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Donald Trump
File:Nbc apprentice2 donald trump.jpeg
BornJune 14, 1946
New York, New York
OccupationChief executive officer
Websitewww.trump.com

Donald John Trump, Sr. (born June 14, 1946 in Queens, New York) is an American business executive, founder and CEO of Trump Organization, mainly involved in the premium American real estate segment. Trump is of German and Scottish ancestry.

Overview and business

Donald Trump is most recognized for the several spectacular skyscrapers he developed in Manhattan. Starting with Trump Tower, he developed Trump World Tower along the East River, completed in 2001, and then began construction of the Trump Place Apartment complex along the Hudson River that same year. Trump also has an unknown stake in Trump International Hotel and Tower, a 42-story mega-plaza on Columbus Circle in the heart of New York City. Trump is most notable for his name, lifestyle, and association with wealth, though actually his wealth is less than what he has portrayed.

He also has investments in financial assets, including a 17.2% 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, KKR, and LamboNuni Bank reportedly for $600 million. Donald's 1/3 share was $200 million, which he later used to finance Trump Casino & Resorts. He remains a major figure in the field of casino/hotels in the United States and has become famous on American television for his role on the reality show The Apprentice.

His nickname of "The Donald" was given to him by ex-wife Ivana Trump. He is often known as "A Schoolboy's Dream" and "A Competitor's Challenge," as he is rarely afraid of defining the ways of a prolific American business executive, and thus became an "example" of one. Due to his outspokenness and media exposure, he is an easily recognizable public figure whose distinctive comb over is the subject of humor by comedians such as David Letterman and Regis Philbin, who are his close friends. He was even a guest co-host for Regis when Kelly Ripa wasn't there. He and Regis also sang a duet of "Rudolph the Red-Nosed Reindeer" on Regis Philbin's new Christmas album, The Regis Philbin Christmas Album.

Education

When Trump was thirteen, his parents sent him to the New York Military Academy hoping to channel his energy and assertiveness in a positive manner. Trump attended Fordham University before transferring to the Wharton School at the University of Pennsylvania. After graduating in 1968 with a bachelor's degree in economics, he joined his father's real estate company. Trump moved to Manhattan in 1971. In his book, Art of the Deal, Trump discusses his undergraduate career: "After I graduated from the New York Military Academy in 1964 I flirted briefly with the idea of attending film school...But in the end I decided real estate was a much better business. I began by attending Fordham University...but after two years, I decided that as long as I had to be in college, I might as well test myself against the best. I applied to the Wharton School of Finance at the University of Pennsylvania and I got in...I was also very glad to get finished. I immediately moved back home and went to work full-time with my father."

Career

Trump began his career at his father's company, the Trump Organization, and initially concentrated on his father's preferred field of middle class rental housing. In the 1970s he benefited from the financially strained New York city government's willingness to give tax concessions in exchange for investment at a time of financial crisis.

Bankruptcy

By 1990, the effects of recession left him unable to meet loan payments. Although he shored up his businesses with additional loans and postponed interest payments, 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 risking losing even more in a court fight. Also in 1990, he co-produced the game show Trump Card in syndication. It was at this time that Mike Kelly of the Jersey Record wrote "Donald Trump is a Third World Nation."

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 he needed to buy the West Side yards, his biggest Manhattan parcel, forced a sale of the parcel 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 kept Trump on to do what he did best: build. They gave him a modest construction fee and a management fee to oversee the development. They also 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.

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 $2 billion in debt. Under such financial pressure, the properties were unable to make the improvements necessary for keeping up with their flashier competitors.

In 1999, Donald's father Fred Trump, a multi-billion dollar real estate mogul, passed away. Fred Trump, the same man who cosigned Donald's first business loans, also happened to be the man who enabled Donald to escape from the massive financial morass he had created over the decades. Unfortunately, creditors who got stuck with the past losses were not as fortunate. Whereas Donald walked away from his empire unscathed, others were forced to take catastrophic writeoffs and losses even up to 2004, when Trump refused to continue to back his casino. Although Trump boasted he would build a bigger empire than his father, in the end, his father built an empire so large it could even accommodate Donald's most lavish personal losses.

On October 21, 2004, Trump Hotels & Casino Resorts announced a restructuring of its debt. The plan called for Trump's individual ownership to be reduced from 56 percent to 27 percent, with bondholders receiving stock in exchange for surrendering part of the debt. Since then, Trump Hotels has been forced to seek voluntary bankruptcy protection to stay afloat.

The Forbes 400 lists his net worth at $2.7 billion, though Trump himself claims to be worth over $5 billion. However, on October 26, 2005, The New York Times published an investigation into the history of Trump's net worth which suggested that the figures stated by Forbes have regularly been several times greater than his actual worth, even though they have been much lower than Trump's own estimates. Additionally, in Wayne Barret's book, "Trump: The Deals and the Downfalls," it is reported that an outside auditor reported that Trump "seriously over-valued" his assets. Further, in the recent book "Trump Nation," author Tim O'Brien makes a convincing case that not only is Trump not worth between $2 and 5 billion, but that Donald Trump is not a billionaire at all.

Charitable Giving

Donald Trump once said that charity "is a responsibility I should not shirk." However, despite those gracious comments, Mr. Trump has seemingly shirked that responsibility. During 2002, the last year for which information is available, the Donald Trump Foundation handed out a total of $381,625 in charitable contributions. In previous years, the amount was as much as $300,000 less in charitable giving.

Politics

Donald Trump has twice seriously attempted to run for President of the United States. In 1996, he ran in the Republican primaries, before dropping out. In 1999, Trump quit the Republican Party, in preparation for a presidential campaign as a Reform party candidate [1]. Trump eventually decided against running in the 2000 campaign after the party disintegrated into factionalism.

Trump's political views are largely centrist. He is pro-choice regarding abortion and supports gay rights, Social Security privatization, and tax cuts such as those implemented by President Bush. In 2004, Trump expressed opposition to the Iraq War but claims to have still voted for Bush due to his tax cut policy. Trump has contributed to both Republicans and Democrats, having donated slightly more money to Democratic candidates. In the first 6 months of 2005, he gave almost $20,000 to political campaigns, all but $2000 to Democrats. Senators he has recently supported include Hilary Clinton and Chuck Schumer of New York, Frank Lautenberg of New Jersey and John McCain of Arizona. He also refused to favor one candidate over the other in the 2004 U.S. Presidential Election giving $2,000 to both George W. Bush and John Kerry.

Trump has recently attacked the official "Freedom Tower" plan for rebuilding the World Trade Center, claiming the plan to be "a pile of crap", and claims that most New Yorkers want the Twin Towers of the World Trade Center rebuilt, with a symbolic 111 stories, one story taller than the original predecessors (the "Twin Towers 2" plan). He claims they would be taller, better, stronger, cheaper and safer than the proposed "Freedom Tower"; however, there is skepticism that the Twin Towers II proposal will actually replace the Freedom Tower plan and be built. In a recent CNN poll over 63% of voters wanted to see Trump's plan go into action.

In late 2005, New York State Republicans attempted to win back Trump and put him forth as the Republican candidate for Governor in 2006. However, Trump refused and in a shocking move, endorsed Democrat Eliot Spitzer, who holds a huge lead over all his potential Republican opponents.

Television

In 1990, Trump's Atlantic City casino was used for the game show Trump Card, produced by Fielder-Berlin.

In 1995, Trump also appeared as a guest star on The Nanny.

In 2004, Trump became the executive producer and host of the NBC reality show, The Apprentice, in which a group of competitors battled for a high-level management job in one of Trump's commercial enterprises. The other contestants were "fired", or eliminated, from the game. The winner of the program is "hired" into The Trump Organization with a 1-year "introductory" contract with a salary exceeding $250,000. At the end of each episode, Trump eliminated one contestant by telling them, "You're fired," which became a somewhat popular catch phrase. For the first year of the show Trump was paid a mere $50,000 per episode (roughly $700,000 for the first season), but following the show's initial success, he is now paid a reported $3,000,000 per episode ($48 Million USD if the job interview lasted for 16 weeks), making him one of the highest paid TV personalities.

As part of a promotion campaign for his Apprentice reality show, Trump hosted an episode of Saturday Night Live on April 3, 2004. He spoofed his show in some of the skits.

Trump has also been included in numerous television commercials over the years obtaining him a $1 million fee for a Pizza Hut commercial in the 1990s, a $3 million fee for a Domino's Pizza commercial in 2005 as well as a $5 million fee for his Visa Card commercial the same year.

A Muppet of Donald Trump also appears in an episode of the 36th season of Sesame Street, alongside grouch Muppet Donald Grump.

Trump also guest starred on an episode of The Fresh Prince of Bel-Air, when he almost buys their mansion for his nephew. The episode, called "For Sale by Owner", was episode 25 in the show's 4th season.

At the 2005 Emmy Awards, he sang the theme song for the classic TV series Green Acres. He wore a farmer's outfit and held a rake in his hand while singing the song. He won the award for "Best Emmy Idol" for his performance, which he shared with Will and Grace's Megan Mullally. He was referred to as "Diva Donald".

On October 24, 2005, Trump starred as himself on Days of Our Lives. On the show, he gave a donation to the Horton Foundation.

On February 27, 2006, Trump made an appearence on the game show Deal or No Deal, advising the contestant on whether or not to accept the banker's deal.

Trump University

Trump University logo

In 2005, Donald Trump launched Trump University, a business education company.

Traveling Website

In January 2006 ,Trump launched GoTrump.com [2], an Online travel website. In his own words, GoTrump.com is a site dedicated to "The Art of the Travel Deal". [3]

Family

Born to Mary MacLeod Trump in 1946, Mary was a native to Stornoway, Outer Hebrides in Scotland. In 1977 Trump married Ivana Zelničkova later Ivana Trump and together they have three children: Donald, Jr. (born December 31, 1977), Ivanka born October 30, 1981) and Eric (born January 11, 1984). They were divorced in 1992. In 1993, he married Marla Maples, and together they have one child, Tiffany (born October 13, 1993). They divorced on June 8, 1999.

On April 26, 2004, he proposed to Melania Knauss later Melania Knauss-Trump. Trump and Knauss married on January 22,2005, at Bethesda by the Sea Episcopal Church on the Island of Palm Beach, Florida, followed by a reception at Trump's Mar-A-Lago estate. On September 27, 2005, the couple announced that Melania is pregnant with Trump's fifth child. Melania gave birth to a boy on March 20, 2006.

Trivia

Books

  • Trump: The Art of the Deal, (ISBN 5557099018)
  • Trump: The Art of Survival, (ISBN 0446362093)
  • Trump: The Art of the Comeback, (ISBN 0812929640)
  • Trump: Surviving at the Top, (ISBN 0394575970)
  • Trump: How to Get Rich, (ISBN 1400063272)
  • The Way to the Top: The Best Business Advice I Ever Received, (ISBN 1400050162)
  • Trump: Think Like a Billionaire : Everything You Need to Know About Success, Real Estate, and Life, (ISBN 1400063558)
  • Trump: The Best Golf Advice I Ever Received, (isbn 0307209997)

Properties

Future site of Trump International Hotel & Tower, Toronto

Completed Properties:

  • Personal Residence: Trump Tower: top 3 floors of Trump Tower with approximately 30,000 square feet (3,000 m²) of space; detailed in bronze, gold, and marble. Worth as much as $50 million, it is one of the most valuable apartments in the city.
  • Palm Beach estate: 43,000 square feet (4,000 m²) on a large oceanfront lot in Palm Beach. Trump purchased this property for $40 million at a bankruptcy auction in 2004. Renovations to the property were led by Apprentice winner Kendra Todd, and Trump is planning to re-list the property for $125 million. If it is sold at this price it would be by far the most expensive house ever sold in the United States. (The current record is $70 million for Ron Perelman's Palm Beach estate in 2004.)
  • Mar-a-Lago, Palm Beach, Florida. Most of this estate has been converted into a private club. This landmark property is valued at $200,000,000.
  • Trump Entertainment Resorts: This company owns the Trump branded casino resorts ( Trump Taj Mahal, Plaza, Marina,Club Privee ). After a long period of financial trouble, the company entered bankruptcy protection in 2004. Trump agreed to invest $55 million cash in the new company and pay $16.4 million to the company's debtors. In return he holds a 29.16% stake in the new public company. This stake was worth approximately $150 million in October 2005.
  • The Estates at Trump National: Rancho Palos Verdes, CA
  • Trump Grande: Florida
  • The Trump Building at 40 Wall Street: Trump bought and renovated this building for about $35 million in 1996. Although Trump claims it is worth $400 million, New York tax assessors value it at only $90 million. Mr. Trump has taken out a $145 million mortgage on this property to use for other investments.
  • Trump Palace: 200 East 69th Street, New York, NY
  • Trump Parc: 106 Central Park South, New York, NY
  • Trump Park Avenue: Park Avenue & 59th Street
  • Trump Tower: 725 Fifth Ave, New York, NY 10022 Trump owns the retail and office space on the lower half of this building.
  • Trump World Tower: 845 United Nations Plaza, New York, NY
  • Trump Tower at City Center: 10 City Place, White Plains, NY 10601
  • Trump Plaza: Twin 32-story residential towers located in downtown West Palm Beach, Florida.

Current and Future Developments:

  • Trump International Hotel and Tower, Chicago
  • Trump Tower, Tampa: Tampa, FL
  • Trump International Hotel and Tower, Las Vegas
  • Trump International Hotel and Tower, Toronto: 311 Bay St, Toronto (construction has not started.)
  • Fort Lauderdale Beach Club: This 12-story building will offer 95 luxurious condominiums on Sea Breeze Boulevard.
  • Fort Lauderdale Hotel & Tower: The Trump International Hotel will be located on North Atlantic Boulevard between Las Olas and Sunrise Boulevards. Designed by Michael Graves, the 24-story building will feature over 250 condominiums, a health club, spa and pool, and fine dining.
  • Trump International Hotel & Residence, Phoenix: Situated on Camelback Road in the renowned and luxurious Biltmore Area of Phoenix.
  • Trump Grande, Sunny Isles Beach, FL: Two condominium towers and a resort tower just north of Miami.
  • 17 Luxury Towers in Dubai.
  • Trump Island Villas: Canouan Island, Saint Vincent and the Grenadines
  • Trump Plaza: Jersey City in Jersey City, NJ. The project includes New Jersey's two tallest residential towers and costs about $450 million. The 55-story tower will have 445 condos, and the 50-story tower will have 417. ([8]) ([9]).
  • Donald John Trump Sr. has teamed up with David Jason Silver,Veteran United States Navy. Silver is a real-estate investor from Arizona. The said deal is worth over $21 million. The purchase will encompass 70,000 plus deeded acres. It will be over 100 + square miles. Silver will be structuring the deal and THE DONALD putting up the funding. It will be reported, when completed as one the largest land aquisitions in Arizona history. Silver will gain control of 51% of the project. Talks are underway with an anticipated close date some time in mid 2007.

Other prominent involvement: Many developers pay Donald Trump to market their properties and be the public face of their projects. For this reason, he does not own many of the buildings that display his name. Here are some examples:

  • Trump World I, II, and III: Seoul, Korea Trump received a licensing fee of $5 million to lend his name to this project.
  • Trump International Hotel and Tower: Trump provided his name and expertise to the building's owner (GE) during the building's re-development in 1994 for a fee which totaled $40 million ($25 million for project management and $15 million in incentives deriving from the condo sales).
  • Riverside South / Trump Place When completed, Riverside South will be the largest single private development in New York City's history. It was built by the Trump Organization, although financed by investors from Hong Kong and owned by the Hudson Waterfront Company. During his financial difficulties in the mid 90's, Trump was forced to sell this site, the former west side rail-yards. The new owners continued Mr. Trump's involvement with the property and sought to use his name to seek higher sales prices. Mr. Trump was paid $2 million annually for his oversight of the project, and he was offered an estimated 30% of the net profits upon completion of this 10 year project. The investors sold off the uncompleted project in 2005 for $1.8 billion and offered Mr. Trump $500 million. Mr. Trump contends that the property should have been sold for more than $3 billion and is currently suing the owners for selling without his consent. He is seeking $1 billion in damages.
  • ACN, Inc. Trump recently endorsed ACN, Inc., a VOIP, videophone and cell phone service provider.

Trump Brand Name

With his success in real estate and television, Trump has succeeded in marketing the Trump name on a large number of products. These products include:

Fictional Representation

In Grand Theft Auto III there is character named Donald Love, who is a real-estate mogul and entrepreneur. His character is an obvious spoof of Donald Trump.

References

  • Blair, Gwenda (2000). The Trumps. Simon & Schuster. ISBN 0-684-80849-8.
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Interview

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