Dezer said these funds came from the Trump International Beach Resort, a hotel and condominium complex. The disclosure form states that Trump received between $100,000 and $1 million from a business called Trump Marks Sunny Isles I LLC. He continues to make money from one of the six Sunny Isles buildings, however, according to disclosure forms Trump filed in the 2016 U.S. Trump receives no commission on subsequent sales in all seven of the Florida residential towers. If so, Trump stood to reap a total of $20 million to $80 million in Sunny Isles. Garten, the Trump Organization’s chief legal officer, said Trump’s income was a mix of flat fees and percentages but declined to disclose them.Įdgardo Defortuna, a leading Miami developer, estimated that Trump likely made between one percent and four percent in initial sale commissions, based on the standard fees paid on similarly branded projects. Dezer declined to say how large a commission, citing confidentiality agreements. In an interview, Gil Dezer said the project generated $2 billion in initial sales, from which Trump took a commission. “I can say definitively that this is an overblown story that is media-created.” Alan Garten, Chief Legal Officer, The Trump Organization FLORIDA DEVELOPER: Gil Dezer teamed up with Donald Trump to develop six buildings in Sunny Isles Beach. The six buildings operated by the Dezers in Sunny Isles would bear Trump’s name under a licensing agreement. Six of the seven properties were the product of an agreement the New York property magnate struck in 2001 with father-and-son American developers Michael and Gil Dezer. Exactly how much income Trump has earned from the buildings is unclear. The Trump organization advertises all seven Florida buildings on its website as it pursues similar branding deals around the world. The resort town of Sunny Isles Beach, site of six of the seven Trump-branded Florida residential towers, stands out in another way: The zip code that includes the Sunny Isles buildings has an estimated 1,200 Russian-born residents, among the most in the country, U.S. The review focused on Florida because the state has a large concentration of Trump-branded buildings, and determining the ownership of properties is easier there than in some other states. Russian-Americans who did not use a Russian address or passport in their purchases were not included in the tally. And the nationality of many buyers could not be determined. The analysis found that at least 703 – or about one-third – of the owners of the 2044 units in the seven Trump buildings are limited liability companies, or LLCs, which have the ability to hide the identity of a property’s true owner. The tally of investors from Russia may be conservative. “I’ve been around this company and know the company’s dealings.” “I can say definitively that this is an overblown story that is media-created,” Alan Garten said in an interview. The White House referred questions from Reuters to the Trump Organization, whose chief legal officer said the scrutiny of President Trump’s business ties with Russia was misplaced. And none of the buyers appear to be from Putin’s inner circle. The Reuters review of investors from Russia in Trump’s Florida condominium buildings found no suggestion of wrongdoing by President Trump or his real estate organization. Video: A glimpse into Russian investment in Trump buildings One recently posted a photo of himself with the leader of a Russian motorcycle gang that was sanctioned by the United States for its alleged role in Moscow’s seizure of Crimea. People from the second and third tiers of Russian power have invested in the Trump buildings as well. Petersburg investment bank and the co-founder of a conglomerate with interests in banking, property and electronics. The buyers include politically connected businessmen, such as a former executive in a Moscow-based state-run construction firm that works on military and intelligence facilities, the founder of a St. A Reuters review has found that at least 63 individuals with Russian passports or addresses have bought at least $98.4 million worth of property in seven Trump-branded luxury towers in southern Florida, according to public documents, interviews and corporate records. I don’t have any deals in Russia.”īut in the United States, members of the Russian elite have invested in Trump buildings. “I can tell you, speaking for myself, I own nothing in Russia,” President Trump said at a news conference last month. And since taking office as president, he has been even more emphatic. Trump downplayed his business ties with Russia. MIAMI/MOSCOW – During the 2016 presidential campaign, Donald J.
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