Photos: Riccardo De Luca/Bloomberg via Getty Images; Image Source: Gaurav Samjuri/AMA via Getty Images
In a move aimed at reining in the budget of his private business, President Donald Trump is selling a landmark property that is currently home to his expensive Washington hotel.
Trump won’t be giving up the Old Post Office Pavilion, but instead will transfer ownership of the property to an “unrelated entity” in a deal valuing the president’s personal stake in the property at $500 million or more, according to the filing, obtained by Bloomberg.
The White House referred questions to Trump Organization officials, who did not immediately respond to a request for comment.
The trademark involved in the deal was recently licensed to a company in Italy, said another person with knowledge of the move, who requested anonymity because the person wasn’t authorized to speak about it.
The filing does not provide specific details about how the sale proceeds will be distributed, although the source said some portion will go to charities supporting veterans.
The president had hinted about the move earlier this year, saying his non-profit, the Trump Foundation, wouldn’t be able to use the profits from his hotel to pay for legal settlements, foundation expenses or nonprofit speeches. The foundation has faced ethics complaints for more than a decade for fundraising at Trump properties, allowing Trump to reap the benefits.
Before the 2016 election, Trump agreed to stop using his foundation to help his presidential campaign but didn’t stop giving money to the charity himself.
The president is a member of the board of the nonprofit tax-exempt Trump Foundation. A foundation spokesman declined to say whether the sale would impact the president’s position.