Kushner’s Amended Financial Form Lists 77 `Omitted' Holdings

EghtesadOnline: Jared Kushner, President Donald Trump’s son-in-law and senior adviser, on Friday filed an amended financial disclosure that included 77 items “inadvertently omitted” from a previous filing that the White House released in March.

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22 July 2017

The updated filing, which reflected his family’s sprawling real estate holdings, detailed additions made “during the ordinary review process” with the federal Office of Government Ethics, according to a copy of the document.

At the same time, Ivanka Trump, the president’s daughter and Kushner’s wife, submitted her own financial disclosure form to OGE. Both documents were released by a White House official. The federal ethics agency hasn’t yet approved Ivanka Trump’s filing, Bloomberg reported.

“Jared and Ivanka have followed each of the required steps in their transition from private citizens to federal officials,” said Jamie Gorelick, an attorney with Wilmer Cutler Pickering Hale and Dorr LLP who represents Kushner.

It’s not unusual for new executive-branch appointees to have to amend their initial financial disclosures to the federal ethics agency. Gorelick said that discussions with OGE, which approves appointees’ disclosures and their plans for handling potential conflicts of interest, “are proceeding in the ordinary course” with regard to Ivanka Trump’s filing.

On her form, Ivanka Trump disclosed a business trust worth more than $50 million with underlying assets that include her trademarks and her jewelry and fashion lines. She also disclosed 10 assets underlying a real estate company, including interests in future hotels and golf courses in New York and a licensing deal for a hotel in India. She valued those assets between $5 million and $25 million. She also disclosed income of $529,590 from the Trump International Hotel in Washington, D.C.

Kushner’s 89-page disclosure reveals dozens of multimillion-dollar assets -- reported in ranges of value. The form doesn’t begin to capture the full value of the Kushner family holdings, which are tied to $5.2 billion of assets and $2.9 billion of debt, according to data firm Real Capital Analytics.

Real Estate Sale

The amended filing shows that an entity Kushner owns was involved in the sale of residential real estate in Toledo, Ohio, for as much as $25 million. It describes Kushner’s ownership in the entity as indirect and passive.

A different limited liability company, Dumbo WT Venture LLC, was involved in a purchase on March 31, with a reported amount of as much as $25 million, the filing shows. With co-investors, Kushner Cos. owns properties in the Brooklyn neighborhood of Dumbo, which stands for Down Under the Manhattan Bridge Overpass. His holdings include the Watchtower Building, which he purchased from the Jehovah’s Witnesses.

Kushner also sold assets involving his family’s New Jersey businesses. A sale of his stake in Regal Bank, a lender based in Livingston, where his family has a home, had a reported value of as much as $5 million, and was conducted in April. Three sales that appear to involve his ownership of Monmouth Mall, a shopping center, were also disclosed. Those had a reported value of as much as $2.5 million, and were conducted in May.

When news broke in early January that Kushner would officially join Trump’s administration, his lawyers were ready with a plan to divest from various assets including the New York Observer newspaper and Thrive Capital, a venture capital firm founded by his brother Joshua Kushner.

Ivanka Trump joined the White House in late March and therefore had a later deadline for filing her disclosures. Neither Kushner nor Ivanka Trump is taking a government salary.