ALL IN THE NAME

Trump Tower Deal Hands $85M to Sanctioned Oligarch’s Family

The president’s sons have presided over a slew of more than 20 Trump-branded foreign development deals during his second term.

Developers behind a new Trump Tower in Eastern Europe have paid $85 million to a group linked to a billionaire pro-Kremlin oligarch sanctioned by the U.S. The 70-story skyscraper is planned for Tbilisi, Georgia, as part of an international licensing blitz led by Eric and Donald Trump Jr. A Georgian consortium bought the land in Tbilisi from the Cartu Foundation, a charitable fund owned by billionaire former prime minister Bidzina Ivanishvili’s family. A spokesperson confirmed to the Wall Street Journal that the final payment has been made. The Joe Biden administration sanctioned Ivanishvili in 2024 for pushing Kremlin influence and undermining Georgia’s democracy. Ivanishvili is not officially involved with Cartu, and his family members who run it are not under sanctions. The Daily Beast revealed in May that Ivanishvili also has ties to Archi Group, a firm in the consortium buying the land. PunchUp, the Beast’s sister Substack, revealed in August that another company involved, Biograpi Living, is part-owned by a separate oligarch with ties to Moscow. Licensing deals on the Trump name brought in $59 million last year, according to the watchdog CREW.

This story also appeared on PunchUp, which exposes the secrets, scandals, and stories that powerful people and institutions want to keep under wraps. Follow all of its reporting at PunchUp on Substack.