He bought stuff… The federal indictment of Paul Manafort, has not only accused him of laundering $18 million in overseas wealth, but also outlines the stuff he bought with the dough. This according to an article from CNN (click here).
So what was some of the things he did with the $18 million?
- Home improvement company in the Hamptons was paid $5.4 million. Apparently, it was not to patch over some sheet rock, or put in recessed lighting.
- Speaking of lighting, he did pay a company in Florida $1.3M for home lighting and entertainment (will be obsolete soon)
- He bought some antique rugs for about $1M (Rugs… Hmmm. Bad investment there)
- He spent $850K on clothing in a NY men’s store. «That will be $849,215. How would you like to pay for that Mr. Manafort».
- Landscaping in the Hamptons $820,240. Labor must be expensive in the Hamptons apparently.
- An additional $520,440 in a Beverly Hills clothing store. Jos A. Banks has Buy 1 get 1 Free suit sale.
- He only spent $62K on a Mercedes and $47 on a Range Rover. What? That’s it? HMMMM. I would look into those transactions. Something smells fishy there.
- Housekeeping in NY cost $20K. I pay $100 every 2-weeks.
- A $1.5M condo in SoHo which he AirBNBed and claimed the property as a rental property
- He also bought a Brownstone in Brooklyn for $3M and a house in Arlingon Va for $1.9M. He borrowed against the properties to make renovations but instead used those loans to leverage into another property in California (how else would you be able to spend $500K on clothes in Beverly Hills).
- He gave a nephew $20 for his birthday (not really but would not be surprised).
Anyway, $18 million does not go very far.