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Home / World / Ivanka Trump Misleading real estate investors about their father's properties, a new report claims

Ivanka Trump Misleading real estate investors about their father's properties, a new report claims



According to a comprehensive new report by ProPublica and WNYC, Ivanka Trump has given false sales of Trump Organization properties in four different countries over the last decade. In promoting Trump buildings in Toronto, New York, Baja and Panama, Ivanka made wholly inaccurate claims to potential investors about the popularity of real estate – how many units were sold at what price.

Neither the White House nor the Trump organization responded to Bustle's request for comment on the allegations in ProPublica and the WNYC report.

The ProPublica and WNYC report focuses on how Donald Trump and his family members portrayed Trump Organization's developments for investors, and the gaps between these representations and the truth. The investigation found that Donald often misrepresented his involvement in such property and in some cases falsely claimed to be an investor in real estate where he had no equity. In addition, ProPublic and WNYC reported that Ivanka repeatedly misled investors about the demand for Trump organizations for real estate (1

9659002) For example, Ivanka claimed in a 2009 interview with CBS News that the Trump International Hotel in Toronto was "virtually sold out". It was not: At the time, only 24.8 percent of the units had been sold in the building, following a bankruptcy petition filed seven years later. She repeated this claim in a promotional video for the failed Trump Ocean Resort in Baja, Mexico – a property that was never opened and ultimately led to a lawsuit against Donald – in which she stated that the Toronto Hotel was "sold out".

In reality, this Toronto property is never sold out. It was three quarters empty after ProPublica and WNYC when it went bankrupt in 2016.

Ivanka also lies about the sales figures of Trump SoHo in New York. another doomed family estate. Speaking to reporters about the condominium building in 2008, she claimed that 60 percent of her units had been sold. In fact, at that time only 15 percent had been sold. This property, like the Toronto property, eventually went bankrupt; The Trump name has been removed from its buildings and is now called Dominick.

In March, a video clip of the Trump name, which was stamped by another failed company, the Trump Ocean Club in Panama City, became viral. Ten years earlier, Ivanka made several false claims as he propagated this feature, telling Entrepreneur that the Trump organization "90 percent of" units in the 1,000-unit building, and with a "500-percent Selling premium had everything the luxury market has ever experienced before our entry. "

That was all wrong. Months later, Moody & # 39; s reported that in reality only 79 percent of the units in the building had potential buyers. But even these units have not yet been "sold": they were under purchase contracts, meaning that investors paid a small down payment on them to buy later. But the majority of these sales contracts – 57 percent according to ProPublica and WNYC figures – were later abandoned when the project was canceled and potential buyers sacrificed their down payment and the bouncing ship to reduce their losses.

Besides, Ivanka inflated the value of these units; Despite claiming that they were selling for 500 percent the price of "everything the luxury market has ever experienced before its launch," ProPublica and WNYC found that they had actually "sold" (ie, put under purchase contracts) for Prices of comparable properties at the time.

There are more alleged false reports from Ivanka that are documented in the report. According to a lawsuit quoted by Univision, more than 50 buyers of the failed Baja property claimed that Ivanka had told them that the Trump organization was a developer of the project, although in reality this was not the case; In an interview with CBS News 2009 after the project crash, Ivanka explicitly stated that "we are not the developer". Ivanka claimed in an interview in 2008 that she personally sold 40 units on the Panama property; Jack Studnicky, a senior real estate agent on this project, told ProPublica and WNYC that he could not remember selling any units.

In addition to the allegations of Ivanka, the ProPublica and WNYC investigations also include extensive accounts of Donald himself and various false claims he made while promoting his possessions over the years.


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