Hunter Biden reached a $40 million real estate deal in 2012 with Russian billionaire and wife of the former mayor of Moscow, Yelena Baturina, while President Joe Biden was vice president.
The massive deal is connected to a previously reported $3.5 million fee Baturina paid Hunter’s real estate entity to access the American business market, the Daily Mailreported Monday from documents obtained by an anti-corruption group, the Kazakhstani Initiative on Asset Recovery.
The $40 million real estate deal was structured as a part of a pooled real estate fund to be allocated into long-term investments Hunter identified as profitable in the United States. Such investment vehicles are common among sophisticated investors and experienced fund managers. Due to the complexity of a fund’s transactions, the entity is often subject to stringent disclosures with government oversight agencies.
Hunter’s overall acquisition plan included acquiring seven office buildings throughout Texas, Colorado, Alabama, New Mexico, and Oklahoma with $52 million in cash and $160 million in leverage, the Daily Mail reported. Hunter’s real estate fund, Rosemont Realty, had apparently raised a total of $69.7 million to invest into 2.15 million square feet of office space.
Hunter’s firm put $15 million of its own money inside the fund. It is unknown where Hunter’s business firm attained such a large sum to invest within the complex investment scheme.