Manafort's LA property stakes seen ending in US$4m loss

New York

PAUL Manafort's California real estate dreams appear to have gone bust.

The former chairman of Donald Trump's presidential campaign and his family are on track to lose more than US$4 million that they invested in properties in Los Angeles, his lawyer said after a hearing on Monday in bankruptcy court.

Mr Manafort, his wife and his daughter loaned the money starting in 2014 to limited liability companies (LLCs) run by his former son-in-law, Jeffrey Yohai, to rehabilitate Los Angeles homes and sell them, according to court and real estate records.

Four Yohai entities have since filed for bankruptcy protection.

The failed investment compounds the financial strain on Mr Manafort, whose legal costs are mounting as Special Counsel Robert Mueller probes allegations of collusion betwee…