When US Secretary of the Treasury Steven Mnuchin isn’t calling the Working Group on Financial Markets (“Plunge Protection Team” (PPT)) to pump stocks or is posing in risque poolside photos with his millennial wife Louise Linton, he’s manging his $400 million fortune, according to Forbes.
Before taking office, Mnuchin sold his stock portfolio and plowed the proceeds into diversified stock and bond funds. Mnuchin dodged paying taxes on capital gains upfront, thanks to a provision in the tax code that makes it simpler for private citizens to transition into public service. Forbes wasn’t sure how much Mnuchin avoided paying.
Mnuchin, however, didn’t liquidate his real estate portfolio. He and Linton own at least six homes, including a mansion in New York City worth nearly $30 million. In the Hamptons, he has a $13 million vacation home, owned by an entity called Beach View LLC.
In Washington, D.C., Mnuchin bought a $13 million mansion, which the Rock Creek Drive Revocable Trust purchased 13 days after Donald Trump took office.
In Hollywood, Mnuchin has a Bel-Air mansion worth $31 million. Local records show the Bel Air Trust owns the spread. But local news outlets have placed Mnuchin as the owner.
There’s another mansion worth $12 million held by the entity called HMBAP LLC., an entity in which Mnuchin disclosed owning a multimillion-dollar interest.
Federal filings show he has a mansion in Los Angeles, owned by Beverly Drive LLC. That company sold a home in Beverly Hills for $11 million in 2017. It’s unclear what the entity holds today.
Through WG Hay 1978 Trust, Mnuchin and Linton disclosed an interest in commercial real estate in Scotland. Another trust, called Rockshiel Trust, has residential real estate in the country.
Mnuchin also sold land in Mexico last year for about $10 million.
Given the extent, the Trump administration has called for major interest rate cuts and quantitative easing, despite no real economic crisis that can be seen, it certainly points to the idea that Mnuchin’s and Trump’s real estate empires are a conflict of interest when it comes to determining policy.
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