Ivanka and Jared’s White House Run Ended With Sharp Income Drop
(Bloomberg) -- Donald Trump’s daughter Ivanka Trump and son-in-law Jared Kushner reported as much as $120 million in income for 2020 in their final financial disclosure forms as White House advisers, a more than 20% drop from what they reported a year ago.
The couple, both of whom waived government salaries, said they had income of at least $23.8 million and as much as $120 million during 2020 and the first 20 days of 2021. That compares to the figure of as much as $156 million for the same period a year earlier. Officials are only required to disclose the value of their assets and their non-governmental income in broad ranges.
Overall, the disclosures suggest Trump and Kushner, though still extremely wealthy, lost ground or tread water economically during their controversial stints in her father’s administration. In 2017, shortly after joining the White House staff, they reported income of as much as $195 million, but that initial disclosure covered a longer period of time than the ones that followed.
The couple’s assets appreciated only modestly, if at all, over the last four years, during which the stock market climbed more than 60%. In their most recent disclosure, they listed assets worth between $206 million and $803 million, compared to a 2017 figure of between $241 million and $741 million. They listed assets worth between $203 million and $783 million last year.
The pair -- scions of family real-estate empires -- have extensive holdings in businesses hit hard by the coronavirus pandemic. Kushner reported as much as $117 million in income, mostly from rent or royalties tied to residential and commercial properties he owns. He also reported $1.8 million from Westminster Management, the Kushner Company’s management firm for multifamily housing in New York, New Jersey, Maryland, Virginia & Tennessee.
Kushner’s disclosure shows he still holds a stake valued at between $25 million and $50 million in Cadre, the real estate technology company he co-founded. He had originally said he would divest from Cadre to eliminate a potential conflict of interest but never did.
Trump’s form disclosed her many ties to the family business, showing $1.5 million from her stake in the Trump International Hotel in Washington -- down from about $4 million a year earlier -- and another $1.5 million from several limited liability companies. Like her father, she also has a pension with the Screen Actors Guild due to her appearances on “The Apprentice.”
The form also lists Trump’s many trademarks and licensing contracts for her fashion, home goods and other businesses, but those brought in as little as $0 or up to $200. She shut down her eponymous fashion line in 2018 after retailers like Nordstrom dropped it.
The couple listed artwork valued from between $5 million and $25 million. Most of the couple’s debt comes from Kushner, who holds credit lines jointly with his father, Charles Kushner.
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