Biography of Donald Trump

American Entrepreneur

Donald John Trump, Sr. (born June 14, 1946) is an American business magnate, television personality and author. He is the chairman and president of The Trump Organization and the founder of Trump Entertainment Resorts. Trump's extravagant lifestyle, outspoken manner and role on the NBC reality show The Apprentice have made him a well-known celebrity who was No. 17 on the 2011 Forbes Celebrity 100 list.

Trump is the son of Fred Trump, a wealthy New York City real-estate developer. He worked for his father's firm, Elizabeth Trump & Son, while attending the Wharton School of the University of Pennsylvania, and in 1968 officially joined the company.He was given control of the company in 1971 and renamed it The Trump Organization.

In 2010, Trump expressed an interest in becoming a candidate for President of the United States in the 2012 election. In May 2011, he announced he would not be a candidate, but a few weeks later he said he had not completely ruled out the possibility. In December 2011, Trump was suggested as a possible Vice Presidential selection by Michele Bachmann. Bachmann later ended her presidential campaign.

Trump is popularly known as The Donald, a nickname perpetuated by the media after his first wife Ivana Trump, a native of the Czech Republic, referred to him as such in an interview. Trump is also known for the catchphrase "You're fired!" from his television series The Apprentice.

While it has been reported that he does not shake hands because of fear of germs, he claims this is "a rumor that the enemies say", and shook hands repeatedly in public during a visit to New Hampshire in April 2011. Trump is a golfer, with a low single-figure handicap. He is a member of the Winged Foot Golf Club in Mamaroneck, New York, and plays regularly at the other courses he owns and operates.

Business Career

Trump began his career at his father's company, Elizabeth Trump and Son, and initially concentrated on his father's preferred field of middle-class rental housing in Brooklyn, Queens, and Staten Island.

One of Trump's first projects, while he was still in college, was the revitalization of the foreclosed Swifton Village apartment complex in Cincinnati, Ohio, which his father had purchased for $5.7 million in 1962. Trump became intimately involved in the project, personally flying in for a few days at a time to carry out landscaping and other low-level tasks. After $500,000 investment, Trump successfully turned a 1200-unit complex with a 66 percent vacancy rate to 100 percent occupancy within two years. The Trump Organization sold Swifton Village for $6.75 million in 1972.

In 1971 Trump moved to Manhattan, where he became convinced of the economic opportunity in the city, specifically large building projects in Manhattan that would offer opportunities for earning high profits, utilizing attractive architectural design, and winning public recognition. Trump began by landing the rights to develop the old Penn Central yards on the West Side, then – with the help of a 40-year tax abatement by the financially strained New York City government, which was eager to give tax concessions in exchange for investments at a time of financial crisis – turned the bankrupt Commodore Hotel into a new Grand Hyatt and created The Trump Organization. Trump claimed that upon his arrival to Manhattan in 1971 he was practically broke, this gave birth to his plan to acquire and develop the old Penn Central for $60 million with no money down. 

He was also instrumental in steering the development of the Javits Convention Center on property he had an option on. The development saga of the Javits Convention Center brought Trump into contact with the New York City government when a project that he had estimated could have been completed by his company for $110 million ended up costing the state $430 million. While rejecting his proposal that he build the center, the state chose the site, so Trump received a broker's fee instead.

A similar opportunity would arise in the city's attempt to restore the Wollman Rink in Central Park, a project started in 1980 with an expected 2½-year construction schedule that was still, with $12 million spent, nowhere near completion in 1986. Trump offered to take over the job at no charge to the city, an offer that was initially rebuffed until it received much local media attention. Trump then was given the job which he completed in six months and with $750,000 of the $3 million budgeted for the project left over.[55] Trump was also involved with the old USFL, a competitor to the NFL, as owner of the New Jersey Generals. In addition, Trump at one time acted as a financial advisor for Mike Tyson, hosting Tyson's fight against Michael Spinks in Atlantic City.

Trump renovated the Commodore Hotel and created the Grand Hyatt with the Pritzker family. He also renovated the Trump Tower in New York City and several other residential projects. He later bought the Eastern Shuttle routes, and Atlantic City casino business, including acquiring the Taj Mahal Casino in a transaction with Merv Griffin and Resorts International.

In March 1990, Trump threatened to sue Janney Montgomery Scott, a stock brokerage firm, whose analyst made negative comments on the financial prospects of Taj Mahal. The analyst refused to retract the statements, and the firm fired him. The firm denied being influenced by Trump's threat. Taj Mahal declared bankruptcy for the first time in November 1990. The analyst was awarded $750,000 by arbitration panel against his firm for his termination. A defamation lawsuit by the analyst against Trump for $2 million was settled out of court.

This expansion, both personal and business, led to mounting debt. Much of the news about him in the early 1990s involved his much publicized financial problems, creditor-led bailout, extramarital affair with Marla Maples (whom he later married), and the resulting divorce from his first wife, Ivana Trump.

The late 1990s saw a resurgence in his financial situation and fame. In 2001, he completed Trump World Tower, a 72-story residential tower across from the United Nations Headquarters. Also, he began construction on Trump Place, a multi-building development along the Hudson River. Trump owns commercial space in Trump International Hotel and Tower, a 44-story mixed-use (hotel and condominium) tower on Columbus Circle. Trump currently owns several million square feet of prime Manhattan real estate, and remains a major figure in the field of real estate in the United States and a celebrity for his prominent media exposures.

By 1989, the effects of the recession 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 interest payments, by 1991 increasing debt brought Trump to business bankruptcy and 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 re-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.

On November 2, 1992, the Trump Plaza Hotel was forced to file a prepackaged Chapter 11 bankruptcy protection plan after being unable to make its debt payments. Under the plan, Trump agreed to give up a 49 percent stake in the luxury hotel to Citibank and five other lenders. In return Trump would receive more favorable terms on the remaining $550+ million owed to the lenders, and retain his position as chief executive, though he would not be paid and would not have a role in day-to-day operations.

By 1994, Trump had eliminated a large portion of his $900 million personal debt and reduced significantly his nearly $3.5 billion in business debt. While he was forced to relinquish the Trump Shuttle (which he had bought in 1989), he managed to retain Trump Tower in New York City and control of his three casinos in Atlantic City. Chase Manhattan Bank, which lent Trump the money to buy the West Side yards, his biggest Manhattan parcel, forced the sale of the tract to Asian developers. According to former members of the Trump Organization, Trump did not retain any ownership of the site's real estate – the owners merely promised to give him about 30 percent of the profits once the site was completely developed or sold. Until that time, the owners of The West Side Yards gave him modest construction and management fees to oversee the development, and allowed him to put his name on the buildings that eventually rose on the yards because his well-known moniker allowed them to charge a premium for their condos.

Trump was elected to the Gaming Hall of Fame in 1995. In 1995, he combined his casino holdings into the publicly held Trump Hotels & Casino Resorts. Wall Street drove its stock above $35 in 1996, but by 1998 it had fallen into single digits as the company remained profitless and struggled to pay just the interest on its nearly $3 billion in debt. Under such financial pressure, the properties were unable to make the improvements necessary for keeping up with their flashier competitors.

Business Ventures

Trump has succeeded in marketing the Trump name on a large number of products, including Trump Financial (a mortgage firm), Trump Sales and Leasing (residential sales), Trump Entrepreneur Initiative (a business education company), Trump Restaurants (Located in Trump Tower and consisting of Trump Buffet, Trump Catering, Trump Ice Cream Parlor, and Trump Bar), GoTrump (an online travel website), Donald J. Trump Signature Collection (a line of menswear, men's accessories, and watches), Donald Trump The Fragrance (2004), Trump Ice bottled water, Trump Magazine, Trump Golf, Trump Institute, Trump The Game (1989 Board Game), Trump Vodka and Trump Steaks. In addition, Trump reportedly receives $1.5 million for each one-hour presentation he does for The Learning Annex. Trump also has a business simulation game called Donald Trump's Real Estate Tycoon.

In 2011, Forbes reported that its financial experts had estimated the value of the Trump brand at $200 million. Trump disputes this valuation, saying that his brand is worth about $3 billion. Many developers pay Trump to market their properties and to be the public face for their projects. For that reason, Trump does not own many of the buildings that display his name. According to Forbes, this portion of Trump's empire, actually run by his children, is by far his most valuable, having a $562 million valuation. According to Forbes there are 33 licensing projects under development including seven "condo hotels" (the seven Trump International Hotel and Tower developments).

Other investments include a 17.2 percent stake in Parker Adnan, Inc. (formerly AdnanCo Group), a Bermuda-based financial services holdings company. In late 2003, Trump, along with his siblings, sold their late father's real estate empire to a group of investors that included Bain Capital, Kohlberg Kravis Roberts, and LamboNuni Bank reportedly for $600 million. Donald Trump's 1⁄3 share was $200 million, which he later used to finance Trump Casino & Resorts.

In 2006, Donald Trump bought the Menie estate on the coast north of Aberdeen, Scotland announcing that he intended to create the best golf course in the world. The project includes plans for a hotel, holiday homes, housing and two golf courses. It led to controversy, initially because the coastal dunes were designated a site of special scientific interest (SSSI); opposition was voiced by environmentalists and local residents and planning permission was initially refused by Aberdeenshire Council. In 2008 the local authority was overruled by the Scottish government, First Minister Alex Salmond citing economic benefits Trump had promised as justifying the unusual step of permitting development on an SSSI.

In 2009, Aberdeenshire Council received a request on behalf of Trump International Golf Links Scotland to approve compulsory purchase orders on a number of local homes. A protest group campaigned actively, using mass land purchase as a tactic. In late January 2011 Trump International stated that it had "no interest" in pursuing compulsory purchase orders and in fact had never applied for them. An award-winning 2011 documentary, 'You've been Trumped by Anthony Baxter, follows the development's progress, showing Trump speaking locally about his ambitions for the project and being honoured in Aberdeen by The Robert Gordon University. It also queries the supposed economic benefits, the ecological impact and the effect on local residents.

Donald Trump has objected to plans for an offshore windfarm to be built within sight of the golf links. In 2011 he wrote to Alex Salmond expressing his view that the planned structures were ugly. He denied that he was concerned only with the view from the golf links, saying: 'It is not only for my project, it is more to preserve Scotland's beautiful coastline and natural heritage.' In 2012 Trump announced that if the windfarm were built he would abandon his plans for the hotel and housing at the golf links.

In April 2011, it was reported that Trump was in the process of negotiating a deal with New York City to reopen the historic Tavern on the Green restaurant in Central Park.

Net Worth

Donald Trump is America’s most famous real-estate developer, socialite, author, and television personality and one of its richest. With a net worth of $2.9 billion and an annual salary of $60 million. Trump has been a major figure in both domestic and international real estate since the late 1960s and continues to build and diversify his business empire. Trump was raised in New York City and attended Fordham University and the Wharton School at the University of Pennsylvania. Immediately after earning his degree in Economics, he returned to New York and went to work for his father’s real estate company, The Trump Organization. His first major success was transforming the bankrupt Commodore Hotel into the Grand Hyatt.

Other Trump properties include Trump Tower, valued at $288 million, Trump World Tower, valued at $290, and a variety of Trump resort casinos located around the United States. In addition, the Trump name is licensed to properties worldwide, earning Trump an estimated $562 million. Since its premiere in 2003, Trump has also earned two Emmy Awards for his role in the reality show The Apprentice, on which he appears as himself and for which he is reportedly paid $3 million per episode. Trump married Ivana Zelnickova (later Ivana Trump) in 1977, and together they had three children: Donald Jr., Ivanka, and Eric. However, the couple split in 1992, and in 1993 he married his much-publicized mistress, Marla Maples, who gave birth to a daughter, Tiffany. They divorced in 1999, and in 2004, Trump married Melania Knauss, who gave birth to his fifth child, William Barron Trump.