Key Facts
• Anthony Scaramucci launched a real estate investment trust (REIT) in 2018.
• The REIT aimed to leverage tax benefits from Trump’s Opportunity Zone program.
• Initial fundraising goal: $3 billion; actual funds raised: under $50 million.
• Only one project materialized: Virgin Hotels property in New Orleans.
• Promised annual returns of 8%-10% were never achieved.
• Investors received no dividends; the REIT incurred a 1.4% loss by 2024.
• SkyBridge Capital continues to collect a 1.75% management fee.
• In 2025, new investment shares were sold at an 80% discount to raise $6 million.
• Investors face a dilemma: dilution of holdings or potential tax risks.
• Annual shareholder meeting costs investors $150,000; recent meetings ended in disputes.
Summary
Anthony Scaramucci’s REIT, launched in 2018 under the Opportunity Zone program, has struggled to deliver on its promises. Despite raising less than $50 million of its $3 billion target, the fund only invested in one project, a Virgin Hotels property in New Orleans. Promised returns of 8%-10% were never realized, and investors have yet to receive dividends. SkyBridge Capital continues to collect management fees, while the REIT has posted losses. Recent efforts to raise funds through discounted shares have left investors in a no-win situation, facing either dilution or tax risks. Disputes at shareholder meetings highlight growing dissatisfaction.
