President Donald Trump’s youngest son is preparing to relaunch a luxury real estate venture with a former classmate, treading the same path as his father, who built a billion-dollar empire before turning to politics.
In July, Barron Trump, 18, and two friends launched Trump, Fulcher & Roxburgh Capital Inc., Newsweek reported Jan. 17. The firm was incorporated on July 15 but dissolved on Nov. 14, more than a week after the presidential election.
But Cameron Roxburgh, one of Barron Trump’s partners who attended the Oxbridge Academy with him in West Palm Beach, Florida, told Newsweek the company will be relaunched in the spring. Roxburgh said the firm is a high-end real-estate development company that will have properties and golf courses in Utah, Arizona and Idaho.
He added the president offered his son advice and approved of the idea. He said the president did not provide funding for the business but added that they aim for the company to be incorporated as a subsidiary of the Trump Organization, where Barron Trump’s half-brothers Eric Trump, 41, and Donald Trump Jr., 47, are executive vice presidents. There are no plans for this to happen yet, according to Newsweek.
Roxburgh said Carter Fulcher, the other incorporated partner and cousin of Rep. Russ Fulcher, R-Idaho, will not be involved in the business. Carter Fulcher is a partner of a luxury real estate company in Idaho, according to Newsweek.
The business' principal office is listed as the president’s Mar-a-Lago estate in West Palm Beach, although it was incorporated in Wyoming, which is considered a business-friendly state because of low taxes and minimal regulations, according to Newsweek.
Donald Trump has said his youngest, a student at New York University's Stern School of Business, played a pivotal role in helping his presidential campaign reach younger voters.
Meanwhile, Eric Trump has been promoting a cryptocurrency venture, World Liberty Financial, with Donald Trump Jr., and Donald Trump Jr. is setting up two new holding companies for a recreational boat and a hunting camp, according to Newsweek.
Richard Painter, the top ethics attorney under President George W. Bush, told Newsweek that any of the business dealings involving the president’s sons could become problematic if the president invests or has any financial interest in them and doesn't disclose such relationships publicly.
"To stay clean, the president needs to not receive any money from any of these businesses or he has to disclose it," he said.