrepancy. It means he spent $30,000 per square foot.
While the Kushner/Trump family lives far from Mar-a-Lago, Don Jr. and his girlfriend bought a "$9.7million pad in March 2021 in the celeb-enclave of Jupiter, home to numerous sports stars such as Tiger Woods and Serena Williams."
They took out a $4.8 million mortgage on the home.
Eric and his wife, Lara, purchased a $3.2 million estate near his brother in Jupiter with a $2.4 million mortgage. It is also "in his dad's gated Trump National Golf Club."
Tiffany Trump, who has always gone her own way, was rumored to be looking for a Miami home several years ago but has yet to make the plunge.
Their father, Donald Trump, claimed to have a net worth of $2.6 billion, Forbes claimed at one point. Now that there are questions about Trump's actual net worth during the New York fraud trial, it's unclear where the value is listed.
One detail Ivanka mentioned in court earlier this month is that she and her siblings turned over their inheritance to help their father look as if he had a larger net worth.
"They pledged assets of their own that helped them satisfy the guarantee, which, according to Deutsche Bank, was his and his alone," said MSNBC legal analyst Lisa Rubin after racing out of the courtroom. "He was borrowing money from his kids' piggy banks, and I'm not sure the impact of that struck everyone in the courtroom. My jaw almost dropped. I almost dropped my phone on the floor. I was just astonished by the proof that Donald Trump was robbing Peter to pay Paul, so to speak."
Speaking with MSNBC host Ali Velshi earlier this month, New York Times investigative reporter Susanne Craig said things are getting "real "for the Trumps as things go from bad to worse for the future of the family company.
