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Mnuchin Made at Least $15 Million on Entertainment, Real Estate

August 08,2017 00:20

U.S. Treasury Secretary Steven Mnuchin made at least $15 million from his entertainment and real estate interests that he sold to comply with federal conflict of interest rules, according to a filing released Monday. Mnuchin, a former Goldman Sachs ...and more »


U.S. Treasury Secretary Steven Mnuchin made at least $15 million from his entertainment and real estate interests that he sold to comply with federal conflict of interest rules, according to a filing released Monday.
Mnuchin, a former Goldman Sachs Group Inc. executive and hedge fund manager, made the sales in May, according to the transaction report, which was released by the Treasury Department. Ethics rules don’t require disclosure of buyers’ identities, and the reports show the sale prices only in broad ranges. According to the filing, Mnuchin could have made as much as $53 million on the sales.
He disclosed selling interests in Dune Real Estate Partners LLC, which owns residential and commercial real estate and hotels in New York City, and Dune Entertainment Partners LLC, a Los Angeles-based entertainment company. Another filing showed that he sold artwork for more than $1 million in June.

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Among the interests Mnuchin sold were stakes in a Hollywood financing company known as RatPac-Dune, Treasury spokeswoman Molly Meiners said in an email. Mnuchin has co-financed blockbusters including “Avatar,” one of the biggest box-office successes ever, and “Batman v Superman: Dawn of Justice.” RatPac-Dune struck a deal with Warner Bros. in 2013 to provide $450 million in funding for as many as 75 movies.
Mnuchin signed an ethics agreement in January saying that he would divest dozens of assets, most within 90 days of being confirmed by the Senate. He was confirmed Feb. 13. He signed the transaction report for his Dune sales on June 7 and the one for his art transactions on July 14.
Mnuchin told the Office of Government Ethics in June that he had completed all the divestitures required under his ethics agreement.
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