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Ivanka Trump and her husband Jared Kushner took in at least $28 million in outside income while serving in the Trump administration last year, according to drafts of the couple’s latest financial disclosure forms, released Friday by watchdog group Citizens for Responsibility & Ethics in Washington.
The documents, which require government officials to list their assets and income in broad ranges, show the president’s daughter and son-in-law raked in between $28.8 million and $135.3 million from their vast investment portfolios in 2018.
Most notably, Ivanka earned between $1 million and $5 million from the Ivanka M. Trump Business Trust, an entity she created to hold her fashion and brand companies. Last July, she announced she was shutting down those businesses amid a bevy of ethics concerns and a reported plummet in sales. “After 17 months in Washington, I do not know when or if I will ever return to the business,” Trump said at the time, in a widely circulated statement. “But I do know that my focus for the foreseeable future will be the work I am doing here in Washington, so making this decision now is the only fair outcome for my team and partners.” In 2017, Ivanka reported earning at least $5 million in income from the trust, which she said was worth more than $50 million. This year she simply left the value field blank.
Ivanka listed nearly $4 million in “hotel-related revenue” from her 7.5% stake in the Trump International Hotel in Washington, D.C. That figure may overstate her true income from the property if it does not account for her share of the hotel’s expenses. While the disclosure form asks filers to list the income they receive from their investments, they can opt to report top-line revenues from businesses. The White House did not immediately respond to a request for clarification or comment.
The D.C. hotel wasn’t the only Trump Organization business to pay Ivanka. She also collected $1.5 million from three entities tied to her father’s business as part of a deal she struck to turn her royalty, consulting and commission-based pay into fixed annuities while serving in her father’s administration.
But while Ivanka’s income-producing assets seem to have waned last year, Jared Kushner’s family real estate empire continued to throw off big cash. Family trusts holding stakes in Kushner real estate projects provided between $12 million and $74 million in rent, royalties and capital gains in 2018. Kushner received an additional $1.5 million from Westminster Management, which oversees more than 20,000 apartments owned by the Kushners. He did not report any income from his $25 million to $50 million stake in Cadre, a real estate startup he cofounded that has recently drawn scrutiny for allegedly taking $90 million in opaque foreign funding.
The rest of the couple’s portfolio, which includes stock and bond investments, cash accounts and additional real estate holdings, generated an additional $9 million to $49 million for Jared and Ivanka last year. Their $5 million to $25 million art collection, however, produced nothing.