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Jared Kushner adds $10 million in ‘omitted’ assets to disclosure form

LiveMint logoLiveMint 23-07-2017 Bill Allison

Washington/New York: Jared Kushner, US President Donald Trump’s son-in-law and senior adviser, filed an amended financial disclosure that included 77 items—worth at least $10 million—“inadvertently omitted” from a filing the White House released in March, including one that will require his recusal.

The updated filing, which reflected the Kushner 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. The disclosure was revised 39 times since it was initially filed on 9 March. Kushner received an 18-day extension for the initial submission, the document shows.

At the same time, Ivanka Trump, the president’s daughter and Kushner’s wife, submitted her own financial disclosure form to the federal office of government ethics. Both were released by a White House official late on Friday. Between them, the couple disclosed assets worth at least $269 million, the forms show. The ethics agency hasn’t yet approved Ivanka Trump’s filing.

“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 & Dorr LLP who represents Kushner.

Art Collection

It’s not unusual for new executive-branch appointees to need to amend their initial financial disclosures to the OGE. Gorelick said that discussions with the agency, 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.

Some of the assets Kushner, 36, omitted in the earlier filling were held by entities he previously disclosed, and were worth at least $10 million.

Among the newly disclosed assets were an art collection valued at more than $5 million, and Quadro Partners, a real estate investment platform that does business in New York under the name of Cadre. The disclosure notes that Kushner, who has a broad-ranging portfolio of responsibilities at the White House, will recuse himself from “particular matters in the broker-dealer, real estate, and online financial services sectors to the extent they would have a direct and predictable effect” on the firm. The form also shows that Kushner has divested 116 assets, and is in the process of selling four more.

Book Advance

Ivanka Trump disclosed income of at least $13.5 million for 2016 and the first months of 2017 before she joined the White House. That included salary and severance from the Trump Organization of $2.5 million, another $2.4 million in hotel-related revenue, and a $787,500 advance from Penguin Random House for her 2017 book, “Women Who Work”.

Trump, 35, earned more than $5 million from her business trust, which she valued at more than $50 million, with underlying assets that include her trademarks and her jewellery 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.

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.

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.

Along the Watchtower

A different limited liability company, Dumbo WT Venture LLC, was involved in a purchase on 31 March for 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, or Down Under the Manhattan Bridge Overpass. His holdings include the Watchtower Building, which he purchased in 2016 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.President Trump on Friday designated David Apol, currently the OCE’s general counsel, to become its acting director. Walter Shaub, the previous director, resigned this month after repeatedly tangling with the White House over conflict-of-interest issues.

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