Blacks Love Mansions, cont.

NYPost

The BLM group paid 250% more than market value for its California, but wait, it gets better: The property was sold for $3.1 to a shell company and then two weeks later resold to the BLM “charity” organization for $5.8. Where’d that $2.7 million go to? We can guess but so far, the ladies of BLM aren’t talking.

The $6 million Los Angeles mansion purchased by the country’s top Black Lives Matter group sold for 250 percent more than the price of similar properties in its Studio City neighborhood, and went for $2.7 million more than property records show.

Records state that the property initially sold for $3.1 million in October 2020, but by the time it was transferred to a shell company controlled by Black Lives Matter Global Network Foundation days later, the price had increased to $5.8 million. 

It’s unclear what caused the discrepancy. A spokesman for BLMGNF could not be reached for comment Wednesday.

Pascall purchased the property two weeks after the California Attorney General approved a $65 million transfer from Thousand Currents, the charity which collected donations on behalf of BLMGNF. The group has delayed its reporting to the IRS, and not yet disclosed where that money has gone.

Two days after the purchase, on October 23, lawyers for the Democratic law firm Perkins Coie incorporated a limited liability company (LLC) in Delaware named for the mansion’s address. Four days later — on October 27 — the home was transferred to the company for $5.8 million, records show. Property records also show that no transfer taxes were charged. BLMGNF is a tax-exempt charity.

Celebrities and the wealthy often create LLCs for privacy and to protect their assets from creditors. The quick fluctuation in price for the BLMGNF property has raised eyebrows among charity experts and good government groups.

“A review of property assessment records show the value of the mansion BLMGNF purchased skyrocketed while all the neighboring properties saw an average of less than a five percent increase,” said Tom Anderson, director of the Government Integrity Project at the National Legal and Policy Center.

“This raises serious questions concerning the purchase price of the house and the way the transaction was handled through cash and a shadowy LLC,” Anderson said.

And, related, How Facebook shut down all discussion of BLM’s financial games during the past year.

Almost exactly a year ago, the New York Post reported on the purchase of four other multi-million dollar high-end homes by BLM co-founder Patrisse Cullors. The story described the homes no differently than it would any other celebrity home purchase. All the information contained in the article was gleaned from public records, including the photos. No addresses were listed.

But within days, users on Facebook were banned from sharing the story — on the platform itself, on Facebook messenger, and on Instagram, which Facebook owns. Despite the fact that all the information discussed was a matter of public record, Facebook flagged the article for violating their community standards, specifically the “privacy and personal information policy.”

A year later, Facebook (now Meta) still classifies the story as “abusive” and prevents it from being shared on its platforms.

Now we know why.

Buried in New York magazine’s reporting is this little nugget: “Other conversations on the BLM Security Hub chat show efforts to monitor social media for negative mentions of [the Black Lives Matter Global Network Foundation], with members using their influence with the platforms to have such remarks removed.”