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Donald Trump Donald Trump For other uses, see Donald Trump (disambiguation). two years, before transferring to the Wharton School of the University of Pennsylvania, because Wharton then had one of the few real estate studies departments in US Donald John Trump (born June 14, 1946) is an Ameri- [24] can real estate magnate, television personality, politician, academia. He graduated in 1968, with a Bachelor of Science degree in economics.[25] and author. He is the chairman and president of The Trump Organization and the founder of Trump Enter- Trump came of age for the draft during the Vietnam War. tainment Resorts.[1] Trump’s branding efforts, business In an interview in 2011 on New York station WNYW,[26] career, outspoken manner, media appearances, and books he stated, “I actually got lucky because I had a very high have made him a celebrity. He hosted The Apprentice,[2] draft number.”[27] Selective Service records retrieved by a U.S. television program on NBC. The Smoking Gun from NARA records show that, al- Trump is a son of Fred Trump, a New York City real though Trump did eventually receive a high selective ser- estate developer.[10] Donald Trump worked for his fa- vice lottery number, he was not drafted earlier because of ther’s firm, Elizabeth Trump & Son, while attending the his student deferments (2-S) while attending college, and after receiving a medical deferment (1-Y, later converted Wharton School of the University of Pennsylvania, and, [28] in 1968, officially joined the company.[11] He was given to 4-F) prior to the lottery being initiated. control of the company in 1971, renaming it The Trump Organization.[12][13] Trump remains a major figure in the real estate industry in the United States and a media 2 Business career celebrity.[14] On June 16, 2015, Trump formally announced his can- Trump began his career at his father’s real estate didacy for President of the United States in the 2016 company,[29] Elizabeth Trump and Son,[30] which fo- election, seeking the nomination of the Republican cused on middle-class rental housing in the New York Party.[15][16] Trump’s early campaigning has seen him City boroughs of Brooklyn, Queens, and Staten Island. catapult to high levels of popular support to the conster- One of Trump’s first projects, while he was still in college, nation of the Republican party leadership.[17] Since late was the revitalization of the foreclosed Swifton Village July 2015, he has been at the top in the public opinion apartment complex in Cincinnati, Ohio, which his father polls for the Republican Party nomination.[18][19] had purchased for $5.7 million in 1962. The Trumps be- came involved in the project and with a $500,000 invest- ment, turned the 1,200-unit complex with a 66 percent 1 Early life and education vacancy rate to 100 percent occupancy within two years. In 1972, the Trump Organization sold Swifton Village for Trump was born on June 14, 1946, in the borough of $6.75 million. Donald’s involvement with the project was Queens in New York City. He is one of five children born to perform some landscaping and menial labor.[31] to Mary Anne (née MacLeod) and Fred Trump, who had In 1971, Trump moved to Manhattan and became in- married in 1936. His oldest brother, Fred Jr., died in [20] volved in larger building projects and used attractive ar- 1981 at the age of 43. Trump’s mother was a Scottish chitectural design to win public recognition.[10] Trump immigrant, born on the Isle of Lewis, off the west coast initially came to public attention in 1973, when he was ac- of Scotland,[21] and Trump’s paternal grandparents were [22] cused by the Justice Department of violations of the Fair German immigrants. Housing Act in the operation of 39 buildings. Trump in While living in Jamaica Estates, Trump attended the turn accused the Justice Department of targeting his com- Kew-Forest School in Forest Hills, Queens, where Fred pany because it was a large one, and to force it to rent to Trump, Donald’s father, was a member of the Board of welfare recipients. Trump settled the charges in 1975, Trustees. Some of his siblings also attended Kew-Forest. saying he was satisfied that the agreement did not “com- At age 13, after behavior problems led to his dismissal, pel the Trump organization to accept persons on welfare his parents sent him to the New York Military Academy as tenants unless as qualified as any other tenant.”[32] (NYMA), hoping to direct his energy and assertiveness [23] Trump made plans to acquire and develop the old Penn in a positive manner. Central for $60 million with no money down.[33] Later, Trump attended Fordham University in the Bronx for with the help of a 40-year tax abatement from the 1 2 3 BUSINESS VENTURES AND INVESTMENTS New York City government, he turned the bankrupt flects his net worth as $8.7 billion. Of that amount, $3.3 Commodore Hotel into the Grand Hyatt[34] and created billion is represented by “Real Estate Licensing Deals, The Trump Organization.[35] Brand and Branded Developments,” described by Busi- ness Insider as “basically [implying] that Trump values New York City had a plan to build the Javits Convention [44] Center on property for which Trump held a right-to-buy his character at $3.3 billion.” In July 2015, the Federal option. Trump estimated his company could have com- election regulators released new details of his wealth and pleted the project for $110 million[36] but the city rejected financial holdings when he became a Republican presi- his offer and Trump received a broker’s fee on the sale of dential candidate. the property instead. Repairs on The Wollman Rink in Central Park (built in 1955) were started in 1980 with an expected 2½-year construction schedule but was nowhere 3 Business ventures and invest- near completion by 1986. Trump took over the manage- ments ment of the project, at no cost to the city, and completed it in three months for $1.95 million, which was $750,000 less than the initial budget.[37] Main article: The Trump Organization In 1988, Trump acquired the Taj Mahal Casino in a trans- action with Merv Griffin and Resorts International.[38] This expansion, both personal and business, led to mount- ing debt.[39] By 1989, poor business decisions left Trump unable to meet loan payments. Trump financed the construction of his third casino, the $1 billion Taj Mahal, primarily with high-interest junk bonds. Although he shored up his businesses with additional loans and postponed inter- est payments, by 1991, increasing debt brought Trump to business bankruptcy[39] and to the brink of personal bankruptcy. Banks and bond holders had lost hundreds of millions of dollars, but opted to restructure his debt to avoid the risk of losing more money in court. The Taj Mahal emerged from bankruptcy on October 5, 1991, with Trump ceding 50 percent ownership in the casino to the original bondholders in exchange for lowered interest rates on the debt and more time to pay it off.[40] The late 1990s saw a resurgence in his financial situa- tion. In 2001, he completed Trump World Tower, a 72- story residential tower across from the United Nations Headquarters.[41] Also, he began construction on Trump Place, a multi-building development along the Hudson River. Trump owns commercial space in Trump Inter- national Hotel and Tower, a 44-story mixed-use (hotel and condominium) tower on Columbus Circle. Trump The Trump Organization owns, operates, develops and invests in owns several million square feet of prime Manhattan real real estate around the world such as Trump International Hotel estate.[42] and Tower in Chicago. Trump has developed many real estate projects, such as Trump International Hotel and Tower – Honolulu, Trump International Hotel and Tower – Chicago, Trump Inter- 3.1 Trump branding and licensing national Hotel and Tower – Toronto, and Trump Tower – Tampa. In Fort Lauderdale, Florida, one of Trump’s Beyond his traditional ventures in the real estate, hos- construction projects was put on hold in favor of an- pitality, and entertainment industries, Trump has estab- other (Trump International Hotel and Tower – Fort Laud- lished the Trump name and brand in other industries and erdale). Meanwhile, Trump Towers Atlanta One was de- products. Trump has succeeded in marketing the Trump veloped in a housing market having the nation’s second- name on a large number of products, including Trump highest inventory of unsold homes.[43] Financial (a mortgage firm), Trump Sales and Leasing In 2015, Forbes estimated his net worth at $4.1 billion.[2] (residential sales), Trump Restaurants (located in Trump In June 2015, Business Insider published a June 30, 2014, Tower and consisting of Trump Buffet, Trump Catering, financial statement supplied by Trump. The statement re- Trump Ice Cream Parlor, and Trump Bar), GoTrump 3.1 Trump branding and licensing 3 (an online travel website),[45] Donald J. Trump Signature Collection (a line of menswear, men’s accessories, and watches), Donald Trump The Fragrance (2004), Trump magazine, Trump Golf, Trump Chocolate, Trump home (home furnishings), Trump Productions (a television pro- duction company), Trump Institute, Trump The Game (1989 board game), Donald Trump’s Real Estate Ty- coon (a business simulation game), Trump Books, Trump Model Management, Trump Shuttle, Trump Ice, Trump Mortgage, Trump Vodka, and Trump Steaks. In addition, Trump reportedly receives $1.5 million for each one-hour presentation he does for The Learning Annex.[46] In 2011, Forbes’ financial experts estimated the value of the Trump brand at $200 million.
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