The Washington, D.C., home occupied by President TrumpDonald TrumpFormer Sen. Heller to run for Nevada governor Overnight Defense & National Security — Milley becomes lightning rod Joint Chiefs Chairman Milley becomes lightning rod on right MORE’s daughter Ivanka TrumpIvanka TrumpHouse panel tees up Trump executive privilege fight in Jan. 6 probe Mary Trump doesn't see her cousins connecting with GOP Rubio: Biden's new child allowance is 'first step toward a universal basic income' MORE and her husband, Jared KushnerJared Corey KushnerHouse panel tees up Trump executive privilege fight in Jan. 6 probe The Hill's Morning Report - Presented by Facebook - US prepares vaccine booster plan House panel probing Jan. 6 attack seeks Trump records MORE, costs $15,000 in monthly rent, according to a new report.
The rate produces an annual sum that is about 2.5 percent of the house’s value after subtracting roughly $40,000 in insurance and taxes typically paid by a landlord, The Wall Street Journal said Monday.
The Journal said it confirmed the monthly fees with documents the landlord recently filed with D.C.’s housing department.
Local brokers told the newspaper the couple’s rent is on par with similar luxury properties in the city’s Kalorama neighborhood.
Real estate experts told the Journal the rent contract represents a seemingly poor deal for Andrónico Luksic, the Chilean billionaire who controls the company owning the pair’s residence.
Joshua Adler, who owns multiple D.C. properties including a house in Kalorama, said the rate is a “terrible investment” for Luksic.
“[They’re] getting use of a $5.5 million home for far less than it normally costs to have a home of that value,” he added of Trump and Kushner.
Rodrigo Terré, a relative of Luksic’s who manages the businessman’s finances, said Monday the rent represents a “reasonable return” on an initial $5.5 million investment in the home.
Terré added that he predicts the house will gain in value by at least $1 million during an unspecified period, noting he believes the family’s lease with Luksic runs for two and a half years.
“This was an arms-length transaction at market price,” White House spokeswoman Hope Hicks said Monday of Trump and Kushner’s home deal.
Reports emerged last month that the home belongs to Tracy DC Real Estate Inc., a company that is part of Luksic’s business empire.
Forbes estimates that Luksic’s family is among the wealthiest in Chile, controlling a banking, mining and industrial network valued at approximately $13.1 billion.
A U.S. unit of the Luksic family’s mining company, Antofagasta PLC, is fighting the U.S. government and environmental groups over a proposed mine in Minnesota.
The tentative project would sit on U.S. forest land adjacent to the Boundary Waters Canoe Area, a 1.1 million acre tract of land protected by the federal government in 1926.
Twin Metals Minnesota LLC, which is Luksic’s American unit, sued the U.S. government last September in a Minnesota federal court.
The company said in a subsequent February court filing that land it leases in the disputed area contains “one of the largest untapped copper and nickel resources in the world.”
“[It is] conservatively estimated at more than $40 billion of in-ground mineral value,” the business said in its filing.
Ivanka Trump is President Trump’s elder daughter and has taken on a role in the administration, while Kushner serves as a White House senior adviser to his father-in-law.
Neither Ivanka Trump nor Kushner have reportedly met Luksic, and Terré has said the rental involving the couple is coincidental.