A year after he first promised a “new era” of deregulation and the “end of privilege,” President Donald Trump is moving to roll back decades of American dominance in the global financial sector.
The president’s administration has announced that the Trump Organization and its affiliates will be allowed to purchase up to 15% of a distressed home in the United States, with an expectation that the deals will not involve the sale of the company or its portfolio of real estate holdings.
The move comes amid heightened scrutiny of the Trump family’s financial empire after the president fired his former campaign manager, Corey Lewandowski, in August, a month after he faced allegations of sexual misconduct.
The Trump Organization’s stake in a property in Washington state was one of the first of its kind in the country, as well as in a state with a large population of realtors.
The Trump Organization, which is based in New York, has more than 2,500 real estate properties in more than 70 countries.
The purchase of the property in South Dakota is the latest in a series of recent deals the Trump Foundation has made to buy distressed properties.
The foundation’s most recent purchase was a $25 million home in South Bend, Indiana, which the foundation bought in February.
In December, the Trump organization purchased a property near Washington, DC, which was part of a $20 million deal that the foundation made in July.
The sale of a South Carolina property is one of just three properties that the group has made in the past six months.
The properties the foundation has purchased include a $5.5 million home near Columbia, South Carolina, and a $4.5-million home in Wilmington, North Carolina, which it bought in January.
The group’s latest purchase of a home in Washington, D.C., in January, was part the foundation’s largest real estate deal since it purchased a $2.5 billion home in 2005.