Donald Trump has been raking in money by selling condos in Las Vegas, and the buyers are secret, according to a report published in Forbes Friday.
In Las Vegas, the president sold 36 units for $11 million inside his … tower, which he owns in a 50-50 partnership with casino tycoon Phil Ruffin, according to an analysis of the latest public records. Trump’s cut of those deals amounted to an estimated $5.5 million before taxes. One-third of the Las Vegas condo customers purchased their units through limited liability companies, a move that allows buyers to shield their true identities.
In other words, people were pumping cash into the president’s coffers without disclosing who they were.
The Forbes story also notes a USA Today investigation from 2017 highlighting a spike in sales of Trump’s real estate to shell companies. That investigation also listed several sales of condos in Trump’s Las Vegas tower.
The 2017 USA Today story also noted that shell companies set up in Nevada were used by secret buyers purchasing property from Trump.
Nevada is known internationally for infamously lax incorporation laws that allow anyone — including, terrorists, sex traffickers, arms dealers, or people hoping to curry favor with a president — to set up a shell company, not only to mask their identity, but also to avoid taxes or launder money.