Tiffany Trump’s Husband Michael Boulos Sold Brother-in-Law Jared Kushner on Yacht Deal That Turned Sour: Report

NEED TO KNOW

• New reporting from the New York Times details a since-spoiled yacht deal between Michael Boulos, the husband of Tiffany Trump, and Jared Kushner, the husband of Ivanka Trump

• Text messages appear to suggest members of the yacht brokerage Boulos worked for purposely overcharged Kushner in the arrangement

• Three years after the sale, the yacht is still incomplete overseas

Michael Boulos married Tiffany Trump, the fourth of Donald Trump‘s five children, in 2022 at age 25, intertwining his family with the now second-term president’s.

New reporting from the New York Times outlines instances in which the now 27-year-old allegedly used his ties to the Trumps for his own gain, including a now-spoiled deal with Jared Kushner, the husband of his sister-in-law, Ivanka Trump.

While employed by his cousin’s yacht brokerage, Boulos reportedly helped convince Kushner to invest in a superyacht, but the brokerage appears to have knowingly overcharged him for the sale. Text messages and a lawyer’s characterization of the agreement obtained by the Times suggest the overcharge could have been around $2.5 million.

Boulos and his cousin, Jimmy Frangi, made a straightforward pitch to Kushner. “Get a good deal on a yacht, refurbish it and sell or lease it as a moneymaker,” the Times reported. In June 2021, Boulos sent Kushner information about an in-the-works yacht, eventually called the Solstice, per the outlet.

The brokerage outlined the cost of the yacht to Kushner: 12.5 million euros, including a 1 million euro commission for the business, according to the newspaper.

“But according to Mr. Frangi’s text messages at the time, his firm was making much more than that. The brokers were spending millions less to acquire the yacht than they claimed to Mr. Kushner, according to Mr. Frangi’s messages,” the Times reported. “‘THIS MAKES US 3.5,’ Mr. Frangi told an associate.”

Texts obtained by the Times suggest the firm actively hid specifics from Kushner. One leader at the firm wrote, “It’s going to be difficult to hide,” adding that Kushner should not hire his own appraiser, the outlet reported. But Boulos himself was reportedly not included in those texts and his understanding of the specifics of the firm’s intention to overcharge his brother-in-law are not certain.

However, when the agreement appeared to de-escalate, Boulos texted his colleagues that he and Tiffany were “pissed off,” according to the Times.

A spokesperson for the family told the outlet that Tiffany had “no knowledge of or interest in any part of these transactions.”

Frangi told the Times that Boulos earned about $300,000 after the firm completed the sale in 2022, yet, according to the outlet, the yacht is still incomplete in Greece three years later.

PEOPLE has reached out to Kushner, Boulos and Frangi for comment.

Never miss a story — sign up for PEOPLE’s free daily newsletter to stay up-to-date on the best of what PEOPLE has to offer​​, from celebrity news to compelling human interest stories.

A spokesperson for Boulos told the Times he has ended his business relationship with Frangi and that he’d only received a pre-agreed-upon finder’s fee for the arrangement.

“Mr. Boulos is proud of and honored by his close, familial relationship with Mr. Kushner,” they told the Times.

A spokesperson for Kushner told the Times Boulos was doing a “great job” searching for a new buyer for the ship and that a deal was pending.

Read the original article on People