What is Thomas Barrack's net worth? Trump fund chair charged with 'acting as an agent for UAE'
In Los Angeles on Tuesday, July 19, the head of former President Donald Trump's inauguration committee was detained on federal charges for unlawfully lobbying for the United Arab Emirates during the 2016 campaign and again while Trump was in the White House.
Former Trump advisor Tom Barrack was accused of attempting to influence foreign policy when Trump was running for president in 2016 and after he was elected. In October 20202, messages sent from a “cloud infrastructure provider in Saudi Arabia called 'Saudi Executive Cloud", threatened Democrats to change their allegiance and vote for Trump, "or else".
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Russia, too, has been under the spotlight for attempting to interfere into the USA's political future by controlling ballots, as Trump recently pardoned all 15 lying federal officials as part of the Robert Muller probe of the Russia investigation in the context of the 2016 presidential election.
On Tuesday, Tom Barrack, 74, the leader of Trump's 2017 inaugural committee, was detained and accused of acting as an agent of the United Arab Emirates between April 2016 and April 2018. Barrack is the founder of the private equity firm Colony Capital, however, he stood down as CEO in 2020 and resigned as executive chairman in April. He has known Trump since the 1980s and is a personal friend of his.
"He is the only person I know who the president speaks to as a peer," Roger Stone, Trump's longtime political adviser, said of Barrack in a 2018 New York Times report. Two additional defendants were included in the seven-count indictment: Matthew Grimes and Rashid Al Malik, a UAE citizen. Malik is currently at large. During a June 20, 2019 interview with federal law enforcement officials, Barrack was charged with operating as an unregistered foreign agent, conspiracy, obstruction of justice, and making repeated false statements.
Here’s video I found of Donald and Ivanka Trump doing business in the United Arab Emirates. Trump’s inaugural fund chairman Tom Barrack was just arrested for illegally lobbying for the UAE. Let’s make this viral.pic.twitter.com/BtJc3h4yrL
— Scott Dworkin (@funder) July 20, 2021
What is Thomas Barrack's net worth?
According to Forbes, with an estimated worth of $1.1 billion as of September 2011, Barrack was the 833rd richest person in the world and the 375th richest in the United States. As of 2013, he was worth $1 billion. However, he was no longer a billionaire in 2014. His net worth has considerably declined since 2008 when it was $2.3 billion. Celebrity Net Worth, however, still pins him at $1 billion.
The source of Barrack's wealth is as an equity real estate investor. As the founder, chairman, and CEO of Colony Capital, a private, multinational investment business based in Santa Monica, California, he amassed an immense fortune. The firm presently has $34 billion in assets under management, including $18 billion in 16 commercial real estate and distressed loan funds.
Barrack sold the Paris Saint-Germain Football Club to the Qatar Investment Authority in 2012. He had to pay $25.9 million in tax penalties for selling his Costa Smeralda property to the Qatari sovereign wealth fund in 2012.
In 2010, Barrack purchased Miramax, a Weinstein film production business, for $660 million with the help of the Qatar Investment Authority. Barrack made a fourfold profit when he sold Miramax to the Qatari beIN Media Group in 2016. In October the next year, Barrack's Colony Capital decided to invest in The Weinstein Company in order to keep it viable in the wake of sexual misconduct allegations against Harvey Weinstein.
The $200 million in Middle Eastern real estate and the $534 million in non-performing German real estate debts are two of the Lebanese immigrant's most successful buyouts. Michael Jackson's Neverland Ranch and a $24 million loan to photographer Annie Leibowitz are among his most unusual assets.