Ivanka Trump and Jared Kushner are paying $15,000 a month to rent their DC home from a billionaire feuding with the US government
AP/Evan Agostini and Zillow
They're renting it from billionaire landlord Andrónico Luksic, who bought the home for $5.5 million through a shell company in December. The Chilean national is renting the home to the family for a sum of $15,000 a month, the Wall Street Journal reported after obtaining newly released documents.
He is also the owner of a mining conglomerate - Antofagasta PLC and its subsidiary, Twin Metals Minnesota LLC - which is feuding with the US government over a mineral deposit worth billions of dollars.
The company's wish to build a mine in Minnesota was blocked by Obama-era federal regulators because of environmental concerns. The mine, which would have brought up copper and nickel ore from one of the largest reserves of such metals in the world, would have been adjacent to a protected wilderness area.
In September, Twin Metals sued the federal government in a Minnesota federal court to renew the company's leases on the copper and nickel reserves in the area, which are estimated to be worth $40 billion, according to a court filing. The company argued on the basis that it had long-standing mineral rights stretching back to 1966. The company's request, however, was denied in December.
Zillow
Twin Metals has asked the Trump administration to reverse the court's decision, and it has spent $160,000 lobbying the federal government.
Representatives of both the White House and Luksic had previously said that Trump and Kushner were paying a fair market rent to live in the Kalorama home. The couple was searching for a home to rent last year, and they looked at this mansion in particular. A broker reportedly put the deal together with the new owner, Luksic.
Real estate expert Joshua Adler told the WSJ that the $15,000 rent - which comes out to roughly 2.5% of the home's value after taxes and insurance - is "a terrible investment" for Luksic. But it is in line with what homes of that size and location rent for, according to Jim Bell, a real estate professional with TTR Sotheby's.
A representative for the billionaire told the WSJ that Luksic expects a $1 million appreciation on the house in the next year, and isn't concerned about short-term gain from the rental income.
Kalorama is the neighborhood where the Obama family has been living since the Barack Obama left office. The relatively small area is popular with politicians and DC insiders for its seclusion and privacy.
- Trade ties with India suspended due to 'heavy duties': Pakistan Foreign Minister
- Luxury “floating” beach unveiled in France; Critics term it an “ecological aberration”
- Scientists think they’ve spotted 60 potential alien power plants in the Milky Way!
- Bread, butter, milk-based health drinks, cooking oils classified as ultra-processed food, ICMR advises restriction
- Debt, equity holders approve merger of IDFC with IDFC First Bank
- Nothing Phone (2a) blue edition launched
- JNK India IPO allotment date
- JioCinema New Plans
- Realme Narzo 70 Launched
- Apple Let Loose event
- Elon Musk Apology
- RIL cash flows
- Charlie Munger
- Feedbank IPO allotment
- Tata IPO allotment
- Most generous retirement plans
- Broadcom lays off
- Cibil Score vs Cibil Report
- Birla and Bajaj in top Richest
- Nestle Sept 2023 report
- India Equity Market