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'''PROPOSED CHANGE FOR [[Donald Trump|DONALD TRUMP]] ARTICLE (go back to [[User:JasperTech/sandbox|new article]] proposal)'''
== Business career ==
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== Real estate ==
An analysis of Trump's business career by ''[[The Economist]]'' in 2016, concludes that his "...performance [from 1985 to 2016] has been mediocre compared with the stock market and property in New York", noting both his successes and bankruptcies. Any such analysis is difficult because, as the magazine observed, "Information about Mr Trump's business is sketchy. He doesn't run a publicly listed firm..." Trump's early successes were partly commingled with those of his father so they omit them, claiming, "The best long-term starting point is 1985, when Mr Trump first appeared in the rankings without his father."<ref name="econ_From">{{cite news |title=From the Tower to the White House |work=The Economist |date=February 20, 2016 |accessdate=February 29, 2016 |url=http://www.economist.com/news/united-states/21693230-enigma-presidential-candidates-business-affairs-tower-white |quote=Mr Trump's performance has been mediocre compared with the stockmarket and property in New York.}}</ref> A subsequent analysis by ''[[The Washington Post]]'', whose reporters were denied press credentials by the Trump presidential campaign, concluded that "Trump is a mix of braggadocio, business failures, and real success."<ref>{{cite news |first=Ana |last=Swanson |title=The myth and the reality of Donald Trump's business empire |date=February 29, 2016 |website=The Washington Post |url=https://www.washingtonpost.com/news/wonk/wp/2016/02/29/the-myth-and-the-reality-of-donald-trumps-business-empire/}}</ref>

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=== Real estate ===
{{See also|The Trump Organization}}
{{See also|The Trump Organization}}


==== Early career ====
=== Early Career ===
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Prior to graduating from college, Trump began his real estate career at his father's company,<ref name="parade">{{cite news |title=In Step With: Donald Trump |work=[[Parade (magazine)|Parade]] |date=November 14, 2004 |url=http://www.parade.com/articles/editions/2004/edition_11-14-2004/in_step_with_0 |archive-url=https://web.archive.org/web/20101014022222/http://www.parade.com/articles/editions/2004/edition_11-14-2004/in_step_with_0 |archive-date=October 14, 2010}}</ref> Elizabeth Trump and Son,<ref>{{cite book |first1=Donald J. |last1=Trump |first2=Tony |last2=Schwartz |date=January 1989 |orig-year=First published 1987 |title=Trump: The Art of the Deal |publisher=[[Warner Books]] |page=46 |isbn=978-0-446-35325-0 |quote=He called his company Elizabeth Trump & Son&nbsp;...}}</ref> which focused on middle-class rental housing in the New York City [[borough (New York City)|boroughs]] of [[Brooklyn]], [[Queens]], and [[Staten Island]]. During his [[undergraduate education|undergraduate study]], one of Trump's first projects was the revitalization of the foreclosed Swifton Village apartment complex in [[Cincinnati]], Ohio, which his father had purchased for $5.7&nbsp;million in 1962.<ref>{{cite news |title=Donald Trump's Bond Hill connection |newspaper=The Enquirer |date=August 12, 2015}}</ref> Fred and Donald Trump became involved in the project, and with a $500,000 investment, turned the 1,200-unit complex's occupancy rate from 34% to 100%. Trump has said that when he graduated from college in 1968, he was worth about $200,000 ({{Inflation|US|150000|1968|fmt=eq|r=-4}}).<ref>{{cite news |url=https://www.washingtonpost.com/news/wonk/wp/2015/07/22/a-secret-to-donald-trumps-success-that-you-simply-cant-replicate/ |title=A secret to Donald Trump's success that you simply can't replicate |newspaper=The Washington Post |date=July 22, 2015 |accessdate=January 17, 2016 |first=Max |last=Ehrenfreund}}</ref> In 1972, the Trump Organization sold Swifton Village for $6.75&nbsp;million.<ref>{{cite news |last=Korte |first=Gregory |title=Complex was troubled from beginning |url=http://www.enquirer.com/editions/2002/09/01/loc_complex_was_troubled.html |newspaper=[[Cincinnati Enquirer]] |accessdate=March 6, 2011}}</ref><ref>{{cite news |last=Korte |first=Gregory |title=What happened at Huntington Meadows |url=http://www.enquirer.com/editions/2002/09/01/loc_what_happened_at.html |newspaper=[[Cincinnati Enquirer]] |accessdate=October 29, 2015}}</ref> At age 23, he made an unsuccessful commercial foray into show business, investing $70,000 to become co-producer of the 1970 Broadway comedy ''Paris Is Out!''<ref name="Paulson6Mar">{{cite news |url=http://www.nytimes.com/2016/03/07/theater/for-a-young-donald-j-trump-broadway-held-sway.html |title=For a Young Donald J. Trump, Broadway Held Sway |date=March 6, 2016 |accessdate=March 7, 2016 |first=Michael |last=Paulson |work=The New York Times}}</ref>


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Prior to graduating from college, Trump began his real estate career at his father, Fred Trump's company,<ref name="parade">{{cite news |title=In Step With: Donald Trump |work=[[Parade (magazine)|Parade]] |date=November 14, 2004 |url=http://www.parade.com/articles/editions/2004/edition_11-14-2004/in_step_with_0 |archive-url=https://web.archive.org/web/20101014022222/http://www.parade.com/articles/editions/2004/edition_11-14-2004/in_step_with_0 |archive-date=October 14, 2010}}</ref> Elizabeth Trump and Son,<ref>{{cite book |first1=Donald J. |last1=Trump |first2=Tony |last2=Schwartz |date=January 1989 |orig-year=First published 1987 |title=Trump: The Art of the Deal |publisher=[[Warner Books]] |page=46 |isbn=978-0-446-35325-0 |quote=He called his company Elizabeth Trump & Son&nbsp;...}}</ref> which focused on middle-class rental housing in the New York City [[borough (New York City)|boroughs]] of [[Brooklyn]], [[Queens]], and [[Staten Island]]. During his [[undergraduate education|undergraduate study]], Fred and Donald Trump used a $500,000 investment to successfully reopen the foreclosed Swifton Village apartment complex in [[Cincinnati]], Ohio.<ref>{{cite news |title=Donald Trump's Bond Hill connection |newspaper=The Enquirer |date=August 12, 2015}}</ref>
[[File:Panama 08 2013 Trump Ocean Tower 7085.JPG|thumb|left|upright|alt=A tall, white- and grey-colored building with a curved facade, towering above shorter buildings nearby. This is the Trump Ocean Club International Hotel and Tower in Panama City, Panama|The [[Trump Ocean Club International Hotel and Tower]] (center) in [[Panama City]], Panama]]
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He was given control of the company in 1971 and, in one of his first acts, renamed the company to The Trump Organization.<ref>{{cite book|url = https://books.google.com/books?id=AiFeQZhakXQC&pg=PA23#v=onepage&q&f=false|page = 23|first = Gwenda|last = Blair|title = Donald Trump: Master Apprenticel|year = 2005|publisher=[[Simon & Schuster]]|isbn = 978-0-7432-7510-1}}</ref><ref>{{cite news |first=Conor |last=Kelly |title=Meet Donald Trump: Everything You Need To Know (And Probably Didn't Know) About The 2016 Republican Presidential Candidate |date=July 27, 2015 |publisher=ABC News |url=http://abcnews.go.com/Politics/meet-donald-trump-2016-republican-presidential-candidate/story?id=32108595}}</ref> In that year, he also moved to Manhattan, where he took part in larger construction projects and used attractive architectural design to win public recognition. He and his father [[Legal affairs of Donald Trump#Lawsuits 1970–9|drew wider attention in 1973]] when the [[Justice Department (United States)|Justice Department]] alleged that they were discriminating against blacks who wanted to rent apartments, rather than merely screening out people based on low income as the Trumps stated. Ultimately the Trumps' company and federal officials signed an agreement under which the Trumps made no admission of wrongdoing, and under which qualified minority applicants would be presented by the Urban League.<ref name="LookingBack">{{cite news |last=Dunlap |first=David |date=July 30, 2015 |title=1973: Meet Donald Trump |url=http://www.nytimes.com/times-insider/2015/07/30/1973-meet-donald-trump/ |dead-url=no |newspaper=[[The New York Times]] |archive-url=https://web.archive.org/web/20150731123300/http://www.nytimes.com/times-insider/2015/07/30/1973-meet-donald-trump/ |archive-date=July 31, 2015 |quote=Trump Management ... was also to allow the league to present qualified applicants for every fifth vacancy... Trump himself said he was satisfied that the agreement did not 'compel the Trump Organization to accept persons on welfare as tenants unless as qualified as any other tenant.'}}</ref><ref name="kranish">{{cite news |last1=Kranish |first1=Michael |last2=O'Harrow |first2=Robert |date=January 23, 2016 |title=Inside the government's racial bias case against Donald Trump's company, and how he fought it |url=https://www.washingtonpost.com/politics/inside-the-governments-racial-bias-case-against-donald-trumps-company-and-how-he-fought-it/2016/01/23/fb90163e-bfbe-11e5-bcda-62a36b394160_story.html |newspaper=[[The Washington Post]] |quote=Civil rights groups in the city viewed the Trump company as just one example of a nationwide problem of housing discrimination. But targeting the Trumps provided a chance to have an impact, said Eleanor Holmes Norton, who was then chairwoman of the city's human rights commission. 'They were big names.'}}</ref>


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He was given control of the company in 1971 and, in one of his first acts, renamed the company to The Trump Organization.<ref>{{cite book|url = https://books.google.com/books?id=AiFeQZhakXQC&pg=PA23#v=onepage&q&f=false|page = 23|first = Gwenda|last = Blair|title = Donald Trump: Master Apprenticel|year = 2005|publisher=[[Simon & Schuster]]|isbn = 978-0-7432-7510-1}}</ref><ref>{{cite news |first=Conor |last=Kelly |title=Meet Donald Trump: Everything You Need To Know (And Probably Didn't Know) About The 2016 Republican Presidential Candidate |date=July 27, 2015 |publisher=ABC News |url=http://abcnews.go.com/Politics/meet-donald-trump-2016-republican-presidential-candidate/story?id=32108595}}</ref> He became the president of the organization in 1973. That year, he and his father [[Legal affairs of Donald Trump#Lawsuits 1970–9|drew wider attention]] when they were sued for allegedly discriminating against African Americans who wanted to rent apartments. An agreement was later signed in which the Trumps made no admission of wrongdoing, and under which qualified minority applicants would be presented by the Urban League.<ref name="LookingBack">{{cite news |last=Dunlap |first=David |date=July 30, 2015 |title=1973: Meet Donald Trump |url=http://www.nytimes.com/times-insider/2015/07/30/1973-meet-donald-trump/ |dead-url=no |newspaper=[[The New York Times]] |archive-url=https://web.archive.org/web/20150731123300/http://www.nytimes.com/times-insider/2015/07/30/1973-meet-donald-trump/ |archive-date=July 31, 2015 |quote=Trump Management ... was also to allow the league to present qualified applicants for every fifth vacancy... Trump himself said he was satisfied that the agreement did not 'compel the Trump Organization to accept persons on welfare as tenants unless as qualified as any other tenant.'}}</ref><ref name="kranish">{{cite news |last1=Kranish |first1=Michael |last2=O'Harrow |first2=Robert |date=January 23, 2016 |title=Inside the government's racial bias case against Donald Trump's company, and how he fought it |url=https://www.washingtonpost.com/politics/inside-the-governments-racial-bias-case-against-donald-trumps-company-and-how-he-fought-it/2016/01/23/fb90163e-bfbe-11e5-bcda-62a36b394160_story.html |newspaper=[[The Washington Post]] |quote=Civil rights groups in the city viewed the Trump company as just one example of a nationwide problem of housing discrimination. But targeting the Trumps provided a chance to have an impact, said Eleanor Holmes Norton, who was then chairwoman of the city's human rights commission. 'They were big names.'}}</ref>
By 1973, Trump was president of the Trump Organization, and oversaw the company's 14,000 apartments across Brooklyn, Queens, and Staten Island. In 1978, the city selected his site on the [[West Side (Manhattan)|West Side]] of Manhattan as the location for its [[Jacob K. Javits Convention Center|Jacob Javits Convention Center]], after finding that he was the only bidder who had a site ready for the project.<ref name="LookingBack" /> He received a [[Real estate broker|broker's]] fee on the property sale.


Trump's first big deal in Manhattan was the building of the Grand Hyatt Hotel in 1978 near Grand Central Station, which was largely funded by a $70 million construction loan jointly guaranteed by Fred Trump and the Hyatt hotel chain.<ref>{{cite book |last=Wooten |first=Sara McIntosh |date=2009 |title=Donald Trump: From Real Estate to Reality TV |pages=32–35 |isbn=0-7660-2890-9}}</ref><ref name=WashingtonPost>{{cite news |first=Glenn |last=Kessler |title=Trump's false claim he built his empire with a 'small loan' from his father |date=March 3, 2016 |website=The Washington Post |url=https://www.washingtonpost.com/news/fact-checker/wp/2016/03/03/trumps-false-claim-he-built-his-empire-with-a-small-loan-from-his-father/}}</ref>
Trump's first big deal in Manhattan<ref name=WashingtonPost>{{cite news |first=Glenn |last=Kessler |title=Trump's false claim he built his empire with a 'small loan' from his father |date=March 3, 2016 |website=The Washington Post |url=https://www.washingtonpost.com/news/fact-checker/wp/2016/03/03/trumps-false-claim-he-built-his-empire-with-a-small-loan-from-his-father/}}</ref> was the building of the [[Grand Hyatt Hotel]] in 1978 near Grand Central Station. The Grand Hyatt would replace the aging Commodore Hotel, owned by the [[Penn Central Transportation Company]], which was in bankruptcy, and help bring Trump to public prominence.<ref>{{cite book |last=Wooten |first=Sara McIntosh |date=2009 |title=Donald Trump: From Real Estate to Reality TV |pages=32–35 |isbn=0-7660-2890-9}}</ref> Part of this deal was a $1 million loan Fred Trump's Village Construction Corp. made to help repay draws on a Chase Manhattan credit line Fred had arranged for Donald as he built the hotel, as well as a $70 million construction loan jointly guaranteed by Fred and the Hyatt hotel chain. Fred was a silent partner in the initiative, due to his reputation having been damaged in New York real estate circles, after investigations into windfall profits and other abuses in his real estate projects, making Donald the front man in the deal. According to journalist Wayne Barrett, Fred's two-decade friendship with a top Equitable officer, Ben Holloway, helped convince them to agree to the project.<ref name=WashingtonPost /> Donald negotiated a 40-year tax abatement for the hotel with the city, in exchange for a share of the venture's profits. The deal helped reduce the risk of the project and provided an incentive for investors to participate.<ref>{{cite book |last=Wooten |first=Sara McIntosh |date=2009 |title=Donald Trump: From Real Estate to Reality TV |pages=34–35 |isbn=0-7660-2890-9}}</ref>


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=== Trump Tower ===
In 1981, Trump purchased and renovated a building that would become the Trump Plaza, on [[Third Avenue]] in New York City.<ref name=WootenPlaza>{{cite book |last=Wooten |first=Sara McIntosh |date=2009 |title=Donald Trump: From Real Estate to Reality TV|url=https://books.google.com/books?id=NIPOonZnkDEC&pg=PA51&lpg=PA51 |pages=51–52 |isbn=0-7660-2890-9}}</ref> Trump made this into an [[Housing cooperative|apartment cooperative]], in which tenants partly owned the building.<ref name=WootenPlaza />

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==== Trump Tower ====
{{Main article|Trump Tower (New York City)}}
{{Main article|Trump Tower (New York City)}}
[[File:Trump tower.jpg|thumb|upright|alt=a view upward toward the top of the Trump Tower, a 58-floor building with a brown-glassed facade|[[Trump Tower (New York City)|Trump Tower]], on [[Fifth Avenue]] in [[Midtown Manhattan]]]]
[[File:TrumpTower.JPG|thumb|upright|210px|alt=a view upward toward the top of the Trump Tower, a 58-floor building with a brown-glassed facade|[[Trump Tower (New York City)|Trump Tower]] seen from the entrance]]
In 1983, Trump completed development of [[Trump Tower (New York City)|Trump Tower]], a 58-story skyscraper in [[Midtown Manhattan]]. The project involved complicated negotiations with different parties for the [[Bonwit Teller]] building, the land, and the airspace above a neighboring building. When negotiations were completed in 1978, ''The New York Times'' wrote "That Mr. Trump was able to obtain the location ... is testimony to [his] persistence and to his skills as a negotiator."<ref>{{cite news |title=The Expanding Empire of Donald Trump |date=April 8, 1984 |work=The New York Times |url=http://www.nytimes.com/1984/04/08/magazine/the-expanding-empire-of-donald-trump.html?pagewanted=3}}</ref>
In 1983, Trump completed development of [[Trump Tower (New York City)|Trump Tower]], a 58-story skyscraper in [[Midtown Manhattan]]. The building houses both the primary [[penthouse apartment|penthouse]] [[condominium]] residence of Donald Trump and the headquarters of the Trump Organization.<ref name=TrumpTowerResidence>{{cite news |url=http://www.nytimes.com/2016/03/30/us/politics/new-york-primary.html?action=click&contentCollection=nyregion&region=rank&module=package&version=highlights&contentPlacement=2&pgtype=sectionfront&_r=0 |title=With the New York Presidential Primary, the Circus Is Coming Home |first1=Matt |last1=Flegenheimer |first2=Maggie |last2=Haberman |newspaper=The New York Times |date=March 29, 2016 |accessdate=March 29, 2016}}</ref> Trump Tower was the setting of the NBC television show ''The Apprentice'', including a fully functional television studio set.<ref>{{cite web |title=History |date=n.d. |accessdate=May 24, 2016 |website=Trump Tower New York |url=http://www.trumptowerny.com/trump-tower-new-york}}</ref>

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Trump Tower occupies the former site of the architecturally significant Bonwit Teller [[flagship store]], demolished in 1980.<ref name=Gray3Oct>{{cite news |url=http://www.nytimes.com/2014/10/05/realestate/fifth-avenue-bonwit-teller-opulence-lost.html |title=The Store That Slipped Through the Cracks |work=The New York Times |date=October 3, 2014 |accessdate=August 22, 2015 |first=Christopher |last=Gray}}</ref><ref name=Leccese1July>{{cite news |work=Preservation News |url=http://prn.library.cornell.edu/cgi-bin/cornell-prn?a=d&d=PRN19800701.2.10&e=-------en-20--1--txt-IN------ |title=New York City Trumped: Developer Smashes Panels |first=Michael |last=Leccese |date=July 1, 1980 |accessdate=August 22, 2015}}</ref> There was controversy when valuable [[Art Deco]] bas-relief sculptures on its facade, which had been promised to the [[Metropolitan Museum of Art]] by Trump, were destroyed on the orders of the Trump Organization during the demolition process.<ref name=Gray3Oct /><ref name=Leccese1July /> In addition, the demolition of the Bonwit Teller store was criticized for a contractor's use of some 200 undocumented Polish immigrant workers, who, during the rushed demolition process, were reportedly paid 4–5 dollars per hour for work in 12-hour shifts.<ref name=Baquet13July /><ref name=Daly8July /> Trump testified in 1990 that he rarely visited the site and was unaware of the illegal workers, some of whom lived at the site and who were known as the "Polish Brigade". A judge ruled in 1991 that the builders engaged in "a conspiracy to deprive the funds of their rightful contribution", referring to the pension and welfare funds of the labor unions.<ref>{{cite news |last1=Hays |first1=Constance L. |title=Judge Says Trump Tower Builders Cheated Union on Pension Funds |url=http://www.nytimes.com/1991/04/27/nyregion/judge-says-trump-tower-builders-cheated-union-on-pension-funds.html |accessdate=March 9, 2016 |work=The New York Times |date=April 27, 1991}}</ref> However, on appeal, parts of that ruling were overturned,<ref name=Raab14June>{{cite news |url=http://www.nytimes.com/1998/06/14/nyregion/after-15-years-in-court-workers-lawsuit-against-trump-faces-yet-another-delay.html |title=After 15 Years in Court, Workers' Lawsuit Against Trump Faces Yet Another Delay |first=Selwyn |last=Raab |date=June 14, 1998 |accessdate=August 24, 2015 |work=The New York Times |quote=Both sides, however, appealed the findings and each won partial victories. A Federal appeals court upheld most of Judge Stewart's decisions but ruled that Trump-Equitable had been denied a full opportunity to rebut the charge that the funds had been damaged by the loss of contributions for the Polish workers. The appeals court also ruled that Judge Stewart wrongly dismissed a claim by the plaintiffs that the Trump group was responsible for payments to the funds because it had been the workers' actual employer.}}</ref> and the record became sealed when the long-running labor lawsuit was settled in 1999, after 16 years in court.<ref name=Baquet13July /><ref name=Daly8July>{{cite news |url=http://www.thedailybeast.com/articles/2015/07/08/trump-tower-was-built-on-undocumented-immigrants-backs.html |title=Trump Tower Was Built on Undocumented Workers' Backs |date=July 8, 2015 |accessdate=August 24, 2015 |first=Michael |last=Daly |work=The Daily Beast}}</ref>


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The building occupies the former site of the architecturally significant Bonwit Teller [[flagship store]]. Its demolition in 1980 was controversial due to the destruction of valuable [[Art Deco]] bas-relief sculptures on its facade,<ref name=Gray3Oct>{{cite news |url=http://www.nytimes.com/2014/10/05/realestate/fifth-avenue-bonwit-teller-opulence-lost.html |title=The Store That Slipped Through the Cracks |work=The New York Times |date=October 3, 2014 |accessdate=August 22, 2015 |first=Christopher |last=Gray}}</ref><ref name=Leccese1July>{{cite news |work=Preservation News |url=http://prn.library.cornell.edu/cgi-bin/cornell-prn?a=d&d=PRN19800701.2.10&e=-------en-20--1--txt-IN------ |title=New York City Trumped: Developer Smashes Panels |first=Michael |last=Leccese |date=July 1, 1980 |accessdate=August 22, 2015}}</ref> as well as a contractor's use of some 200 undocumented Polish immigrant workers, who were reportedly paid 4–5 dollars per hour for work in 12-hour shifts.<ref name=Baquet13July /><ref name=Daly8July>{{cite news |url=http://www.thedailybeast.com/articles/2015/07/08/trump-tower-was-built-on-undocumented-immigrants-backs.html |title=Trump Tower Was Built on Undocumented Workers' Backs |date=July 8, 2015 |accessdate=August 24, 2015 |first=Michael |last=Daly |work=The Daily Beast}}</ref> Trump testified in 1990 that he rarely visited the site and was unaware of the illegal workers.<ref>{{cite news |last1=Hays |first1=Constance L. |title=Judge Says Trump Tower Builders Cheated Union on Pension Funds |url=http://www.nytimes.com/1991/04/27/nyregion/judge-says-trump-tower-builders-cheated-union-on-pension-funds.html |accessdate=March 9, 2016 |work=The New York Times |date=April 27, 1991}}</ref><ref name=Raab14June>{{cite news |url=http://www.nytimes.com/1998/06/14/nyregion/after-15-years-in-court-workers-lawsuit-against-trump-faces-yet-another-delay.html |title=After 15 Years in Court, Workers' Lawsuit Against Trump Faces Yet Another Delay |first=Selwyn |last=Raab |date=June 14, 1998 |accessdate=August 24, 2015 |work=The New York Times |quote=Both sides, however, appealed the findings and each won partial victories. A Federal appeals court upheld most of Judge Stewart's decisions but ruled that Trump-Equitable had been denied a full opportunity to rebut the charge that the funds had been damaged by the loss of contributions for the Polish workers. The appeals court also ruled that Judge Stewart wrongly dismissed a claim by the plaintiffs that the Trump group was responsible for payments to the funds because it had been the workers' actual employer.}}</ref>
Trump Tower was developed by Trump and the [[The Equitable Life Assurance Society of the United States|Equitable Life Assurance Company]], and was designed by architect [[Der Scutt]] of [[Swanke Hayden Connell Architects|Swanke Hayden Connell]].<ref>{{cite news |url=http://www.nytimes.com/2010/03/16/arts/design/16scutt.html |title=Der Scutt, Modernist Architect, Dies at 75 |first=Fred A. |last=Bernstein |date=March 16, 2010 |accessdate=August 23, 2015 |work=The New York Times}}</ref> Trump Tower houses both the primary [[penthouse apartment|penthouse]] [[condominium]] residence of Donald Trump and the headquarters of the Trump Organization.<ref name=TrumpTowerResidence>{{cite news |url=http://www.nytimes.com/2016/03/30/us/politics/new-york-primary.html?action=click&contentCollection=nyregion&region=rank&module=package&version=highlights&contentPlacement=2&pgtype=sectionfront&_r=0 |title=With the New York Presidential Primary, the Circus Is Coming Home |first1=Matt |last1=Flegenheimer |first2=Maggie |last2=Haberman |newspaper=The New York Times |date=March 29, 2016 |accessdate=March 29, 2016}}</ref> The building includes shops, cafés, offices, and residences. Its five-level atrium features a 60-foot-high [[waterfall]] spanned by a suspended walkway, below a skylight.<ref name=trumptower>{{cite web |title=About Trump Tower |date=n.d. |accessdate=May 24, 2016 |website=Trump Tower New York |url=http://www.trumptowerny.com/about}}</ref> Trump Tower was the setting of the NBC television show ''The Apprentice'' including a fully functional television studio set.<ref>{{cite web |title=History |date=n.d. |accessdate=May 24, 2016 |website=Trump Tower New York |url=http://www.trumptowerny.com/trump-tower-new-york}}</ref> When the building was completed, its condominiums sold quickly and the tower became a tourist attraction.<ref>{{cite book |last=Wooten |first=Sara McIntosh |date=2009 |title=Donald Trump: From Real Estate to Reality TV |pages=43–53 |isbn=0-7660-2890-9}}</ref>


==== Expansion ====
=== Expansion ===
[[File:Central Park Wollman Rink.jpg|thumb|alt=An outdoor skating rink with many people on the rink. There are skyscrapers in the background. This is the Wollman Rink in Central Park.|[[Wollman Rink]] in [[Central Park]]]]
[[File:Central Park Wollman Rink.jpg|thumb|alt=An outdoor skating rink with many people on the rink. There are skyscrapers in the background. This is the Wollman Rink in Central Park.|[[Wollman Rink]] in [[Central Park]]]]


[[Trump Plaza Hotel and Casino|Harrah's at Trump Plaza]] opened in Atlantic City in 1984. The hotel/casino was built by Trump with financing by Holiday Corp.<ref>{{cite book |last=Wooten |first=Sara McIntosh |date=2009 |title=Donald Trump: From Real Estate to Reality TV |pages=57–58 |isbn=0-7660-2890-9}}</ref> and operated by the Harrah's gambling unit of Holiday Corp. The casino's poor results exacerbated disagreements between Trump and Holiday Corp.<ref name=swartz>{{cite news |title=Holiday, Trump drafting terms to end rocky alliance over Atlantic City casino |newspaper=The Wall Street Journal |first=Steve |last=Swartz |date=November 11, 1985 |url=http://search.proquest.com/nationalnewspremier/docview/397993833/CE0F988D5C424FD9PQ/156}} {{subscription required|via=ProQuest}}</ref> Trump also acquired a partially completed building in Atlantic City from the Hilton Corporation for $320 million. When completed in 1985, the hotel/casino became Trump Castle. Trump's wife, [[Ivana Trump|Ivana]], managed the property.<ref>{{cite book |last=Wooten |first=Sara McIntosh |date=2009 |title=Donald Trump: From Real Estate to Reality TV |pages=59–60 |isbn=0-7660-2890-9}}</ref>
[[Trump Plaza Hotel and Casino|Harrah's at Trump Plaza]] opened in Atlantic City in 1984. The hotel/casino was built by Trump with financing by Holiday Corp.<ref>{{cite book |last=Wooten |first=Sara McIntosh |date=2009 |title=Donald Trump: From Real Estate to Reality TV |pages=57–58 |isbn=0-7660-2890-9}}</ref>, but the casino's poor results exacerbated disagreements between Trump and Holiday Corp.<ref name=swartz>{{cite news |title=Holiday, Trump drafting terms to end rocky alliance over Atlantic City casino |newspaper=The Wall Street Journal |first=Steve |last=Swartz |date=November 11, 1985 |url=http://search.proquest.com/nationalnewspremier/docview/397993833/CE0F988D5C424FD9PQ/156}} {{subscription required|via=ProQuest}}</ref> Trump also acquired a partially completed building in Atlantic City from the Hilton Corporation for $320 million. When completed in 1985, the hotel/casino became Trump Castle. Trump's wife, [[Ivana Trump|Ivana]], managed the property.<ref>{{cite book |last=Wooten |first=Sara McIntosh |date=2009 |title=Donald Trump: From Real Estate to Reality TV |pages=59–60 |isbn=0-7660-2890-9}}</ref>


Trump acquired the [[Mar-a-Lago]] estate in [[Palm Beach, Florida]], in 1985 for $5 million, plus $3 million for the home's furnishings. In addition to using the home as a winter retreat, Trump also turned it into a private club with membership fees of $150,000. At about the same time, he acquired a condominium complex in Palm Beach with [[Lee Iacocca]] that became Trump Plaza of the Palm Beaches.<ref>{{cite book |last=Wooten |first=Sara McIntosh |date=2009 |title=Donald Trump: From Real Estate to Reality TV |page=62 |isbn=0-7660-2890-9}}</ref>
Trump acquired the [[Mar-a-Lago]] estate in [[Palm Beach, Florida]], in 1985 for $5 million, plus $3 million for the home's furnishings. In addition to using the home as a winter retreat, Trump also turned it into a private club with membership fees of $150,000. At about the same time, he acquired a condominium complex in Palm Beach with [[Lee Iacocca]] that became Trump Plaza of the Palm Beaches.<ref>{{cite book |last=Wooten |first=Sara McIntosh |date=2009 |title=Donald Trump: From Real Estate to Reality TV |page=62 |isbn=0-7660-2890-9}}</ref>


Repairs on the [[Wollman Rink]] in [[Central Park]], built in 1955, were started in 1980 by a [[general contractor]] unconnected to Trump, with an expected {{frac|2|1|2}}-year construction schedule, but were not completed by 1986. Trump took over the project, completed it in three months for $1.95&nbsp;million, which was $750,000 less than the initial budget, and then operated the rink for one year with all profits going to charity.<ref name="Philly">{{cite news |work=[[The Philadelphia Inquirer]] |url=http://articles.philly.com/1986-11-01/news/26094092_1_ice-rink-donald-trump-trump-time |title=Faster and cheaper, Trump finishes N.Y.C. ice rink |accessdate=February 27, 2014 |date=November 1, 1986}}</ref>
In June 1986, Trump asked New York City mayor [[Ed Koch]] to give him the task of repairing [[Wollman Rink]] in [[Central Park]], which was $12 million over budget and behind schedule, to which Koch agreed. Trump completed the project in three months for $1.95&nbsp;million, which was $775,000 less than the initial budget, and operated the rink for one year with the profits going to a charity while gaining the rink's [[Concession_(contract)|concession]] rights.<ref>{{cite news|last1=Freedlander|first1=David|title=A 1980s New York City Battle Explains Donald Trump’s Candidacy|url=http://www.bloomberg.com/politics/features/2015-09-29/a-1980s-new-york-city-battle-explains-donald-trump-s-candidacy|accessdate=October 23, 2016|agency=Bloomberg|publisher=Bloomberg L.P.|date=September 29, 2015}}</ref>


Trump acquired the [[Plaza Hotel]] in Manhattan in 1988. He paid $400 million for the property and once again tapped Ivana to manage its operation and renovation.<ref>{{cite book |last=Wooten |first=Sara McIntosh |date=2009 |title=Donald Trump: From Real Estate to Reality TV |pages=65–66 |isbn=0-7660-2890-9}}</ref>
Trump acquired the [[Plaza Hotel]] in Manhattan in 1988. He paid $400 million for the property and once again tapped Ivana to manage its operation and renovation.<ref>{{cite book |last=Wooten |first=Sara McIntosh |date=2009 |title=Donald Trump: From Real Estate to Reality TV |pages=65–66 |isbn=0-7660-2890-9}}</ref>
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The Taj Mahal emerged from bankruptcy on October 5, 1991, with Trump ceding 50&nbsp;percent ownership in the casino to the bondholders in exchange for lowered interest rates and more time to pay off the debt.<ref name="NYTimes">{{cite news |work=[[The New York Times]] |url=http://www.nytimes.com/1991/10/05/business/company-news-taj-mahal-is-out-of-bankruptcy.html |title=Taj Mahal is out of Bankruptcy |accessdate=May 22, 2008 |date=October 5, 1991}}</ref> He also sold his financially challenged [[Trump Shuttle]] airline and his 282-foot (86&nbsp;m) [[Luxury yacht|megayacht]], the ''[[Kingdom 5KR|Trump Princess]]''.<ref name=UPI9April>{{cite news |url=http://www.upi.com/Archives/1991/04/09/Trump-reaches-agreement-with-bondholders-on-Taj-Mahal/7261671169600/ |title=Trump reaches agreement with bondholders on Taj Mahal |agency=United Press International |date=April 9, 1991 |accessdate=March 21, 2016}}</ref><ref name=Schneider19May>{{cite news |url=http://www.people.com/people/archive/article/0,,20122177,00.html |title=The Donald Ducks Out |date=May 19, 1997 |accessdate=September 10, 2015 |work=People |first=Karen S. |last=Schneider}}</ref><ref name=McQuade16Aug>{{cite news |url=http://www.phillymag.com/news/2015/08/16/donald-trump-atlantic-city-empire/ |title=The Truth About the Rise and Fall of Donald Trump's Atlantic City Empire |work=Philadelphia Magazine |date=August 16, 2015 |accessdate=March 21, 2016 |first=Dan |last=McQuade}}</ref> The property was repurchased in 1996 and consolidated into [[Trump Hotels & Casino Resorts]], which filed for bankruptcy in 2004 with $1.8 billion in debt, filing again for bankruptcy five years later with $50 million in assets and $500 million in debt. The restructuring ultimately left Trump with 10% ownership in the Trump Taj Mahal and other Trump casino properties.<ref name=McQuade16Aug /> Trump served as chairman of the organization, which was renamed Trump Entertainment Resorts, from mid-1995 until early 2009, and served as CEO from mid-2000 to mid-2005.<ref name=Tully10Mar>{{cite news |url=http://fortune.com/2016/03/10/trump-hotel-casinos-pay-failure/ |title=How Donald Trump Made Millions Off His Biggest Business Failure |work=Fortune |date=March 10, 2016 |accessdate=March 21, 2016 |first=Shawn |last=Tully}}</ref>
The Taj Mahal emerged from bankruptcy on October 5, 1991, with Trump ceding 50&nbsp;percent ownership in the casino to the bondholders in exchange for lowered interest rates and more time to pay off the debt.<ref name="NYTimes">{{cite news |work=[[The New York Times]] |url=http://www.nytimes.com/1991/10/05/business/company-news-taj-mahal-is-out-of-bankruptcy.html |title=Taj Mahal is out of Bankruptcy |accessdate=May 22, 2008 |date=October 5, 1991}}</ref> He also sold his financially challenged [[Trump Shuttle]] airline and his 282-foot (86&nbsp;m) [[Luxury yacht|megayacht]], the ''[[Kingdom 5KR|Trump Princess]]''.<ref name=UPI9April>{{cite news |url=http://www.upi.com/Archives/1991/04/09/Trump-reaches-agreement-with-bondholders-on-Taj-Mahal/7261671169600/ |title=Trump reaches agreement with bondholders on Taj Mahal |agency=United Press International |date=April 9, 1991 |accessdate=March 21, 2016}}</ref><ref name=Schneider19May>{{cite news |url=http://www.people.com/people/archive/article/0,,20122177,00.html |title=The Donald Ducks Out |date=May 19, 1997 |accessdate=September 10, 2015 |work=People |first=Karen S. |last=Schneider}}</ref><ref name=McQuade16Aug>{{cite news |url=http://www.phillymag.com/news/2015/08/16/donald-trump-atlantic-city-empire/ |title=The Truth About the Rise and Fall of Donald Trump's Atlantic City Empire |work=Philadelphia Magazine |date=August 16, 2015 |accessdate=March 21, 2016 |first=Dan |last=McQuade}}</ref> The property was repurchased in 1996 and consolidated into [[Trump Hotels & Casino Resorts]], which filed for bankruptcy in 2004 with $1.8 billion in debt, filing again for bankruptcy five years later with $50 million in assets and $500 million in debt. The restructuring ultimately left Trump with 10% ownership in the Trump Taj Mahal and other Trump casino properties.<ref name=McQuade16Aug /> Trump served as chairman of the organization, which was renamed Trump Entertainment Resorts, from mid-1995 until early 2009, and served as CEO from mid-2000 to mid-2005.<ref name=Tully10Mar>{{cite news |url=http://fortune.com/2016/03/10/trump-hotel-casinos-pay-failure/ |title=How Donald Trump Made Millions Off His Biggest Business Failure |work=Fortune |date=March 10, 2016 |accessdate=March 21, 2016 |first=Shawn |last=Tully}}</ref>


==== Business bankruptcies ====
=== Business bankruptcies ===
{{Main article|Legal affairs of Donald Trump#Use of bankruptcy laws}}
{{Main article|Legal affairs of Donald Trump#Use of bankruptcy laws}}
Although Trump has never filed for [[personal bankruptcy]], hotel and casino businesses of his have been declared [[Chapter 11 bankruptcy|bankrupt]] six <ref name=six>{{cite web|last1=Winter|first1=Tom|title=Trump Bankruptcy Math Doesn't Add Up|url=http://www.nbcnews.com/news/us-news/trump-bankruptcy-math-doesn-t-add-n598376|publisher=NBC News|accessdate=October 8, 2016}}</ref> times between 1991 and 2009 due to its inability to meet required payments and to re-negotiate debt with banks, owners of stock and bonds and various small businesses (unsecured creditors).<ref>{{cite news |url=http://www.vanityfair.com/news/2015/06/donald-trump-companies-bankruptcy-atlantic-city |title=4 Times Donald Trump's Companies Declared Bankruptcy |work=Vanity Fair |date=June 29, 2015 |accessdate=January 17, 2016 |author=Hood, Bryan}}</ref><ref>{{cite news |url=http://www.ibtimes.com/donald-trump-questioned-his-bankruptcies-279717 |first=Hao |last=Li |title=Donald Trump Questioned on His Bankruptcies |work=[[International Business Times]] |date=April 12, 2011 |accessdate=February 19, 2015}}</ref> Because the businesses used [[Chapter 11 bankruptcy]], they were allowed to operate while negotiations proceeded. Trump was quoted by ''Newsweek'' in 2011 saying, "I do play with the bankruptcy laws—they're very good for me" as a tool for trimming debt.<ref>{{cite news |last1=Kurtz |first1=Howard |title=Kurtz: The Trump Backlash |url=http://www.newsweek.com/kurtz-trump-backlash-66503 |accessdate=March 14, 2016 |work=Newsweek |date=April 24, 2011}}</ref><ref name="publicintegrity1">{{cite news |last1=Stone |first1=Peter |title=Donald Trump's lawsuits could turn off conservatives who embrace tort reform |url=http://www.publicintegrity.org/2011/05/05/4478/donald-trumps-lawsuits-could-turn-conservatives-who-embrace-tort-reform |accessdate=March 14, 2016 |work=The Center for Public Integrity |date=May 5, 2011}}</ref>
Trump has never filed for [[personal bankruptcy]], but hotel and casino businesses of his have been declared [[Chapter 11 bankruptcy|bankrupt]] six times between 1991 and 2009 to re-negotiate debt with banks and owners of stock and bonds.<ref>{{cite web |url=http://www.vanityfair.com/news/2015/06/donald-trump-companies-bankruptcy-atlantic-city |title=4 Times Donald Trump’s Companies Declared Bankruptcy |publisher=Vanity Fair News |date=June 29, 2015 |accessdate=January 17, 2016 |author=Hood, Bryan}}</ref><ref>{{cite web |url=http://www.ibtimes.com/donald-trump-questioned-his-bankruptcies-279717 |author=Hao Li |title=Donald Trump Questioned on His Bankruptcies |work=[[International Business Times]] |date=April 12, 2011 |accessdate=February 19, 2015}}</ref> Because the businesses used [[Chapter 11 bankruptcy]], they were allowed to operate while negotiations proceeded. Trump was quoted by ''Newsweek'' in 2011 saying, "I do play with the bankruptcy laws – they’re very good for me" as a tool for trimming debt.<ref name=publicintegrity1>{{cite news|last1=Stone|first1=Peter|title=Donald Trump's lawsuits could turn off conservatives who embrace tort reform|url=http://www.publicintegrity.org/2011/05/05/4478/donald-trumps-lawsuits-could-turn-conservatives-who-embrace-tort-reform|accessdate=March 14, 2016|work=The Center for Public Integrity|date=May 5, 2011}}</ref><ref>{{cite news|last1=Kurtz|first1=Howard|title=Kurtz: The Trump Backlash|url=http://www.newsweek.com/kurtz-trump-backlash-66503|accessdate=March 14, 2016|work=Newsweek|date=April 24, 2011}}</ref>


The six bankruptcies were the result of over-leveraged hotel and casino businesses in Atlantic City and New York: [[Trump Taj Mahal]] (1991), [[Trump Plaza Hotel and Casino]] (1992), [[Plaza Hotel]] (1992), [[Golden Nugget Atlantic City|Trump Castle Hotel and Casino]] (1992), Trump Hotels and Casino Resorts (2004), and [[Trump Entertainment Resorts]] (2009).<ref name=six /><ref name=forbes>{{cite news |url=http://www.forbes.com/sites/clareoconnor/2011/04/29/fourth-times-a-charm-how-donald-trump-made-bankruptcy-work-for-him/ |first=Clare |last=O'Connor |title=Fourth Time's A Charm: How Donald Trump Made Bankruptcy Work For Him |work=[[Forbes]] |date=April 29, 2011 |accessdate=February 19, 2015}}</ref><ref>{{cite web |url=http://thelawdictionary.org/article/how-is-donald-trump-able-to-file-for-bankruptcy-so-many-times/ |first=James |last=Hirby |title=How is Donald Trump Able to File for Bankruptcy So Many Times? |publisher=The Law Dictionary |accessdate=February 19, 2015}}</ref> Trump said "I've used the laws of this country to pare debt. ... We'll have the company. We'll throw it into a chapter. We'll negotiate with the banks. We'll make a fantastic deal. You know, it's like on ''The Apprentice''. It's not personal. It's just business."<ref name=abc />
The six bankruptcies were the result of over-leveraged hotel and casino businesses in Atlantic City and New York: [[Trump Taj Mahal]] (1991), [[Trump Plaza Hotel and Casino]] (1992), [[Plaza Hotel]] (1992), [[Golden Nugget Atlantic City|Trump Castle Hotel and Casino]] (1992), Trump Hotels and Casino Resorts (2004), and [[Trump Entertainment Resorts]] (2009).<ref name=six /><ref name=forbes>{{cite news |url=http://www.forbes.com/sites/clareoconnor/2011/04/29/fourth-times-a-charm-how-donald-trump-made-bankruptcy-work-for-him/ |first=Clare |last=O'Connor |title=Fourth Time's A Charm: How Donald Trump Made Bankruptcy Work For Him |work=[[Forbes]] |date=April 29, 2011 |accessdate=February 19, 2015}}</ref><ref>{{cite web |url=http://thelawdictionary.org/article/how-is-donald-trump-able-to-file-for-bankruptcy-so-many-times/ |first=James |last=Hirby |title=How is Donald Trump Able to File for Bankruptcy So Many Times? |publisher=The Law Dictionary |accessdate=February 19, 2015}}</ref> Trump said, "I've used the laws of this country to pare debt. ... We'll have the company. We'll throw it into a chapter. We'll negotiate with the banks. We'll make a fantastic deal. You know, it's like on ''The Apprentice''. It's not personal. It's just business."<ref name=abc />


==== Inheritance and further acquisitions ====
=== Inheritance and further acquisitions ===
Trump acquired an old, vacant office building on Wall Street in Manhattan in 1996. After a complete renovation, it became the seventy-story Trump Building at 40 Wall Street.<ref>{{cite book |last=Wooten |first=Sara McIntosh |date=2009 |title=Donald Trump: From Real Estate to Reality TV |pages=81–82 |isbn=0-7660-2890-9}}</ref> After his father died in 1999, Trump and his siblings received equal portions of his father's estate valued at $250–300&nbsp;million.<ref name=Rozhon26June>{{cite news |url=http://www.nytimes.com/1999/06/26/nyregion/fred-c-trump-postwar-master-builder-of-housing-for-middle-class-dies-at-93.html |title=Fred C. Trump, Postwar Master Builder of Housing for Middle Class, Dies at 93 |first=Tracy |last=Rozhon |date=June 26, 1999 |accessdate=August 19, 2015 |work=The New York Times}}</ref>
Trump acquired an old, vacant office building on Wall Street in Manhattan in 1996. After a complete renovation, it became the seventy-story Trump Building at 40 Wall Street.<ref>{{cite book |last=Wooten |first=Sara McIntosh |date=2009 |title=Donald Trump: From Real Estate to Reality TV |pages=81–82 |isbn=0-7660-2890-9}}</ref> After his father died in 1999, Trump and his siblings received equal portions of his father's estate valued at $250–300&nbsp;million.<ref name=Rozhon26June>{{cite news |url=http://www.nytimes.com/1999/06/26/nyregion/fred-c-trump-postwar-master-builder-of-housing-for-middle-class-dies-at-93.html |title=Fred C. Trump, Postwar Master Builder of Housing for Middle Class, Dies at 93 |first=Tracy |last=Rozhon |date=June 26, 1999 |accessdate=August 19, 2015 |work=The New York Times}}</ref>


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Trump acquired the former Hotel Delmonico in Manhattan in 2002. It was re-opened with 35 stories of luxury condominiums in 2004 as the Trump Park Avenue.<ref>{{cite book |last=Wooten |first=Sara McIntosh |date=2009 |title=Donald Trump: From Real Estate to Reality TV |pages=86–87 |isbn=0-7660-2890-9}}</ref>
Trump acquired the former Hotel Delmonico in Manhattan in 2002. It was re-opened with 35 stories of luxury condominiums in 2004 as the Trump Park Avenue.<ref>{{cite book |last=Wooten |first=Sara McIntosh |date=2009 |title=Donald Trump: From Real Estate to Reality TV |pages=86–87 |isbn=0-7660-2890-9}}</ref>

By 2014, he retained 10% ownership of Trump Entertainment Resorts, which owns the Trump Taj Mahal and Trump Plaza Hotel and Casino, both in Atlantic City. That same year, Trump Entertainment Resorts entered [[Chapter 11 bankruptcy]] and closed Trump Plaza in Atlantic City indefinitely. Billionaire [[Carl Icahn]] purchased the company in 2016, acquiring Trump Taj Mahal; Icahn kept Trump's name on the building even though Trump no longer had any ownership.<ref name="New_ownership">{{cite news |last1=Parry |first1=Wayne |title=Trump Taj Mahal Casino Out of Bankruptcy, Into Carl Icahn's Hands |url=http://bigstory.ap.org/article/b4b87d96fc274c32b1092a7c28270e36/taj-mahal-casino-out-bankruptcy-icahns-hands |accessdate=March 7, 2016 |agency=Associated Press |date=February 26, 2016}}</ref>


Trump has [[The Trump Organization#Real estate licensing|licensed his name and image]] for the development of a number of real estate projects including two Trump-branded real estate projects in Florida that have gone into foreclosure.<ref name=Hiaasen11July>{{cite news |url=http://www.miamiherald.com/opinion/opn-columns-blogs/carl-hiaasen/article27059140.html |title=Carl Hiaasen: There will never be a President Trump |work=The Miami Herald |date=July 11, 2015 |accessdate=September 1, 2015 |first=Carl |last=Hiaasen}}</ref> The Turkish owner of [[Trump Towers Istanbul]], who pays Trump for the use of his name, was reported in December 2015 to be exploring legal means to dissociate the property after the candidate's call to temporarily ban Muslims from entering the United States.<ref name=Reuters11Dec>{{cite news |url=http://mobile.reuters.com/article/idUSKBN0TU0JD20151211 |title=Turkish partner condemns Donald Trump's anti-Muslim remarks, reviews ties |date=December 11, 2015 |accessdate=December 11, 2015 |agency=Reuters}}</ref>
Trump has [[The Trump Organization#Real estate licensing|licensed his name and image]] for the development of a number of real estate projects including two Trump-branded real estate projects in Florida that have gone into foreclosure.<ref name=Hiaasen11July>{{cite news |url=http://www.miamiherald.com/opinion/opn-columns-blogs/carl-hiaasen/article27059140.html |title=Carl Hiaasen: There will never be a President Trump |work=The Miami Herald |date=July 11, 2015 |accessdate=September 1, 2015 |first=Carl |last=Hiaasen}}</ref> The Turkish owner of [[Trump Towers Istanbul]], who pays Trump for the use of his name, was reported in December 2015 to be exploring legal means to dissociate the property after the candidate's call to temporarily ban Muslims from entering the United States.<ref name=Reuters11Dec>{{cite news |url=http://mobile.reuters.com/article/idUSKBN0TU0JD20151211 |title=Turkish partner condemns Donald Trump's anti-Muslim remarks, reviews ties |date=December 11, 2015 |accessdate=December 11, 2015 |agency=Reuters}}</ref>
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In 2006, Trump bought the Menie Estate in [[Balmedie]], [[Aberdeenshire, Scotland]], creating a golf resort against the wishes of local residents <ref>{{cite news |url=http://upstart.bizjournals.com/views/columns/the-windup/2008/02/22/Scottish-Clash-Over-Trump-Golf-Plan.html?page=all |title=Landing In The Rough With Trump{{'-}} |date=February 22, 2008 |work=[[Condé Nast Publications|Conde Nast]] ''Portfolio'' |first=Franz |last=Lidz |authorlink=Franz Lidz |accessdate=March 14, 2016}}</ref> on an area designated as a [[Site of Special Scientific Interest]].<ref>{{cite news |first=Carolyn |last=Churchill |url=http://www.heraldscotland.com/news/home-news/first-look-at-trump-plan-for-world-s-best-course-1.1007048?54107 |archiveurl=https://web.archive.org/web/20130521014558/http://www.heraldscotland.com/news/home-news/first-look-at-trump-plan-for-world-s-best-course-1.1007048?54107 |archivedate=May 21, 2013 |title=First look at Trump plan for 'world's best course{{'-}} |work=[[The Herald (Glasgow)|The Herald]] |location=Glasgow |date=February 16, 2010 |accessdate=June 18, 2012}}</ref><ref>{{cite news |first=Laurie |last=Tuffrey |url=http://www.theguardian.com/environment/2012/jul/10/donald-trump-scotland-golf-course |title=Trump opens controversial Scottish golf course |accessdate=August 9, 2015}}</ref> A 2011 independent documentary, ''[[You've Been Trumped]],'' by British filmmaker Anthony Baxter, chronicled the golf resort's construction and the subsequent struggles between the locals and Donald Trump.<ref>{{cite web |first=Roger |last=Ebert |date=October 17, 2012 |url=http://www.rogerebert.com/reviews/youve-been-trumped-2012 |title=You've Been Trumped |publisher=Rogerebert.com |accessdate=January 19, 2016}}</ref> Despite Trump's promises of 6,000 jobs, in 2016, by his own admission, the golf course has created only 200 jobs.<ref>{{cite news |first=John |last=Sweeney |url=http://www.independent.co.uk/news/uk/home-news/Donald-Trump-fails-to-deliver-on-golf-resorts-jobs-pledge-8693854.html |title=Donald trump fails to deliver on golf resort jobs pledge |work=[[The Independent]] |date=July 7, 2013 |accessdate=January 19, 2016}}</ref>
In 2006, Trump bought the Menie Estate in [[Balmedie]], [[Aberdeenshire, Scotland]], creating a golf resort against the wishes of local residents <ref>{{cite news |url=http://upstart.bizjournals.com/views/columns/the-windup/2008/02/22/Scottish-Clash-Over-Trump-Golf-Plan.html?page=all |title=Landing In The Rough With Trump{{'-}} |date=February 22, 2008 |work=[[Condé Nast Publications|Conde Nast]] ''Portfolio'' |first=Franz |last=Lidz |authorlink=Franz Lidz |accessdate=March 14, 2016}}</ref> on an area designated as a [[Site of Special Scientific Interest]].<ref>{{cite news |first=Carolyn |last=Churchill |url=http://www.heraldscotland.com/news/home-news/first-look-at-trump-plan-for-world-s-best-course-1.1007048?54107 |archiveurl=https://web.archive.org/web/20130521014558/http://www.heraldscotland.com/news/home-news/first-look-at-trump-plan-for-world-s-best-course-1.1007048?54107 |archivedate=May 21, 2013 |title=First look at Trump plan for 'world's best course{{'-}} |work=[[The Herald (Glasgow)|The Herald]] |location=Glasgow |date=February 16, 2010 |accessdate=June 18, 2012}}</ref><ref>{{cite news |first=Laurie |last=Tuffrey |url=http://www.theguardian.com/environment/2012/jul/10/donald-trump-scotland-golf-course |title=Trump opens controversial Scottish golf course |accessdate=August 9, 2015}}</ref> A 2011 independent documentary, ''[[You've Been Trumped]],'' by British filmmaker Anthony Baxter, chronicled the golf resort's construction and the subsequent struggles between the locals and Donald Trump.<ref>{{cite web |first=Roger |last=Ebert |date=October 17, 2012 |url=http://www.rogerebert.com/reviews/youve-been-trumped-2012 |title=You've Been Trumped |publisher=Rogerebert.com |accessdate=January 19, 2016}}</ref> Despite Trump's promises of 6,000 jobs, in 2016, by his own admission, the golf course has created only 200 jobs.<ref>{{cite news |first=John |last=Sweeney |url=http://www.independent.co.uk/news/uk/home-news/Donald-Trump-fails-to-deliver-on-golf-resorts-jobs-pledge-8693854.html |title=Donald trump fails to deliver on golf resort jobs pledge |work=[[The Independent]] |date=July 7, 2013 |accessdate=January 19, 2016}}</ref>


In April 2014, Trump purchased the [[Turnberry (golf course)|Turnberry]] hotel and golf resort in [[Ayrshire]], Scotland, which is a regular fixture in [[the Open Championship]] rota.<ref>{{cite news |url=http://www.bbc.co.uk/news/uk-scotland-glasgow-west-27203208 |title=US property tycoon Donald Trump buys Turnberry resort |publisher=BBC News |date=April 29, 2014 |accessdate=April 29, 2014}}</ref><ref>{{cite news |url=http://www.bbc.co.uk/sport/0/golf/27212412 |title=Turnberry: Donald Trump deal should not affect Open status |publisher=BBC News |date=April 29, 2014 |accessdate=April 29, 2014 |first=Iain |last=Carter}}</ref> In June 2015, Trump's appeal objecting to an offshore windfarm ([[Aberdeen Bay Wind Farm]]) within sight of the golf links was denied.<ref>{{cite news |first=Nick |last=Enoch |title=Donald Trump loses latest legal challenge against an offshore wind farm project near his Scottish golf resort |date=June 5, 2015 |website=Daily Mail |url=http://www.dailymail.co.uk/news/article-3112576/Donald-Trump-loses-latest-legal-challenge-against-offshore-wind-farm-project-near-Scottish-golf-resort.html}}</ref> In December 2015, Trump's attempt to prevent the windfarm being built within sight of his golf course was dismissed by five justices at the [[Supreme Court of the United Kingdom|UK Supreme Court]] in the case of ''[[Trump International Golf Club Scotland Ltd v The Scottish Ministers]]''.<ref>{{cite news |first1=Owen |last1=Bowcott |first2=Esther |last2=Addley |url=http://www.theguardian.com/us-news/2015/dec/16/donald-trump-loses-appeal-windfarms-scottish-golf-course |title=Alex Salmond brands Trump 'loser' after judges reject windfarm appeal &#124; Environment |work=[[The Guardian]] |date=December 16, 2015 |accessdate=December 16, 2015}}</ref>
In April 2014, Trump purchased the [[Turnberry (golf course)|Turnberry]] hotel and golf resort in [[Ayrshire]], Scotland, which is a regular fixture in [[the Open Championship]] rota.<ref>{{cite news |url=http://www.bbc.co.uk/news/uk-scotland-glasgow-west-27203208 |title=US property tycoon Donald Trump buys Turnberry resort |publisher=BBC News |date=April 29, 2014 |accessdate=April 29, 2014}}</ref><ref>{{cite news |url=http://www.bbc.co.uk/sport/0/golf/27212412 |title=Turnberry: Donald Trump deal should not affect Open status |publisher=BBC News |date=April 29, 2014 |accessdate=April 29, 2014 |first=Iain |last=Carter}}</ref> In June 2015, Trump made an appeal objecting to an offshore windfarm ([[Aberdeen Bay Wind Farm]]) being built within sight of the golf course,<ref>{{cite news |first=Nick |last=Enoch |title=Donald Trump loses latest legal challenge against an offshore wind farm project near his Scottish golf resort |date=June 5, 2015 |website=Daily Mail |url=http://www.dailymail.co.uk/news/article-3112576/Donald-Trump-loses-latest-legal-challenge-against-offshore-wind-farm-project-near-Scottish-golf-resort.html}}</ref> which was [[Trump International Golf Club Scotland Ltd v The Scottish Ministers|dismissed]] by five justices at the [[Supreme Court of the United Kingdom|UK Supreme Court]] in December 2015.<ref>{{cite news |first1=Owen |last1=Bowcott |first2=Esther |last2=Addley |url=http://www.theguardian.com/us-news/2015/dec/16/donald-trump-loses-appeal-windfarms-scottish-golf-course |title=Alex Salmond brands Trump 'loser' after judges reject windfarm appeal &#124; Environment |work=[[The Guardian]] |date=December 16, 2015 |accessdate=December 16, 2015}}</ref>


=== Sports events ===
== Sports events ==


[[File:Donald trump at the game (3728975319).jpg|thumb|left|alt=Trump at a baseball game in 2009. He is wearing a baseball cap and sitting amid a large crowd, behind a protective net.|Trump at a baseball game in 2009]]
[[File:Donald trump at the game (3728975319).jpg|thumb|left|alt=Trump at a baseball game in 2009. He is wearing a baseball cap and sitting amid a large crowd, behind a protective net.|Trump at a baseball game in 2009]]
In 1983, Trump's [[New Jersey Generals]] became a charter member of the new [[United States Football League]] (USFL). Before the inaugural season began in 1983, Trump sold the franchise to [[Oklahoma]] oil magnate J. Walter Duncan, and bought it back after the season. He then attempted to hire longtime [[Miami Dolphins]] coach [[Don Shula]], but the deal fell apart because he was unwilling to meet Shula's demand for an apartment in [[Trump Tower (New York City)|Trump Tower]]. Trump ended up hiring former [[New York Jets]] coach [[Walt Michaels]].<ref name=Markazi/><ref>{{cite news |url=http://www.nytimes.com/1984/04/04/sports/sports-people-new-jersey-generalities.html |title=Sports People; New Jersey Generalities |accessdate=February 11, 2011 |date=April 4, 1984 |work=[[The New York Times]]}}</ref><ref>{{cite news |first=Dave |last=Anderson |title=Trump Ace: Michaels |date=December 12, 1983 |website=The New York Times |url=http://www.nytimes.com/1983/12/12/sports/trump-ace-michaels.html}}</ref> The USFL played its first three seasons during the spring and summer, but Trump convinced the majority of the owners of other USFL teams to move the USFL 1986 schedule to the fall, directly opposite the [[National Football League]] (NFL), arguing that it would eventually force a merger with the NFL, which would supposedly increase their investment significantly.<ref>{{cite news |url=https://www.washingtonpost.com/lifestyle/style/and-then-there-was-the-time-donald-trump-bought-a-football-team-/2015/10/19/35ae71ca-6dd6-11e5-aa5b-f78a98956699_story.html |title=And then there was the time Donald Trump bought a football team |newspaper=The Washington Post |date=October 19, 2015 |accessdate=January 17, 2016 |author=Terris, Ben}}</ref>
In 1983, Trump's [[New Jersey Generals]] became a charter member of the new [[United States Football League]] (USFL). The USFL played its first three seasons during the spring and summer, but Trump convinced the majority of the owners of other USFL teams to move the USFL 1986 schedule to the fall, directly opposite the [[National Football League]] (NFL), arguing that it would eventually force a merger with the NFL, which would supposedly increase their investment significantly.<ref>{{cite news |url=https://www.washingtonpost.com/lifestyle/style/and-then-there-was-the-time-donald-trump-bought-a-football-team-/2015/10/19/35ae71ca-6dd6-11e5-aa5b-f78a98956699_story.html |title=And then there was the time Donald Trump bought a football team |newspaper=The Washington Post |date=October 19, 2015 |accessdate=January 17, 2016 |author=Terris, Ben}}</ref>


⚫
After the 1985 season, the Generals merged with the [[Houston Gamblers]], but had continuing financial troubles. The USFL, which was down to just 7 active franchises from a high of 18, was soon forced to fold, despite winning an [[antitrust]] [[United States Football League#USFL v. NFL lawsuit|lawsuit against the NFL]].<ref name=Markazi>{{cite news |first=Arash |last=Markazi |title=5 things to know about Donald Trump's foray into doomed USFL |date=July 14, 2015 |publisher=[[ESPN]] |url=http://www.espn.com/espn/story/_/id/13255737/five-things-know-donald-trump-usfl-experience}}</ref>
Before the 1985 season, Trump signed [[Heisman Trophy]]-winning quarterback [[Doug Flutie]] to a $7 million 5-year personal-services contract. That made Flutie the highest-paid pro football player at the time, as well as the highest-paid [[rookie]] in any professional sport.<ref>{{cite news|url=http://www.nytimes.com/1985/02/04/sports/be-honest-mr-trump.html|title=Be Honest, Mr. Trump|last=Anderson|first=Dave|work=[[The New York Times]]|date=February 4, 1985|accessdate=October 7, 2016}}</ref> After the season, the Generals merged with the [[Houston Gamblers]]. Trump owned 50% of the newly merged team, which would stay in New Jersey and retain the Generals nickname. At the time, Trump boasted "it's probably the best team in football." (New Jersey and Houston both had good but not great seasons in 1985: they each made the playoffs but lost first-round games.)

⚫
The Generals never played another game.<ref>{{cite news |first=Robert McG. Jr. |last=Thomas |title=Generals-Gamblers merger is official |date=August 2, 1985 |website=The New York Times |url=http://www.nytimes.com/1985/08/02/sports/generals-gamblers-merger-is-official.html}}</ref> The 1986 season was cancelled after the USFL won a [[pyrrhic victory]] in an [[antitrust]] [[United States Football League#USFL v. NFL lawsuit|lawsuit against the NFL]]: the NFL technically lost the suit, but the USFL was awarded just $3.00 in cash damages. The USFL, which was down to just 7 active franchises from a high of 18, folded soon afterward.<ref name=Markazi>{{cite news |first=Arash |last=Markazi |title=5 things to know about Donald Trump's foray into doomed USFL |date=July 14, 2015 |publisher=[[ESPN]] |url=http://www.espn.com/espn/story/_/id/13255737/five-things-know-donald-trump-usfl-experience}}</ref>


Trump attempted to buy the NFL's [[Buffalo Bills]] in 2014 but was unsuccessful. During his 2016 presidential run, he has been critical of the NFL's [[Concussions in American football#Concussions in the National Football League|updated concussion rules]], complaining on the campaign trail that the game has been made "soft" and "weak," saying a concussion is just "a ding on the head." He accused referees of throwing [[penalty flag]]s needlessly just to be seen on television "so their wives see them at home."<ref>http://www.latimes.com/sports/nfl/la-sp-donald-trump-nfl-concussions-20161013-snap-story.html</ref>
Trump attempted to buy the NFL's [[Buffalo Bills]] in 2014 but was unsuccessful. During his 2016 presidential run, he has been critical of the NFL's [[Concussions in American football#Concussions in the National Football League|updated concussion rules]], complaining on the campaign trail that the game has been made "soft" and "weak," saying a concussion is just "a ding on the head." He accused referees of throwing [[penalty flag]]s needlessly just to be seen on television "so their wives see them at home."<ref>http://www.latimes.com/sports/nfl/la-sp-donald-trump-nfl-concussions-20161013-snap-story.html</ref>
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Trump remained involved with other sports after the Generals folded, operating golf courses in several countries.<ref name=Markazi /> He also hosted several boxing matches in Atlantic City at the Trump Plaza, including [[Mike Tyson vs. Michael Spinks|Mike Tyson's 1988 fight]] against [[Michael Spinks]], and at one time acted as a financial advisor for [[Mike Tyson|Tyson]].<ref name=Markazi /><ref>{{cite news |url=http://www.nytimes.com/1988/07/12/sports/sports-of-the-times-trump-promoter-or-adviser.html |title=Sports of The Times; Trump: Promoter Or Adviser? |accessdate=February 11, 2011 |date=July 12, 1988 |work=[[The New York Times]] |author=Anderson, Dave}}</ref><ref>{{cite news |url=http://www.nytimes.com/1988/02/25/sports/trump-gets-tyson-fight.html |title=Trump Gets Tyson Fight |accessdate=February 11, 2011 |date=February 25, 1988 |work=[[The New York Times]]}}</ref>
Trump remained involved with other sports after the Generals folded, operating golf courses in several countries.<ref name=Markazi /> He also hosted several boxing matches in Atlantic City at the Trump Plaza, including [[Mike Tyson vs. Michael Spinks|Mike Tyson's 1988 fight]] against [[Michael Spinks]], and at one time acted as a financial advisor for [[Mike Tyson|Tyson]].<ref name=Markazi /><ref>{{cite news |url=http://www.nytimes.com/1988/07/12/sports/sports-of-the-times-trump-promoter-or-adviser.html |title=Sports of The Times; Trump: Promoter Or Adviser? |accessdate=February 11, 2011 |date=July 12, 1988 |work=[[The New York Times]] |author=Anderson, Dave}}</ref><ref>{{cite news |url=http://www.nytimes.com/1988/02/25/sports/trump-gets-tyson-fight.html |title=Trump Gets Tyson Fight |accessdate=February 11, 2011 |date=February 25, 1988 |work=[[The New York Times]]}}</ref>


In 1989 and 1990, Trump lent his name to the [[Tour de Trump]] [[cycling stage race]] which was an attempt to create an American equivalent of European races such as the [[Tour de France]] or the [[Giro d'Italia]]. The name was suggested by his business partner, basketball commentator [[Billy Packer]], who originally planned to call the race the Tour de [[New Jersey|Jersey]]. The first stage of the inaugural race ended in the college town of [[New Paltz, New York]] where picketers greeted the riders with anti-Trump signs. The second stage began in [[New York City]], and [[Mayor of New York|Mayor]] [[Ed Koch]], who had denounced Trump as "one of the great hucksters," boycotted the event. The last stage of the 10-stage 837-mile race was even more controversial. Going into the last stage, Belgian rider [[Eric Vanderaerden]] was favored to win the tour championship, but lost at least 1 minute 20 seconds when he took a wrong turn on a poorly marked course in [[Atlantic City]], riding a quarter-mile or more out of his way. He ended up finishing third overall, behind tour winner [[Dag-Otto Lauritzen]] (a Norwegian rider with the American-owned [[7-Eleven (cycling team)|7-Eleven team]]) and runner-up [[Henk Lubberding]], who also took a wrong turn during the last stage. Trump withdrew his sponsorship after the second Tour de Trump in 1990, because his other business ventures were experiencing financial woes. The race continued for several more years as the Tour DuPont.<ref name=Hogan>http://www.politico.com/magazine/story/2016/04/donald-trump-2016-tour-de-trump-bike-race-213801</ref><ref>{{cite news|url=http://www.nytimes.com/1989/05/15/sports/dispute-mars-end-of-the-tour-de-trump.html|title=Dispute Mars End of the Tour de Trump|first=Frank|last=Litsky|work=New York Times|date=May 15, 1989|accessdate=April 12, 2016}}</ref>
In 1989 and 1990, Trump lent his name to the [[Tour de Trump]] [[cycling stage race]], which was an attempt to create an American equivalent of European races such as the [[Tour de France]] or the [[Giro d'Italia]]. The inaugural race was controversial, and Trump withdrew his sponsorship after the second Tour de Trump in 1990, because his other business ventures were experiencing financial woes. The race continued for several more years as the Tour DuPont.<ref name=Hogan>http://www.politico.com/magazine/story/2016/04/donald-trump-2016-tour-de-trump-bike-race-213801</ref><ref>{{cite news|url=http://www.nytimes.com/1989/05/15/sports/dispute-mars-end-of-the-tour-de-trump.html|title=Dispute Mars End of the Tour de Trump|first=Frank|last=Litsky|work=New York Times|date=May 15, 1989|accessdate=April 12, 2016}}</ref>


In February 1992, [[Mike Tyson]] was convicted in Indiana for raping an 18-year-old beauty pageant contestant. Before he was sentenced, Trump stated that the trial was a "travesty" and that he had seen many women groping Tyson. Trump suggested that Tyson should be released from prison and allowed to continue fighting, and offered to promote one or more bouts, the proceeds of which ($15 to $30 million, according to Trump) would go to Tyson's accuser and to victims of rape and abuse. Tyson was sentenced to a six-year term, and continued his boxing career only after he was paroled in 1995. Trump did not promote any of Tyson's post-prison fights, but the two men continued to be friends. In 2016, Tyson endorsed Trump's presidential candidacy. In an Indiana stump speech, Trump said: "Mike Tyson endorsed me. I love it. He sent out a [[Twitter|tweet]]. Mike. Iron Mike. You know, all the tough guys endorse me. I like that, okay?"<ref>{{cite news |first=Andrew |last=Kaczynski |title=Trump called Tyson rape conviction 'a travesty' in 1992 radio interview |date=October 11, 2016 |website=[[CNN]] |url=http://www.cnn.com/2016/10/11/politics/trump-stern-mike-tyson/}}</ref><ref>{{cite news |first=Russ |last=Choma |title=The Time Donald Trump Tried to Get Mike Tyson Out of Going to Prison for Rape |date=December 7, 2015 |website=[[Mother Jones (magazine)|Mother Jones]] |url=http://www.motherjones.com/politics/2015/12/when-donald-trump-tried-get-mike-tyson-out-of-prison-time-of-rape}}</ref>
In February 1992, [[Mike Tyson]] was convicted in Indiana for raping an 18-year-old beauty pageant contestant. Before he was sentenced, Trump stated that the trial was a "travesty" and that he had seen many women groping Tyson. Tyson was sentenced to a six-year term, and continued his boxing career only after he was paroled in 1995. In 2016, Tyson endorsed Trump's presidential candidacy.<ref>{{cite news |first=Andrew |last=Kaczynski |title=Trump called Tyson rape conviction 'a travesty' in 1992 radio interview |date=October 11, 2016 |website=[[CNN]] |url=http://www.cnn.com/2016/10/11/politics/trump-stern-mike-tyson/}}</ref><ref>{{cite news |first=Russ |last=Choma |title=The Time Donald Trump Tried to Get Mike Tyson Out of Going to Prison for Rape |date=December 7, 2015 |website=[[Mother Jones (magazine)|Mother Jones]] |url=http://www.motherjones.com/politics/2015/12/when-donald-trump-tried-get-mike-tyson-out-of-prison-time-of-rape}}</ref>


=== Beauty pageants ===
== Beauty pageants ==
{{Further information |Miss USA |Miss Universe|Miss Teen USA}}
{{Further information |Miss USA |Miss Universe|Miss Teen USA}}
From 1996 until 2015, when he sold his interests,<ref name=pageantsaleWME>{{cite news |url=http://www.nytimes.com/2015/09/15/business/media/trump-sells-miss-universe-organization-to-wme-img-talent-agency.html |title=Trump Sells Miss Universe Organization to WME-IMG Talent Agency |date=September 15, 2015 |work=The New York Times |accessdate=January 9, 2016}}</ref> Trump owned part or all of the [[Miss Universe]], [[Miss USA]], and [[Miss Teen USA]] beauty pageants. Among the most recognized beauty pageants in the world, the Miss Universe pageant was founded in 1952 by the California clothing company Pacific Mills.<ref>{{cite news |title=Donald Trump just sold off the entire Miss Universe Organization |url=http://www.businessinsider.com/donald-trump-sells-miss-universe-img-2015-9 |accessdate=May 6, 2016 |work=[[Business Insider]] |date=September 14, 2015}}</ref>
From 1996 until 2015,<ref name=pageantsaleWME>{{cite news |url=http://www.nytimes.com/2015/09/15/business/media/trump-sells-miss-universe-organization-to-wme-img-talent-agency.html |title=Trump Sells Miss Universe Organization to WME-IMG Talent Agency |date=September 15, 2015 |work=The New York Times |accessdate=January 9, 2016}}</ref> Trump owned part or all of the [[Miss Universe]], [[Miss USA]], and [[Miss Teen USA]] beauty pageants. The Miss Universe pageant was founded in 1952 by the California clothing company Pacific Mills.<ref>{{cite news |title=Donald Trump just sold off the entire Miss Universe Organization |url=http://www.businessinsider.com/donald-trump-sells-miss-universe-img-2015-9 |accessdate=May 6, 2016 |work=[[Business Insider]] |date=September 14, 2015}}</ref> Trump was dissatisfied with how [[CBS]] scheduled his pageants, and took both Miss Universe and Miss USA to [[NBC]] in 2002.<ref>{{cite news |url=http://www.nytimes.com/2002/06/22/business/three-beauty-pageants-leaving-cbs-for-nbc.html |title=Three Beauty Pageants Leaving CBS for NBC |date=June 22, 2002 |first=Jim |last=Rutenberg |accessdate=August 14, 2016 |work=[[The New York Times]]}}</ref><ref>{{cite news |url=https://www.washingtonpost.com/archive/lifestyle/2002/06/22/there-she-goes-pageants-move-to-nbc/2ba81b9a-bf67-4f3e-b8d6-1c2cc881ed19/ |title=There She Goes: Pageants Move to NBC |date=June 22, 2002 |first=Lisa |last=de Moraes |work=[[The Washington Post]] |accessdate=August 14, 2016}}</ref>


Trump was dissatisfied with how [[CBS]] scheduled his pageants, and took both Miss Universe and Miss USA to [[NBC]] in 2002.<ref>{{cite news |url=http://www.nytimes.com/2002/06/22/business/three-beauty-pageants-leaving-cbs-for-nbc.html |title=Three Beauty Pageants Leaving CBS for NBC |date=June 22, 2002 |first=Jim |last=Rutenberg |accessdate=August 14, 2016 |work=[[The New York Times]]}}</ref><ref>{{cite news |url=https://www.washingtonpost.com/archive/lifestyle/2002/06/22/there-she-goes-pageants-move-to-nbc/2ba81b9a-bf67-4f3e-b8d6-1c2cc881ed19/ |title=There She Goes: Pageants Move to NBC |date=June 22, 2002 |first=Lisa |last=de Moraes |work=[[The Washington Post]] |accessdate=August 14, 2016}}</ref> In 2006, Miss USA winner [[Tara Conner]] tested positive for cocaine, but Trump let her keep the crown, for the sake of giving her a second chance.<ref>{{cite news|title=Beauty Queen Tara Conner's Revelations|url=http://www.oprah.com/oprahshow/The-Truth-About-Beauty-Queen-Tara-Conner|accessdate=October 22, 2016|agency=The Oprah Winfrey Show|publisher=Harpo Productions|date=April 28, 2010}}</ref> That decision by Trump was criticized by [[Rosie O'Donnell]], which led to a very blunt and personal rebuttal by Trump criticizing O'Donnell.<ref>{{cite news|last1=Stack|first1=Liam|title=Donald Trump Keeps Insulting Rosie O'Donnell. Here's How Their Feud Started.|url=http://www.nytimes.com/2016/09/29/us/donald-trump-keeps-insulting-rosie-odonnell-heres-how-their-feud-started.html?_r=0|accessdate=October 22, 2016|agency=New York Times|publisher=Arthur Ochs Sulzberger Jr.|date=September 28, 2016}}</ref> In 2012, Trump won a $5 million arbitration award against a contestant who claimed the show was rigged.<ref>{{cite news|url=http://www.nydailynews.com/news/national/pay-usa-contestant-ordered-fork-5-million-donald-trump-calling-pageant-rigged-article-1.1390931|title=Miss USA contestant ordered to pay $5 million to Donald Trump for calling pageant 'rigged'|newspaper=[[New York Daily News]]|date=July 5, 2013|first1=Barbara|last1=Ross|first2=Larry|last2=McShane}}</ref>
In 2006, Miss USA winner [[Tara Conner]] tested positive for cocaine, but Trump let her keep the crown, for the sake of giving her a second chance.<ref>{{cite news|title=Beauty Queen Tara Conner's Revelations|url=http://www.oprah.com/oprahshow/The-Truth-About-Beauty-Queen-Tara-Conner|accessdate=October 22, 2016|agency=The Oprah Winfrey Show|publisher=Harpo Productions|date=April 28, 2010}}</ref> That decision by Trump was criticized by [[Rosie O'Donnell]], which led to a very blunt and personal rebuttal by Trump criticizing O'Donnell.<ref>{{cite news|last1=Stack|first1=Liam|title=Donald Trump Keeps Insulting Rosie O'Donnell. Here's How Their Feud Started.|url=http://www.nytimes.com/2016/09/29/us/donald-trump-keeps-insulting-rosie-odonnell-heres-how-their-feud-started.html?_r=0|accessdate=October 22, 2016|agency=New York Times|publisher=Arthur Ochs Sulzberger Jr.|date=September 28, 2016}}</ref> In 2012, Trump won a $5 million arbitration award against a contestant who claimed the show was rigged.<ref>{{cite news|url=http://www.nydailynews.com/news/national/pay-usa-contestant-ordered-fork-5-million-donald-trump-calling-pageant-rigged-article-1.1390931|title=Miss USA contestant ordered to pay $5 million to Donald Trump for calling pageant 'rigged'|newspaper=[[New York Daily News]]|date=July 5, 2013|first1=Barbara|last1=Ross|first2=Larry|last2=McShane}}</ref>


In 2015, NBC and [[Univision]] both ended their business relationships with the Miss Universe Organization after Trump's controversial 2015 presidential campaign remarks about Mexican illegal immigrants.<ref name=Tadena1>{{cite news |first=Natalie |last=Tadena |date=July 2, 2015 |url=http://blogs.wsj.com/cmo/2015/07/02/donald-trumps-miss-usa-pageant-lands-on-reelz-cable-channel/ |title=Donald Trump's Miss USA Pageant Lands on Reelz Cable Channel |work=The Wall Street Journal}}</ref><ref>{{cite news |author=Washington Post Staff |title=Full text: Donald Trump announces a presidential bid |date=June 16, 2015 |website=[[The Washington Post]] |url=https://www.washingtonpost.com/news/post-politics/wp/2015/06/16/full-text-donald-trump-announces-a-presidential-bid/}}</ref> Trump subsequently filed a $500 million lawsuit against Univision, alleging a breach of contract and defamation.<ref>{{cite news |first=Cynthia |last=Littleton |title=Donald Trump Files $500 Million Lawsuit Against Univision Over Miss USA Contract |date=June 30, 2015 |website=[[Variety (magazine)|Variety]] |url=http://variety.com/2015/tv/news/donald-trump-univision-miss-usa-lawsuit-1201531845/}}</ref><ref>{{cite news |first=Colin |last=Campbell |title=Donald Trump says he's filed a $500 million lawsuit against the US' largest Spanish-language TV network |date=June 30, 2015 |website=[[Business Insider]] |url=http://www.businessinsider.com/donald-trump-says-hes-filed-a-500m-lawsuit-against-univision-2015-6}}</ref>
In 2015, NBC and [[Univision]] both ended their business relationships with the Miss Universe Organization after Trump's controversial 2015 presidential campaign remarks about Mexican illegal immigrants.<ref name=Tadena1>{{cite news |first=Natalie |last=Tadena |date=July 2, 2015 |url=http://blogs.wsj.com/cmo/2015/07/02/donald-trumps-miss-usa-pageant-lands-on-reelz-cable-channel/ |title=Donald Trump's Miss USA Pageant Lands on Reelz Cable Channel |work=The Wall Street Journal}}</ref><ref>{{cite news |author=Washington Post Staff |title=Full text: Donald Trump announces a presidential bid |date=June 16, 2015 |website=[[The Washington Post]] |url=https://www.washingtonpost.com/news/post-politics/wp/2015/06/16/full-text-donald-trump-announces-a-presidential-bid/}}</ref> Trump subsequently filed a $500 million lawsuit against Univision, alleging a breach of contract and defamation.<ref>{{cite news |first=Cynthia |last=Littleton |title=Donald Trump Files $500 Million Lawsuit Against Univision Over Miss USA Contract |date=June 30, 2015 |website=[[Variety (magazine)|Variety]] |url=http://variety.com/2015/tv/news/donald-trump-univision-miss-usa-lawsuit-1201531845/}}</ref><ref>{{cite news |first=Colin |last=Campbell |title=Donald Trump says he's filed a $500 million lawsuit against the US' largest Spanish-language TV network |date=June 30, 2015 |website=[[Business Insider]] |url=http://www.businessinsider.com/donald-trump-says-hes-filed-a-500m-lawsuit-against-univision-2015-6}}</ref>
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On September 11, 2015, Trump announced that he had become the sole owner of the Miss Universe Organization by purchasing NBC's stake, and that he had "settled" his lawsuits against the network,<ref name=Corriston11Sept>{{cite news |url=http://www.people.com/people/mobile/article/0,,20951882,00.html |title=Donald Trump Says He Bought Out NBC, Now Owns All of Miss Universe Organization |date=September 11, 2015 |accessdate=September 11, 2015 |work=People |first=Michele |last=Corriston}}</ref> though it was unclear whether Trump had yet filed lawsuits against NBC.<ref>{{cite news |last1=Koblin |first1=John |title=Donald Trump Says He Has Bought NBC's Miss Universe Stake |url=http://www.nytimes.com/2015/09/12/business/media/donald-trump-says-he-has-bought-nbcs-miss-universe-stake.html |work=The New York Times |accessdate=September 11, 2015}}</ref> He sold his own interests in the pageant shortly afterwards, to [[William Morris Endeavor|WME]]/[[IMG (company)|IMG]].<ref name=pageantsaleWME /> The $500 million lawsuit against Univision was settled in February 2016, but terms of the settlement were not disclosed.<ref>{{cite news |first=Roger |last=Yu |title=Trump, Univision settle beauty pageant lawsuit |date=February 11, 2016 |website=[[USA Today]] |url=http://www.usatoday.com/story/money/2016/02/11/trump-univision-settle-beauty-pageant-lawsuit/80238188/}}</ref>
On September 11, 2015, Trump announced that he had become the sole owner of the Miss Universe Organization by purchasing NBC's stake, and that he had "settled" his lawsuits against the network,<ref name=Corriston11Sept>{{cite news |url=http://www.people.com/people/mobile/article/0,,20951882,00.html |title=Donald Trump Says He Bought Out NBC, Now Owns All of Miss Universe Organization |date=September 11, 2015 |accessdate=September 11, 2015 |work=People |first=Michele |last=Corriston}}</ref> though it was unclear whether Trump had yet filed lawsuits against NBC.<ref>{{cite news |last1=Koblin |first1=John |title=Donald Trump Says He Has Bought NBC's Miss Universe Stake |url=http://www.nytimes.com/2015/09/12/business/media/donald-trump-says-he-has-bought-nbcs-miss-universe-stake.html |work=The New York Times |accessdate=September 11, 2015}}</ref> He sold his own interests in the pageant shortly afterwards, to [[William Morris Endeavor|WME]]/[[IMG (company)|IMG]].<ref name=pageantsaleWME /> The $500 million lawsuit against Univision was settled in February 2016, but terms of the settlement were not disclosed.<ref>{{cite news |first=Roger |last=Yu |title=Trump, Univision settle beauty pageant lawsuit |date=February 11, 2016 |website=[[USA Today]] |url=http://www.usatoday.com/story/money/2016/02/11/trump-univision-settle-beauty-pageant-lawsuit/80238188/}}</ref>


=== Trump University ===
== Trump University ==
{{Main article|Trump University|Cohen v. Trump}}
{{Main article|Trump University|Cohen v. Trump}}
Trump University LLC<ref>{{cite news |last=Gitell |first=Seth |date=March 8, 2016 |title=I Survived Trump University |url=http://www.politico.com/magazine/story/2016/03/i-survived-trump-university-213710 |newspaper=[[Politico]] |access-date=March 18, 2016}}</ref> was an American [[for-profit education]] company that ran a real estate training program from 2005 until at least 2010. After multiple lawsuits, it is now defunct. It was founded by Donald Trump and his associates, Michael Sexton and Jonathan Spitalny.<ref name=vf>{{cite news |url=http://www.vanityfair.com/news/2014/01/trump-university-fraud-scandal |title=Big Hair on Campus: Did Donald Trump Defraud Thousands of Real-Estate Students? |last=Cohan |first=William D. |website=Vanity Fair|access-date=March 6, 2016}}</ref> The company offered courses in real estate, asset management, entrepreneurship, and wealth creation, charging between $1,500 and $35,000 per course.<ref name=nyt511>{{cite news |first=Michael |last=Barbaro |title=New York Attorney General Is Investigating Trump's For-Profit School |date=May 19, 2011 |website=[[The New York Times]] |url=http://www.nytimes.com/2011/05/20/nyregion/trumps-for-profit-school-said-to-be-under-investigation.html}}</ref> In 2005 the operation was notified by New York State authorities that its use of the word "university" violated state law. After a second such notification in 2010, the name of the operation was changed to the "Trump Entrepreneurial Institute".<ref name="AppealsCourt2016" /> Trump was also found personally liable for failing to obtain a business license for the operation.<ref name=reuters.2014>{{cite news |url=http://www.reuters.com/article/2014/10/16/us-trump-nyag-lawsuit-idUSKCN0I52MW20141016 |first=Karen |last=Freifeld |title=New York judge finds Donald Trump liable for unlicensed school |agency=Reuters |date=October 16, 2014 |accessdate=February 20, 2015}}</ref> In 2013 the state of New York filed a $40 million civil suit claiming that Trump University made false claims and defrauded consumers; the lawsuit is ongoing {{as of|2016|lc=y}}.<ref name="AppealsCourt2016">{{cite news |first=David |last=Halperin |title=NY Court Refuses to Dismiss Trump University Case, Describes Fraud Allegations |date=March 3, 2016 |website=[[The Huffington Post]] |url=http://www.huffingtonpost.com/davidhalperin/ny-court-refuses-to-dismi_b_9358360.html}}</ref><ref>{{cite news |url=https://www.washingtonpost.com/news/fact-checker/wp/2016/02/27/donald-trumps-misleading-claim-that-hes-won-most-of-lawsuits-over-trump-university/ |first=Michelle Ye Hee |last=Lee |title=Donald Trump's misleading claim that he's 'won most of' lawsuits over Trump University |newspaper=The Washington Post |date=February 27, 2016 |accessdate=February 27, 2016}}</ref> In addition, two class-action civil lawsuits are pending in federal court relating to Trump University; they name Donald Trump personally as well as his companies.<ref name=twofront>{{cite news |url=http://www.usatoday.com/story/money/business/2013/08/26/trump-entrepreneur-initiative-case/2700811/ |title=Trump faces two-front legal fight over 'university' |work=[[USA Today]] |first=Kevin |last=McCoy |date=August 26, 2013}}</ref> One of the cases, ''Low v. Trump'', is set for trial on November 28, 2016.<ref name=trialdate>{{cite news |url=http://www.cbsnews.com/news/campaign-2016-donald-trump-trial-date-set-in-trump-university-lawsuit/ |title=Trial date set in Trump University lawsuit |date=May 6, 2016 |publisher=CBS News |accessdate=May 28, 2016}}</ref>
Trump University LLC<ref>{{cite news |last=Gitell |first=Seth |date=March 8, 2016 |title=I Survived Trump University |url=http://www.politico.com/magazine/story/2016/03/i-survived-trump-university-213710 |newspaper=[[Politico]] |access-date=March 18, 2016}}</ref> was an American [[for-profit education]] company that ran a real estate training program from 2005 until at least 2010. After multiple lawsuits, it is now defunct. It was founded by Donald Trump and his associates, Michael Sexton and Jonathan Spitalny.<ref name=vf>{{cite news |url=http://www.vanityfair.com/news/2014/01/trump-university-fraud-scandal |title=Big Hair on Campus: Did Donald Trump Defraud Thousands of Real-Estate Students? |last=Cohan |first=William D. |website=Vanity Fair|access-date=March 6, 2016}}</ref> The company offered courses in real estate, asset management, entrepreneurship, and wealth creation, charging between $1,500 and $35,000 per course.<ref name=nyt511>{{cite news |first=Michael |last=Barbaro |title=New York Attorney General Is Investigating Trump's For-Profit School |date=May 19, 2011 |website=[[The New York Times]] |url=http://www.nytimes.com/2011/05/20/nyregion/trumps-for-profit-school-said-to-be-under-investigation.html}}</ref> In 2005 the operation was notified by New York State authorities that its use of the word "university" violated state law. After a second such notification in 2010, the name of the operation was changed to the "Trump Entrepreneurial Institute".<ref name="AppealsCourt2016" /> Trump was also found personally liable for failing to obtain a business license for the operation.<ref name=reuters.2014>{{cite news |url=http://www.reuters.com/article/2014/10/16/us-trump-nyag-lawsuit-idUSKCN0I52MW20141016 |first=Karen |last=Freifeld |title=New York judge finds Donald Trump liable for unlicensed school |agency=Reuters |date=October 16, 2014 |accessdate=February 20, 2015}}</ref> In 2013 the state of New York filed a $40 million civil suit claiming that Trump University made false claims and defrauded consumers; the lawsuit is ongoing {{as of|2016|lc=y}}.<ref name="AppealsCourt2016">{{cite news |first=David |last=Halperin |title=NY Court Refuses to Dismiss Trump University Case, Describes Fraud Allegations |date=March 3, 2016 |website=[[The Huffington Post]] |url=http://www.huffingtonpost.com/davidhalperin/ny-court-refuses-to-dismi_b_9358360.html}}</ref><ref>{{cite news |url=https://www.washingtonpost.com/news/fact-checker/wp/2016/02/27/donald-trumps-misleading-claim-that-hes-won-most-of-lawsuits-over-trump-university/ |first=Michelle Ye Hee |last=Lee |title=Donald Trump's misleading claim that he's 'won most of' lawsuits over Trump University |newspaper=The Washington Post |date=February 27, 2016 |accessdate=February 27, 2016}}</ref> In addition, two class-action civil lawsuits are pending in federal court relating to Trump University; they name Donald Trump personally as well as his companies.<ref name=twofront>{{cite news |url=http://www.usatoday.com/story/money/business/2013/08/26/trump-entrepreneur-initiative-case/2700811/ |title=Trump faces two-front legal fight over 'university' |work=[[USA Today]] |first=Kevin |last=McCoy |date=August 26, 2013}}</ref> One of the cases, ''Low v. Trump'', is set for trial on November 28, 2016.<ref name=trialdate>{{cite news |url=http://www.cbsnews.com/news/campaign-2016-donald-trump-trial-date-set-in-trump-university-lawsuit/ |title=Trial date set in Trump University lawsuit |date=May 6, 2016 |publisher=CBS News |accessdate=May 28, 2016}}</ref>
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Trump repeatedly criticized a judge, [[Gonzalo P. Curiel]], who is overseeing two of the Trump University cases. During campaign speeches and interviews up until June 2016, Trump called Curiel a "hater of Donald Trump", saying his rulings have been unfair, and that Curiel "happens to be, we believe, Mexican, which is great. I think that's fine",<ref name="rule-of-law">{{cite news |work=The New York Times |title=Donald Trump Could Threaten U.S. Rule of Law, Scholars Say |url=http://www.nytimes.com/2016/06/04/us/politics/donald-trump-constitution-power.html |date=June 3, 2016 |first=Adam |last=Liptak |quote=Mr. Trump accused the judge of bias, falsely said he was Mexican and seemed to issue a threat}}</ref> while suggesting that the judge's ethnicity posed a conflict of interest in light of Trump's proposal to build a wall on the United States–Mexican border.<ref name="trialdate" /><ref name=RappeportNYT>{{cite news |last=Rappeport |first=Alan |date=June 3, 2016 |title=That Judge Attacked by Donald Trump? He's Faced a Lot Worse |url=http://www.nytimes.com/2016/06/04/us/politics/donald-trump-university-judge-gonzalo-curiel.html |newspaper=The New York Times |access-date= June 4, 2016}}</ref><ref name=Ford>{{cite magazine |last=Ford |first=Matt |date=June 3, 2016 |title=Why Is Donald Trump So Angry at Judge Gonzalo Curiel? |magazine=The Atlantic |url=http://www.theatlantic.com/politics/archive/2016/06/donald-trump-gonzalo-curiel/485636/|access-date=June 3, 2016}}</ref><ref name=Finnegan>{{cite news |last1=Finnegan |first1=Michael |work=[[Los Angeles Times]] |title=Trump trashes judge overseeing Trump University fraud case, says it's fine that he's Mexican |url=http://www.latimes.com/politics/la-na-trailguide-05272016-trump-trashes-judge-overseeing-1464393140-htmlstory.html |date=May 27, 2016 |accessdate=May 29, 2016}}</ref> Many legal experts were critical of Trump's attacks on Curiel, often viewing them as racially charged, unfounded, and an affront to the concept of an independent judiciary.<ref>{{cite news |work=The Wall Street Journal |title=Trump Says Judge's Mexican Heritage Presents 'Absolute Conflict' |url=http://www.wsj.com/articles/donald-trump-keeps-up-attacks-on-judge-gonzalo-curiel-1464911442 |date=June 3, 2016 |first=Brent |last=Kendall |quote=Donald Trump on Thursday escalated his attacks on the federal judge presiding over civil fraud lawsuits against Trump University, amid criticism from legal observers who say the presumptive GOP presidential nominee's comments are an unusual affront on an independent judiciary}}</ref><ref>{{cite news |work=The Washington Post |title=Trump's personal, racially tinged attacks on federal judge alarm legal experts |url=https://www.washingtonpost.com/politics/2016/06/01/437ccae6-280b-11e6-a3c4-0724e8e24f3f_story.html |first1=Jose |last1=DelReal |first2=Katie |last2=Zezima |date=June 1, 2016 |quote=Donald Trump's highly personal, racially tinged attacks on a federal judge overseeing a pair of lawsuits against him have set off a wave of alarm among legal experts, who worry that the Republican presidential candidate's vendetta signals a remarkable disregard for judicial independence}}</ref><ref>{{cite news |publisher=ABC News |title=Legal Experts Worry After Trump Attacks Judge for Alleged Bias, Judge's Brother Calls Trump a 'Blowhard' |url=http://abcnews.go.com/Politics/legal-experts-worry-trump-attacks-judge-alleged-bias/story?id=39589590 |date=June 3, 2016 |first1=Shushannah |last1=Walshe |first2=Meghan |last2=Keneally}}</ref> On June 7, 2016, Trump issued a lengthy statement saying that his criticism of the judge had been "misconstrued" and that his concerns about Curiel's impartiality were not based upon ethnicity alone, but also upon rulings in the case.<ref name=Jackson>{{cite news |url=http://www.usatoday.com/story/news/politics/elections/2016/06/07/donald-trump-paul-ryan-mitch-mcconnell/85559392/ |title=Trump says judge comments 'misconstrued' amid GOP uprising |last=Jackson |first=David |date=June 7, 2016 |work=USA Today |accessdate=June 8, 2016 |quote="I do not intend to comment on this matter any further"}}</ref><ref>[full text] {{cite news |first=Donald J. |last=Trump |title=Donald Trump's Statement on Trump University |date=June 7, 2016 |website=[[The New York Times]] |url=http://www.nytimes.com/2016/06/08/us/politics/trump-university-statement.html}}</ref>
Trump repeatedly criticized a judge, [[Gonzalo P. Curiel]], who is overseeing two of the Trump University cases. During campaign speeches and interviews up until June 2016, Trump called Curiel a "hater of Donald Trump", saying his rulings have been unfair, and that Curiel "happens to be, we believe, Mexican, which is great. I think that's fine",<ref name="rule-of-law">{{cite news |work=The New York Times |title=Donald Trump Could Threaten U.S. Rule of Law, Scholars Say |url=http://www.nytimes.com/2016/06/04/us/politics/donald-trump-constitution-power.html |date=June 3, 2016 |first=Adam |last=Liptak |quote=Mr. Trump accused the judge of bias, falsely said he was Mexican and seemed to issue a threat}}</ref> while suggesting that the judge's ethnicity posed a conflict of interest in light of Trump's proposal to build a wall on the United States–Mexican border.<ref name="trialdate" /><ref name=RappeportNYT>{{cite news |last=Rappeport |first=Alan |date=June 3, 2016 |title=That Judge Attacked by Donald Trump? He's Faced a Lot Worse |url=http://www.nytimes.com/2016/06/04/us/politics/donald-trump-university-judge-gonzalo-curiel.html |newspaper=The New York Times |access-date= June 4, 2016}}</ref><ref name=Ford>{{cite magazine |last=Ford |first=Matt |date=June 3, 2016 |title=Why Is Donald Trump So Angry at Judge Gonzalo Curiel? |magazine=The Atlantic |url=http://www.theatlantic.com/politics/archive/2016/06/donald-trump-gonzalo-curiel/485636/|access-date=June 3, 2016}}</ref><ref name=Finnegan>{{cite news |last1=Finnegan |first1=Michael |work=[[Los Angeles Times]] |title=Trump trashes judge overseeing Trump University fraud case, says it's fine that he's Mexican |url=http://www.latimes.com/politics/la-na-trailguide-05272016-trump-trashes-judge-overseeing-1464393140-htmlstory.html |date=May 27, 2016 |accessdate=May 29, 2016}}</ref> Many legal experts were critical of Trump's attacks on Curiel, often viewing them as racially charged, unfounded, and an affront to the concept of an independent judiciary.<ref>{{cite news |work=The Wall Street Journal |title=Trump Says Judge's Mexican Heritage Presents 'Absolute Conflict' |url=http://www.wsj.com/articles/donald-trump-keeps-up-attacks-on-judge-gonzalo-curiel-1464911442 |date=June 3, 2016 |first=Brent |last=Kendall |quote=Donald Trump on Thursday escalated his attacks on the federal judge presiding over civil fraud lawsuits against Trump University, amid criticism from legal observers who say the presumptive GOP presidential nominee's comments are an unusual affront on an independent judiciary}}</ref><ref>{{cite news |work=The Washington Post |title=Trump's personal, racially tinged attacks on federal judge alarm legal experts |url=https://www.washingtonpost.com/politics/2016/06/01/437ccae6-280b-11e6-a3c4-0724e8e24f3f_story.html |first1=Jose |last1=DelReal |first2=Katie |last2=Zezima |date=June 1, 2016 |quote=Donald Trump's highly personal, racially tinged attacks on a federal judge overseeing a pair of lawsuits against him have set off a wave of alarm among legal experts, who worry that the Republican presidential candidate's vendetta signals a remarkable disregard for judicial independence}}</ref><ref>{{cite news |publisher=ABC News |title=Legal Experts Worry After Trump Attacks Judge for Alleged Bias, Judge's Brother Calls Trump a 'Blowhard' |url=http://abcnews.go.com/Politics/legal-experts-worry-trump-attacks-judge-alleged-bias/story?id=39589590 |date=June 3, 2016 |first1=Shushannah |last1=Walshe |first2=Meghan |last2=Keneally}}</ref> On June 7, 2016, Trump issued a lengthy statement saying that his criticism of the judge had been "misconstrued" and that his concerns about Curiel's impartiality were not based upon ethnicity alone, but also upon rulings in the case.<ref name=Jackson>{{cite news |url=http://www.usatoday.com/story/news/politics/elections/2016/06/07/donald-trump-paul-ryan-mitch-mcconnell/85559392/ |title=Trump says judge comments 'misconstrued' amid GOP uprising |last=Jackson |first=David |date=June 7, 2016 |work=USA Today |accessdate=June 8, 2016 |quote="I do not intend to comment on this matter any further"}}</ref><ref>[full text] {{cite news |first=Donald J. |last=Trump |title=Donald Trump's Statement on Trump University |date=June 7, 2016 |website=[[The New York Times]] |url=http://www.nytimes.com/2016/06/08/us/politics/trump-university-statement.html}}</ref>


=== Branding and licensing ===
== Branding and licensing ==
{{See also|List of things named after Donald Trump}}
{{See also|List of things named after Donald Trump}}
[[File:Trump_Ice_(5371360455).jpg|thumb|upright=0.85|alt=a bottle of water with Trump's portrait and the words "Trump Ice" on a blue label|[[Trump Ice]] bottled water]]
[[File:Trump_Ice_(5371360455).jpg|thumb|upright=0.85|alt=a bottle of water with Trump's portrait and the words "Trump Ice" on a blue label|[[Trump Ice]] bottled water]]
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Many developers pay Trump to market their properties and to be the public face for their projects.<ref name="Trump on Trump">{{cite news |last=Frangos |first=Alex |title=Trump on Trump: Testimony Offers Glimpse of How He Values His Empire |url=http://online.wsj.com/article/SB124261067783429043.html |date=May 18, 2009 |accessdate=April 14, 2011 |work=[[The Wall Street Journal]]}}</ref> For that reason, Trump does not own many of the buildings that display his name.<ref name="Trump on Trump" /> According to ''Forbes'', this portion of Trump's empire, actually run by his children, is by far his most valuable, having a $562&nbsp;million valuation. According to ''Forbes'', there are 33 licensing projects under development including seven "condo hotels" (the seven Trump International Hotel and Tower developments). In June 2015, ''Forbes'' pegged the Trump brand at $125 million<ref name="auto4">{{cite news |url=http://www.forbes.com/sites/erincarlyle/2015/06/16/trump-exaggerating-his-net-worth-by-100-in-presidential-bid/ |title=Trump Exaggerating His Net Worth (By 100%) In Presidential Bid |work=Forbes |date=June 16, 2015 |accessdate=January 27, 2016 |first=Erin |last=Carlyle}}</ref> as retailers like [[Macy's Inc.]] and [[Serta Mattresses]] began dropping Trump-branded products.<ref>{{cite news |url=http://www.cnn.com/2015/07/01/politics/donald-trump-macys/ |title=First on CNN: Macy's dumps Donald Trump |publisher=CNN |date=July 1, 2015 |accessdate=January 27, 2016 |first=MJ |last=Lee}}</ref><ref>{{cite news |url=http://www.nbcnews.com/news/latino/serta-mattress-maker-latest-dump-trump-n385851 |title=Serta Mattress Maker Latest to Dump Trump |publisher=NBC News |date=July 2, 2015 |accessdate=January 27, 2016}}</ref>
Many developers pay Trump to market their properties and to be the public face for their projects.<ref name="Trump on Trump">{{cite news |last=Frangos |first=Alex |title=Trump on Trump: Testimony Offers Glimpse of How He Values His Empire |url=http://online.wsj.com/article/SB124261067783429043.html |date=May 18, 2009 |accessdate=April 14, 2011 |work=[[The Wall Street Journal]]}}</ref> For that reason, Trump does not own many of the buildings that display his name.<ref name="Trump on Trump" /> According to ''Forbes'', this portion of Trump's empire, actually run by his children, is by far his most valuable, having a $562&nbsp;million valuation. According to ''Forbes'', there are 33 licensing projects under development including seven "condo hotels" (the seven Trump International Hotel and Tower developments). In June 2015, ''Forbes'' pegged the Trump brand at $125 million<ref name="auto4">{{cite news |url=http://www.forbes.com/sites/erincarlyle/2015/06/16/trump-exaggerating-his-net-worth-by-100-in-presidential-bid/ |title=Trump Exaggerating His Net Worth (By 100%) In Presidential Bid |work=Forbes |date=June 16, 2015 |accessdate=January 27, 2016 |first=Erin |last=Carlyle}}</ref> as retailers like [[Macy's Inc.]] and [[Serta Mattresses]] began dropping Trump-branded products.<ref>{{cite news |url=http://www.cnn.com/2015/07/01/politics/donald-trump-macys/ |title=First on CNN: Macy's dumps Donald Trump |publisher=CNN |date=July 1, 2015 |accessdate=January 27, 2016 |first=MJ |last=Lee}}</ref><ref>{{cite news |url=http://www.nbcnews.com/news/latino/serta-mattress-maker-latest-dump-trump-n385851 |title=Serta Mattress Maker Latest to Dump Trump |publisher=NBC News |date=July 2, 2015 |accessdate=January 27, 2016}}</ref>


=== Taxes and income ===
== Taxes and income ==
{{See also|#Presidential campaign, 2016}}
{{See also|#Presidential campaign, 2016}}
Trump has released some financial information,<ref name="Financial 2015" /> but has [[Donald Trump presidential campaign, 2016#Refusal to release tax returns|declined to publicly release any of his full tax returns]],<ref name=WSJ19FebTax>{{cite news |work=The Wall Street Journal |date=February 19, 2016 |accessdate=February 22, 2016 |url=http://www.wsj.com/articles/donald-trumps-tax-obligation-1455925753 |title=Donald Trump's Tax Obligation}}</ref> saying that he will do so before the 2016 election if what his attorneys described as an ongoing [[income tax audit|audit by the Internal Revenue Service (IRS)]] is completed covering tax returns for the years 2009 through 2016.<ref>{{cite news |first=Jeremy |last=Diamond |title=Trump campaign releases letter confirming IRS audit |date=March 31, 2016 |website=[[CNN]] |url=http://www.cnn.com/2016/03/30/politics/donald-trump-tax-audit-letter/}}</ref><ref>{{cite news |first=Jeremy |last=Diamond |title=Donald Trump: I'll release tax returns after audit |date=May 12, 2016 |website=[[CNN]] |url=http://www.cnn.com/2016/05/11/politics/donald-trump-tax-returns/}}</ref> According to a July 2015 press release from his campaign manager, Trump's "income" for the year 2014 was $362 million ("which does not include dividends, interest, capital gains, rents and royalties").<ref name="auto1">{{cite web |url=https://www.donaldjtrump.com/images/uploads/DJT_PFD_Statement_(1).pdf |title=Donald J. Trump Files Personal Financial Disclosure Statement With Federal Election Commission |first=Corey R. |last=Lewandowski |date=July 15, 2015 |accessdate=March 8, 2016}}</ref> His disclosure filings for the year 2015 stated that his total gross revenue was in excess of $611 million.<ref name="Financial 2015">{{cite web |url=https://www.washingtonpost.com/wp-stat/graphics/politics/trump-archive/docs/trump-fec-financial-disclosure-2015.pdf |title=Donald Trump Personal Financial Disclosure Form 2015|work=[[The Washington Post]]}}</ref>
Trump has released some financial information,<ref name="Financial 2015" /> but has [[Donald Trump presidential campaign, 2016#Refusal to release tax returns|declined to publicly release any of his full tax returns]],<ref name=WSJ19FebTax>{{cite news |work=The Wall Street Journal |date=February 19, 2016 |accessdate=February 22, 2016 |url=http://www.wsj.com/articles/donald-trumps-tax-obligation-1455925753 |title=Donald Trump's Tax Obligation}}</ref> saying that he will do so before the 2016 election if what his attorneys described as an ongoing [[income tax audit|audit by the Internal Revenue Service (IRS)]] is completed covering tax returns for the years 2009 through 2016.<ref>{{cite news |first=Jeremy |last=Diamond |title=Trump campaign releases letter confirming IRS audit |date=March 31, 2016 |website=[[CNN]] |url=http://www.cnn.com/2016/03/30/politics/donald-trump-tax-audit-letter/}}</ref><ref>{{cite news |first=Jeremy |last=Diamond |title=Donald Trump: I'll release tax returns after audit |date=May 12, 2016 |website=[[CNN]] |url=http://www.cnn.com/2016/05/11/politics/donald-trump-tax-returns/}}</ref> According to a July 2015 press release from his campaign manager, Trump's "income" for the year 2014 was $362 million ("which does not include dividends, interest, capital gains, rents and royalties").<ref name="auto1">{{cite web |url=https://www.donaldjtrump.com/images/uploads/DJT_PFD_Statement_(1).pdf |title=Donald J. Trump Files Personal Financial Disclosure Statement With Federal Election Commission |first=Corey R. |last=Lewandowski |date=July 15, 2015 |accessdate=March 8, 2016}}</ref> His disclosure filings for the year 2015 stated that his total gross revenue was in excess of $611 million.<ref name="Financial 2015">{{cite web |url=https://www.washingtonpost.com/wp-stat/graphics/politics/trump-archive/docs/trump-fec-financial-disclosure-2015.pdf |title=Donald Trump Personal Financial Disclosure Form 2015|work=[[The Washington Post]]}}</ref>
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In October 2016, it was revealed that Trump had claimed a loss of $916 million on his 1995 tax returns. As [[net operating loss|tax losses]] from one year can be applied to offset income from future years, the $916 million loss allowed him to reduce or eliminate his taxable income (and consequently his US federal income taxes) during the eighteen year carry forward period.<ref>{{cite web|url=http://www.nytimes.com/2016/10/02/us/politics/donald-trump-taxes.html|title=Donald Trump Tax Records Show He Could Have Avoided Taxes for Nearly Two Decades, The Times Found|date=October 2, 2016|work=The New York Times}}</ref> Trump acknowledged he used the loss but declined to provide details such as the specific years the loss was applied.<ref>{{cite news|url=http://www.nytimes.com/2016/10/10/us/politics/donald-trump-taxes.html|title=Donald Trump Acknowledges Not Paying Federal Income Taxes for Years|newspaper=[[The New York Times]]|date=October 10, 2016|first1=Steve|last1=Eder|first2=Megan|last2=Twohey}}</ref>
In October 2016, it was revealed that Trump had claimed a loss of $916 million on his 1995 tax returns. As [[net operating loss|tax losses]] from one year can be applied to offset income from future years, the $916 million loss allowed him to reduce or eliminate his taxable income (and consequently his US federal income taxes) during the eighteen year carry forward period.<ref>{{cite web|url=http://www.nytimes.com/2016/10/02/us/politics/donald-trump-taxes.html|title=Donald Trump Tax Records Show He Could Have Avoided Taxes for Nearly Two Decades, The Times Found|date=October 2, 2016|work=The New York Times}}</ref> Trump acknowledged he used the loss but declined to provide details such as the specific years the loss was applied.<ref>{{cite news|url=http://www.nytimes.com/2016/10/10/us/politics/donald-trump-taxes.html|title=Donald Trump Acknowledges Not Paying Federal Income Taxes for Years|newspaper=[[The New York Times]]|date=October 10, 2016|first1=Steve|last1=Eder|first2=Megan|last2=Twohey}}</ref>


=== Net worth ===
== Net worth ==
[[File:Trump Force One at Valdosta Regional Airport a - cropped.jpg|thumb|alt=A Boeing 757 with blue, red, and white livery, idling on a runway. This plane belongs to Trump, who nicknamed it "Trump Force One" during Trump's 2016 presidential campaign.|Trump's [[Boeing 757]], nicknamed "Trump Force One" during Trump's 2016 presidential campaign<ref>{{cite news |url=http://www.businessinsider.com/donald-trump-air-force-one-iowa-2016-1 |title=Donald Trump's plane landing in Iowa&nbsp;– Business Insider |first=Colin |last=Campbell |date=January 30, 2016 |work=Business Insider |accessdate=April 22, 2016}}</ref><ref>{{cite news |url=http://ktar.com/story/558905/trump-force-one-the-plane-that-carries-donald-trump-from-campaign-stop-to-campaign-stop/ |title='Trump Force One' the plane that carries Donald Trump from campaign stop to campaign stop&nbsp;– KTAR.com |date=August 2, 2015 |publisher=KTAR.com |accessdate=April 22, 2016}}</ref>]]
[[File:Trump Force One at Valdosta Regional Airport a - cropped.jpg|thumb|alt=A Boeing 757 with blue, red, and white livery, idling on a runway. This plane belongs to Trump, who nicknamed it "Trump Force One" during Trump's 2016 presidential campaign.|Trump's [[Boeing 757]], nicknamed "Trump Force One" during Trump's 2016 presidential campaign<ref>{{cite news |url=http://www.businessinsider.com/donald-trump-air-force-one-iowa-2016-1 |title=Donald Trump's plane landing in Iowa&nbsp;– Business Insider |first=Colin |last=Campbell |date=January 30, 2016 |work=Business Insider |accessdate=April 22, 2016}}</ref><ref>{{cite news |url=http://ktar.com/story/558905/trump-force-one-the-plane-that-carries-donald-trump-from-campaign-stop-to-campaign-stop/ |title='Trump Force One' the plane that carries Donald Trump from campaign stop to campaign stop&nbsp;– KTAR.com |date=August 2, 2015 |publisher=KTAR.com |accessdate=April 22, 2016}}</ref>]]
In 2016, ''[[Forbes]]'' estimated Trump's net worth at $3.7 billion, and ''[[Bloomberg News|Bloomberg]]'' $3 billion.<ref name=Melby19July /><ref name=FDT/> These estimates would make him one of the [[List of richest American politicians|richest politicians in American history]]. He has often given much higher estimates, sometimes over $10 billion, with the discrepancy due in part to the uncertainty of appraised property values, as well as his own assessment of the value of his [[personal brand]].<ref name=Melby19July>{{cite news |work=[[Bloomberg News#Bloomberg Politics|Bloomberg Politics]] |url=http://www.bloomberg.com/politics/articles/2016-07-19/trump-is-richer-in-property-and-deeper-in-debt-in-new-valuation |title=Trump Is Richer in Property and Deeper in Debt in New Valuation |date=July 19, 2016 |first=Caleb |last=Melby |quote=In the year that Donald Trump was transformed ... into the presumptive Republican nominee, the value of his golf courses and his namesake Manhattan tower soared... His net worth rose to $3 billion on the Bloomberg Billionaires Index...}}</ref><ref>{{cite news |first=John |last=Cassidy |title=Just How Rich Is Donald Trump? |date=May 17, 2016 |website=[[The New Yorker]] |url=http://www.newyorker.com/news/john-cassidy/just-how-rich-is-donald-trump |quote=[He] has stated that he is worth more than ten billion dollars....Forbes concluded [in 2015] that Trump was worth about $4.5 billion, while Bloomberg estimated $2.9 billion. The Forbes figure was high enough to put Trump in a tie at No. 324 on the magazine's global ranking of billionaires...The gap between Forbes's $4.5 billion figure and Bloomberg's $2.9 billion figure is largely attributable to differences in how the two publications appraised individual properties.}}</ref> As of 2016, ''Forbes'' ranked him the 156th wealthiest person in the U.S.<ref name=FDT>{{cite news |title=Forbes 400: Donald Trump |accessdate=October 21, 2016 |url=http://www.forbes.com/profile/donald-trump |work=[[Forbes]]}}</ref> and the 324th wealthiest in the world.<ref>{{cite news |title=The World's Billionaires: Donald Trump |accessdate=October 21, 2016 |website=[[Forbes]] |url=http://www.forbes.com/profile/donald-trump/?list=billionaires}}</ref> <!-- NOTE: Please take wealth rankings only from annual lists. Avoid real-time rankings. -->
In 2016, ''[[Forbes]]'' estimated Trump's net worth at $3.7 billion, and ''[[Bloomberg News|Bloomberg]]'' $3 billion.<ref name=Melby19July /><ref name=FDT/> These estimates would make him one of the [[List of richest American politicians|richest politicians in American history]]. He has often given much higher estimates, sometimes over $10 billion, with the discrepancy due in part to the uncertainty of appraised property values, as well as his own assessment of the value of his [[personal brand]].<ref name=Melby19July>{{cite news |work=[[Bloomberg News#Bloomberg Politics|Bloomberg Politics]] |url=http://www.bloomberg.com/politics/articles/2016-07-19/trump-is-richer-in-property-and-deeper-in-debt-in-new-valuation |title=Trump Is Richer in Property and Deeper in Debt in New Valuation |date=July 19, 2016 |first=Caleb |last=Melby |quote=In the year that Donald Trump was transformed ... into the presumptive Republican nominee, the value of his golf courses and his namesake Manhattan tower soared... His net worth rose to $3 billion on the Bloomberg Billionaires Index...}}</ref><ref>{{cite news |first=John |last=Cassidy |title=Just How Rich Is Donald Trump? |date=May 17, 2016 |website=[[The New Yorker]] |url=http://www.newyorker.com/news/john-cassidy/just-how-rich-is-donald-trump |quote=[He] has stated that he is worth more than ten billion dollars....Forbes concluded [in 2015] that Trump was worth about $4.5 billion, while Bloomberg estimated $2.9 billion. The Forbes figure was high enough to put Trump in a tie at No. 324 on the magazine's global ranking of billionaires...The gap between Forbes's $4.5 billion figure and Bloomberg's $2.9 billion figure is largely attributable to differences in how the two publications appraised individual properties.}}</ref> As of 2016, ''Forbes'' ranked him the 156th wealthiest person in the U.S.<ref name=FDT>{{cite news |title=Forbes 400: Donald Trump |accessdate=October 21, 2016 |url=http://www.forbes.com/profile/donald-trump |work=[[Forbes]]}}</ref> and the 324th wealthiest in the world.<ref>{{cite news |title=The World's Billionaires: Donald Trump |accessdate=October 21, 2016 |website=[[Forbes]] |url=http://www.forbes.com/profile/donald-trump/?list=billionaires}}</ref> <!-- NOTE: Please take wealth rankings only from annual lists. Avoid real-time rankings. -->
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On June 16, 2015, just prior to announcing his candidacy for president of the United States, Trump released a one-page financial statement "from a big accounting firm—one of the most respected"<ref name=NPR17June>{{cite news |url=http://www.npr.org/sections/itsallpolitics/2015/06/17/415003043/the-problem-with-donald-trumps-one-page-summary-on-his-wealth |title=The Problem With Donald Trump's One-Page Summary on His Wealth |publisher=NPR |first1=Peter |last1=Overby |first2=Domenico |last2=Montanaro |date=June 17, 2015 |accessdate=August 17, 2015}}</ref> stating a net worth of $8,737,540,000.<ref>{{cite news |first1=Robert |last1=Costa |first2=Matea |last2=Gold |title=Donald Trump will declare $9 billion in assets as he reveals 2016 plans |date=June 15, 2015 |website=[[The Washington Post]] |url=https://www.washingtonpost.com/politics/exclusive-trump-will-declare-9-billion-net-worth-as-he-reveals-2016-plans/2015/06/15/a00e74c0-137c-11e5-9ddc-e3353542100c_story.html}}</ref> "I'm really rich", Trump said.<ref name=NPR17June /> ''Forbes'' believed his claim of $9 billion was "a whopper," figuring it was actually $4.1 billion.<ref name=Carlyle16June>{{cite news |url=http://www.forbes.com/sites/erincarlyle/2015/06/16/trump-exaggerating-his-net-worth-by-100-in-presidential-bid/ |title=Trump Exaggerating His Net Worth (By 100%) In Presidential Bid |first=Erin |last=Carlyle |accessdate=August 17, 2015 |date=June 16, 2015 |work=Forbes}}</ref> In June 2015, ''[[Business Insider]]'' published Trump's June 2014 financial statement, noting that $3.3 billion of that total is represented by "Real Estate Licensing Deals, Brand and Branded Developments", described by ''Business Insider'' as "basically [implying] that Trump values his character at $3.3 billion."<ref>{{cite news |url=http://www.businessinsider.com/donald-trump-net-worth-2015-6 |title=Donald Trump's self-described net worth is $8.7 billion&nbsp;– here's the breakdown |date=June 16, 2015 |work=Business Insider |last=Udland |first=Myles}}</ref> In July 2015, federal election regulators released new details of Trump's self-reported wealth and financial holdings when he became a Republican presidential candidate, reporting that his assets are worth above $1.4 billion, which includes at least $70 million in stocks, and a debt of at least $265 million.<ref name="Yahoo News">{{cite news |url=http://finance.yahoo.com/news/donald-trump-wealth-details-released-federal-regulators-165854286--finance.html/ |publisher=[[Yahoo News]] |title=Donald Trump wealth details released by federal regulators |accessdate=August 9, 2015 |deadurl=yes |archiveurl=https://web.archive.org/web/20150801033902/http://finance.yahoo.com/news/donald-trump-wealth-details-released-federal-regulators-165854286--finance.html |archivedate=August 1, 2015}}</ref> According to ''Bloomberg'', for the purposes of Trump's FEC filings Trump "only reported revenue for [his] golf properties in his campaign filings even though the disclosure form asks for income", noting independent filings showing all three of his major European golf properties were unprofitable.<ref name=Melby19July />
On June 16, 2015, just prior to announcing his candidacy for president of the United States, Trump released a one-page financial statement "from a big accounting firm—one of the most respected"<ref name=NPR17June>{{cite news |url=http://www.npr.org/sections/itsallpolitics/2015/06/17/415003043/the-problem-with-donald-trumps-one-page-summary-on-his-wealth |title=The Problem With Donald Trump's One-Page Summary on His Wealth |publisher=NPR |first1=Peter |last1=Overby |first2=Domenico |last2=Montanaro |date=June 17, 2015 |accessdate=August 17, 2015}}</ref> stating a net worth of $8,737,540,000.<ref>{{cite news |first1=Robert |last1=Costa |first2=Matea |last2=Gold |title=Donald Trump will declare $9 billion in assets as he reveals 2016 plans |date=June 15, 2015 |website=[[The Washington Post]] |url=https://www.washingtonpost.com/politics/exclusive-trump-will-declare-9-billion-net-worth-as-he-reveals-2016-plans/2015/06/15/a00e74c0-137c-11e5-9ddc-e3353542100c_story.html}}</ref> "I'm really rich", Trump said.<ref name=NPR17June /> ''Forbes'' believed his claim of $9 billion was "a whopper," figuring it was actually $4.1 billion.<ref name=Carlyle16June>{{cite news |url=http://www.forbes.com/sites/erincarlyle/2015/06/16/trump-exaggerating-his-net-worth-by-100-in-presidential-bid/ |title=Trump Exaggerating His Net Worth (By 100%) In Presidential Bid |first=Erin |last=Carlyle |accessdate=August 17, 2015 |date=June 16, 2015 |work=Forbes}}</ref> In June 2015, ''[[Business Insider]]'' published Trump's June 2014 financial statement, noting that $3.3 billion of that total is represented by "Real Estate Licensing Deals, Brand and Branded Developments", described by ''Business Insider'' as "basically [implying] that Trump values his character at $3.3 billion."<ref>{{cite news |url=http://www.businessinsider.com/donald-trump-net-worth-2015-6 |title=Donald Trump's self-described net worth is $8.7 billion&nbsp;– here's the breakdown |date=June 16, 2015 |work=Business Insider |last=Udland |first=Myles}}</ref> In July 2015, federal election regulators released new details of Trump's self-reported wealth and financial holdings when he became a Republican presidential candidate, reporting that his assets are worth above $1.4 billion, which includes at least $70 million in stocks, and a debt of at least $265 million.<ref name="Yahoo News">{{cite news |url=http://finance.yahoo.com/news/donald-trump-wealth-details-released-federal-regulators-165854286--finance.html/ |publisher=[[Yahoo News]] |title=Donald Trump wealth details released by federal regulators |accessdate=August 9, 2015 |deadurl=yes |archiveurl=https://web.archive.org/web/20150801033902/http://finance.yahoo.com/news/donald-trump-wealth-details-released-federal-regulators-165854286--finance.html |archivedate=August 1, 2015}}</ref> According to ''Bloomberg'', for the purposes of Trump's FEC filings Trump "only reported revenue for [his] golf properties in his campaign filings even though the disclosure form asks for income", noting independent filings showing all three of his major European golf properties were unprofitable.<ref name=Melby19July />


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[[File:Las-Vegas-Trump-Hotel-8480.jpg|thumb|left|upright|alt=A tall rectangular-shaped tower in Las Vegas with exterior windows shimmering with 24-carat gold. It is a sunny day and the building is higher than many of the surrounding buildings, which are also towers. There are mountains in the background. This tower is called the Trump Hotel Las Vegas.|[[Trump Hotel Las Vegas]] whose exterior windows are [[gilded]] with 24-carat gold<ref name=LATblog033108>{{cite news |first=Jen |last=Leo |title=Las Vegas Trump Tower opens today |date=March 31, 2008 |website=[[Los Angeles Times]] |url=http://travel.latimes.com/daily-deal-blog/?p=1599# |archiveurl=https://web.archive.org/web/20080426133010/http://travel.latimes.com/daily-deal-blog/?p=1599# |archivedate=April 26, 2008}}</ref>]]
Mortgages on Trump's major properties—including Trump Tower, [[The Trump Building|40 Wall Street]], and the [[Trump National Doral Miami|Trump National Doral]] golf course—each fall into the "above $50 million" range, the highest reportable category on FEC filings, with Trump paying interest rates ranging from 4% to 7.125%.<ref name=Zurcher23July>{{cite news |url=http://www.bbc.com/news/world-us-canada-33644498 |title=Five take-aways from Donald Trump's financial disclosure |publisher=BBC |date=July 23, 2015 |accessdate=March 2, 2016 |first=Anthony |last=Zurcher}}</ref> Mortgages on those three properties were separately reported as $100 million, $160 million, and $125 million in 2013.<ref name=Clarke1Jul>{{cite web |url=http://therealdeal.com/issues_articles/the-8-billion-dollar-man/ |title=What does Donald Trump really own |publisher=The Real Deal |date=July 1, 2013 |accessdate=January 18, 2016 |first=Katherine |last=Clarke}}</ref> Trump is a leaseholder, not owner, of the land beneath 40 Wall Street.<ref name=Craig20Aug /> Other outstanding Trump mortgages and debts are pegged to current market interest rates.<ref name=Zurcher23July /> A 2012 report from Trump's accounting firm estimated $451.7 million in debt and other collateral obligations.<ref name=Clarke1Jul /> Filings in 2015 disclosed debt of $504 million, according to ''Fortune'' magazine.<ref name=Tully2Mar /> ''Bloomberg'' documented debt of at least $605 million in 2016.<ref name=Melby19July /> Trump's outstanding debt was at least $650 million in August 2016, in addition to an outstanding loan of $950 million to the [[Bank of China]] and [[Deutsche Bank]] (among other creditors) on 1290 Avenue of the Americas, in which Trump is a minority owner.<ref name=Craig20Aug>{{cite news|url=http://www.nytimes.com/2016/08/21/us/politics/donald-trump-debt.html|title=Trump’s Empire: A Maze of Debts and Opaque Ties|date=August 20, 2016|accessdate=August 25, 2016|first=Susanne|last=Craig|work=The New York Times}}</ref>

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Trump was listed on the initial ''Forbes List'' of wealthy individuals in 1982 as having an estimated $200 million fortune, including a share of his father's estimated $200 million net worth.<ref name=OBrien2005Oct /> After several years on the list, Trump's financial losses in the 1980s caused him to be dropped from 1990 to 1995, and reportedly obliged him to borrow from his siblings' trusts in 1993;<ref name=OBrien2005Oct>{{cite news |url=http://www.nytimes.com/2005/10/23/business/yourmoney/whats-he-really-worth.html |title=What's He Really Worth? |first=Timothy L. |last=O'Brien |accessdate=February 25, 2016 |date=October 23, 2005 |work=The New York Times}}</ref> in 2005, ''The New York Times'' referred to Trump's "verbal billions" in a skeptical article about Trump's self-reported wealth.<ref name=OBrien2005Oct /> At the time, three individuals with direct knowledge of Trump's finances told reporter [[Timothy L. O'Brien]] that Trump's actual net worth was between $150 and $250 million, though Trump then publicly claimed a net worth of $5 to $6 billion.<ref name=OBrien2005Oct /> Claiming libel, Trump sued the reporter (and his book publisher) for $5 billion, lost the case, and then lost again on appeal; Trump refused to turn over his unredacted tax returns despite his assertion they supported his case.<ref name=Geraghty25Feb>{{cite news |url=http://www.nationalreview.com/article/431915/donald-trump-worth-tax-returns-mitt-romney |title=What if Trump Doesn't Have Billions? |work=National Review |first=Jim |last=Geraghty |date=February 25, 2016 |accessdate=February 25, 2016}}</ref> In a sworn deposition, Trump testified that he once borrowed $9.6 million from his father, calling it "a very small amount of money", but could not recall when he did so;<ref name=Massie5Nov>{{cite news |url=http://www.buzzfeed.com/christophermassie/donald-trump-in-deposition-96-million-i-borrowed-from-dads-e#.eyXQGBEPq |title=Trump In Deposition: $9.6 Million I Borrowed From Dad's Estate A "Small Amount" |work=Buzzfeed |first=Christopher |last=Massie |date=November 5, 2015 |accessdate=February 29, 2016}}</ref> Trump has since told campaign audiences he began his career with "a small loan of one million dollars" from his father,<ref name=Massie5Nov /> which he paid back with interest: "it has not been easy for me", Trump told one New Hampshire crowd.<ref name=Olen26Oct>{{cite news |url=http://www.slate.com/blogs/moneybox/2015/10/26/donald_trump_s_father_gave_him_a_1_million_loan_to_start_out_and_he_thinks.html |title=Donald Trump, Citing $1 Million Loan His Dad Gave Him to Start Out: 'It Has Not Been Easy' |work=Slate |date=October 26, 2015 |accessdate=February 29, 2016 |first=Helaine |last=Olen}}</ref>


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Trump was listed on the initial ''Forbes List'' of wealthy individuals in 1982 as having an estimated $200 million fortune, including a share of his father's estimated $200 million net worth.<ref name=OBrien2005Oct /> After several years on the list, Trump's financial losses in the 1980s caused him to be dropped from 1990 to 1995, and reportedly obliged him to borrow from his siblings' trusts in 1993;<ref name=OBrien2005Oct>{{cite news |url=http://www.nytimes.com/2005/10/23/business/yourmoney/whats-he-really-worth.html |title=What's He Really Worth? |first=Timothy L. |last=O'Brien |accessdate=February 25, 2016 |date=October 23, 2005 |work=The New York Times}}</ref> in 2005, [[Timothy L. O'Brien]] from the ''The New York Times'' referred to Trump's "verbal billions" in a skeptical article about Trump's self-reported wealth.<ref name=OBrien2005Oct /><ref name=OBrien2005Oct /> Claiming libel, Trump sued the reporter (and his book publisher) for $5 billion, lost the case, and then lost again on appeal; Trump refused to turn over his unredacted tax returns despite his assertion they supported his case.<ref name=Geraghty25Feb>{{cite news |url=http://www.nationalreview.com/article/431915/donald-trump-worth-tax-returns-mitt-romney |title=What if Trump Doesn't Have Billions? |work=National Review |first=Jim |last=Geraghty |date=February 25, 2016 |accessdate=February 25, 2016}}</ref> In a sworn deposition, Trump testified that he once borrowed $9.6 million from his father, calling it "a very small amount of money", but could not recall when he did so;<ref name=Massie5Nov>{{cite news |url=http://www.buzzfeed.com/christophermassie/donald-trump-in-deposition-96-million-i-borrowed-from-dads-e#.eyXQGBEPq |title=Trump In Deposition: $9.6 Million I Borrowed From Dad's Estate A "Small Amount" |work=Buzzfeed |first=Christopher |last=Massie |date=November 5, 2015 |accessdate=February 29, 2016}}</ref> Trump has since told campaign audiences he began his career with "a small loan of one million dollars" from his father,<ref name=Massie5Nov /> which he paid back with interest: "it has not been easy for me", Trump told one New Hampshire crowd.<ref name=Olen26Oct>{{cite news |url=http://www.slate.com/blogs/moneybox/2015/10/26/donald_trump_s_father_gave_him_a_1_million_loan_to_start_out_and_he_thinks.html |title=Donald Trump, Citing $1 Million Loan His Dad Gave Him to Start Out: 'It Has Not Been Easy' |work=Slate |date=October 26, 2015 |accessdate=February 29, 2016 |first=Helaine |last=Olen}}</ref>
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[[File:Las-Vegas-Trump-Hotel-8480.jpg|thumb|left|upright|alt=A tall rectangular-shaped tower in Las Vegas with exterior windows shimmering with 24-carat gold. It is a sunny day and the building is higher than many of the surrounding buildings, which are also towers. There are mountains in the background. This tower is called the Trump Hotel Las Vegas.|[[Trump Hotel Las Vegas]] whose exterior windows are [[gilded]] with 24-carat gold<ref name=LATblog033108>{{cite news |first=Jen |last=Leo |title=Las Vegas Trump Tower opens today |date=March 31, 2008 |website=[[Los Angeles Times]] |url=http://travel.latimes.com/daily-deal-blog/?p=1599# |archiveurl=https://web.archive.org/web/20080426133010/http://travel.latimes.com/daily-deal-blog/?p=1599# |archivedate=April 26, 2008}}</ref>]] In April 2011, amid speculation whether Trump would run as a candidate in the United States presidential election of 2012, ''[[Politico]]'' quoted unnamed sources close to him stating that, if Trump should decide to run for president, he would file "financial disclosure statements that [would] show his net worth [was] in excess of $7 billion with more than $250 million of cash, and very little debt."<ref>{{cite news |last=Haberman |first=Maggie |title=Donald Trump: The $7 billion dollar man |url=http://www.politico.com/news/stories/0411/53498.html |work=[[Politico]] |accessdate=May 12, 2013}}</ref> Although Trump did not run as a candidate in the 2012 elections, his "professionally prepared" 2012 financial disclosure was published in his book, which claimed a $7 billion net worth.<ref name="Regnery2011">{{cite book |title=Time to Get Tough: Making America #1 Again |author=Trump, Donald J. |publisher=[[Regnery Publishing]] |date=December 5, 2011 |isbn=978-1-59698-773-9}}</ref>


A July 2015 campaign press release, issued one month after Trump announced his presidential run, said that the FEC filing "was not designed for a man of Mr. Trump's massive wealth"<ref name=Zurcher23July /> and that his "net worth is in excess of {{sic|TEN BILLION DOLLARS}}".<ref>{{cite news |url=http://news.yahoo.com/donald-trump-wealth-details-released-federal-regulators-165854286--finance.html |publisher=[[Yahoo News]] |title=Donald Trump wealth details released by federal regulators}}</ref> However, Trump has testified that "my net worth fluctuates, and it goes up and down with markets and with attitudes and with feelings—even my own feelings."<ref name=Mullany15July>{{cite news |work=The New York Times |date=July 15, 2015 |accessdate=August 17, 2015 |url=http://www.nytimes.com/politics/first-draft/2015/07/15/donald-trump-says-hes-worth-more-than-10-billion/ |title=Donald Trump Claims His Wealth Exceeds 'TEN BILLION DOLLARS' |first=Gerry |last=Mullany}}</ref> On the same day, Trump's own stated estimates of his net worth have varied by as much as $3.3 billion.<ref name=OBrien2005Oct /> Trump has also acknowledged that past exaggerated estimates of his wealth have been "good for financing".<ref name=Lane22Oct>{{cite news |url=http://forbesindia.com/printcontent/41321 |title=What's Donald Trump really worth? |date=October 22, 2015 |accessdate=December 4, 2015 |work=Forbes India |first=Randall |last=Lane}}</ref> ''Forbes'' has said that although Trump "shares a lot of information with us that helps us get to the figures we publish," he "consistently pushes for a higher net worth—especially when it comes to the value of his personal brand."<ref name=Carlyle16June /> ''Forbes'' reduced its estimate of Trump's net worth by $125 million following Trump's controversial 2015 remarks about Mexican illegal immigrants, which ended Trump's business contracts with [[NBCUniversal]], [[Univision]], [[Macy's]], [[Serta (company)|Serta]], [[PVH (company)|PVH Corporation]], and Perfumania.<ref name=Carlyle15July>{{cite news |url=http://www.forbes.com/sites/erincarlyle/2015/07/15/donald-trump-says-he-is-worth-10-billion-files-personal-financial-disclosure/ |title=As Trump Files FEC Disclosure, He Raises Claimed Net Worth To $10 Billion; Forbes Disagrees |work=Forbes |first=Erin |last=Carlyle |date=July 15, 2015 |accessdate=August 17, 2015}}</ref> An internal [[Young & Rubicam]] study of Trump's brand among high-income consumers showed "plummeting" ratings for traits such as "prestigious", "upper class", and "glamorous" at the end of 2015, suggesting that Trump's various businesses could face market difficulties and financing challenges in the future.<ref name=Johnson11Jan>{{cite news |url=http://www.politico.com/magazine/story/2016/01/donald-trump-2016-brand-business-213515 |title=Trump's Campaign Is Damaging His Brand |date=January 11, 2016 |accessdate=January 11, 2016 |first1=Will |last1=Johnson |first2=Michael |last2=D'Antonio |work=Politico}}</ref>
''Forbes'' reduced its estimate of Trump's net worth by $125 million following Trump's controversial 2015 remarks about Mexican illegal immigrants, which ended Trump's business contracts with [[NBCUniversal]], [[Univision]], [[Macy's]], [[Serta (company)|Serta]], [[PVH (company)|PVH Corporation]], and Perfumania.<ref name=Carlyle15July>{{cite news |url=http://www.forbes.com/sites/erincarlyle/2015/07/15/donald-trump-says-he-is-worth-10-billion-files-personal-financial-disclosure/ |title=As Trump Files FEC Disclosure, He Raises Claimed Net Worth To $10 Billion; Forbes Disagrees |work=Forbes |first=Erin |last=Carlyle |date=July 15, 2015 |accessdate=August 17, 2015}}</ref>


The value of the Trump brand may have fallen due to his presidential campaign. Some consumers say they are avoiding purchasing Trump-branded products and services as a protest against Trump and his campaign.<ref>{{Cite news|url=http://www.nytimes.com/2016/10/18/us/politics/donald-trump-brand-reaction.html|title=The New Protesters Defying Donald Trump: His Customers|last=Barbaro|first=Michael|date=2016-10-17|newspaper=The New York Times|issn=0362-4331|access-date=2016-10-18}}</ref> Bookings and foot traffic at Trump-branded hotels and casinos fell off sharply in 2016, primarily driven by a decrease in visits to the properties by women.<ref>{{cite news|url=http://time.com/money/4349354/donald-trump-hurt-hotel-bookings/|title=Hotel Bookings at Donald Trump’s Hotels Are Way Down|last=Wolff-Mann|first=Ethan|date=May 26, 2016|work=Money Magazine|accessdate=18 October 2016}}</ref><ref>{{cite news|url=http://www.cnbc.com/2016/08/04/trump-hotels-and-casino-traffic-has-taken-a-huge-hit-since-trump-started-running-for-president-commentary.html|title=Trump hotels and casino traffic has taken a huge hit since Trump started running for president|date=August 4, 2016|work=CNBC|accessdate=18 October 2016}}</ref> Following the release of the [[Access Hollywood tape recordings|''Access Hollywood'' tape recordings]] in October 2016, the value of the Trump brand was reported to have taken a further hit, with estimates of the reduction in the brand's added value of up to 13 [[percentage point]]s.<ref name="auto2">{{Cite news|url=http://www.wsj.com/articles/is-trump-teflon-most-say-no-as-brand-perception-takes-a-hit-1476202205|title=Is Trump Teflon? Most Say No as Brand Perception Takes a Hit|last=Bruell|first=Alexandra|date=October 11, 2016|newspaper=Wall Street Journal|issn=0099-9660|access-date=October 12, 2016}}</ref><ref name="auto2"/><ref>{{Cite web|url=http://www.cnbc.com/2016/10/10/tape-release-further-erodes-trump-brand-survey.html|title=Tape release further erodes Trump brand: Survey|last=Castillo|first=Michelle|date=October 10, 2016|website=CNBC|access-date=October 12, 2016}}</ref>
The value of the Trump brand may have fallen due to his presidential campaign. Some consumers say they are avoiding purchasing Trump-branded products and services as a protest against Trump and his campaign.<ref>{{Cite news|url=http://www.nytimes.com/2016/10/18/us/politics/donald-trump-brand-reaction.html|title=The New Protesters Defying Donald Trump: His Customers|last=Barbaro|first=Michael|date=2016-10-17|newspaper=The New York Times|issn=0362-4331|access-date=2016-10-18}}</ref> Bookings and foot traffic at Trump-branded hotels and casinos fell off sharply in 2016, primarily driven by a decrease in visits to the properties by women.<ref>{{cite news|url=http://time.com/money/4349354/donald-trump-hurt-hotel-bookings/|title=Hotel Bookings at Donald Trump’s Hotels Are Way Down|last=Wolff-Mann|first=Ethan|date=May 26, 2016|work=Money Magazine|accessdate=18 October 2016}}</ref><ref>{{cite news|url=http://www.cnbc.com/2016/08/04/trump-hotels-and-casino-traffic-has-taken-a-huge-hit-since-trump-started-running-for-president-commentary.html|title=Trump hotels and casino traffic has taken a huge hit since Trump started running for president|date=August 4, 2016|work=CNBC|accessdate=18 October 2016}}</ref> Following the release of the [[Access Hollywood tape recordings|''Access Hollywood'' tape recordings]] in October 2016, the value of the Trump brand was reported to have taken a further hit, with estimates of the reduction in the brand's added value of up to 13 [[percentage point]]s.<ref name="auto2">{{Cite news|url=http://www.wsj.com/articles/is-trump-teflon-most-say-no-as-brand-perception-takes-a-hit-1476202205|title=Is Trump Teflon? Most Say No as Brand Perception Takes a Hit|last=Bruell|first=Alexandra|date=October 11, 2016|newspaper=Wall Street Journal|issn=0099-9660|access-date=October 12, 2016}}</ref><ref name="auto2"/><ref>{{Cite web|url=http://www.cnbc.com/2016/10/10/tape-release-further-erodes-trump-brand-survey.html|title=Tape release further erodes Trump brand: Survey|last=Castillo|first=Michelle|date=October 10, 2016|website=CNBC|access-date=October 12, 2016}}</ref>

Revision as of 04:17, 24 October 2016

PROPOSED CHANGE FOR DONALD TRUMP ARTICLE (go back to new article proposal)

Real estate

See also: The Trump Organization

Early Career

Prior to graduating from college, Trump began his real estate career at his father, Fred Trump's company,[1] Elizabeth Trump and Son,[2] which focused on middle-class rental housing in the New York City boroughs of Brooklyn, Queens, and Staten Island. During his undergraduate study, Fred and Donald Trump used a $500,000 investment to successfully reopen the foreclosed Swifton Village apartment complex in Cincinnati, Ohio.[3]

He was given control of the company in 1971 and, in one of his first acts, renamed the company to The Trump Organization.[4][5] He became the president of the organization in 1973. That year, he and his father drew wider attention when they were sued for allegedly discriminating against African Americans who wanted to rent apartments. An agreement was later signed in which the Trumps made no admission of wrongdoing, and under which qualified minority applicants would be presented by the Urban League.[6][7]

Trump's first big deal in Manhattan was the building of the Grand Hyatt Hotel in 1978 near Grand Central Station, which was largely funded by a $70 million construction loan jointly guaranteed by Fred Trump and the Hyatt hotel chain.[8][9]

Trump Tower

Main article: Trump Tower (New York City)
a view upward toward the top of the Trump Tower, a 58-floor building with a brown-glassed facade
Trump Tower seen from the entrance

In 1983, Trump completed development of Trump Tower, a 58-story skyscraper in Midtown Manhattan. The building houses both the primary penthouse condominium residence of Donald Trump and the headquarters of the Trump Organization.[10] Trump Tower was the setting of the NBC television show The Apprentice, including a fully functional television studio set.[11]

The building occupies the former site of the architecturally significant Bonwit Teller flagship store. Its demolition in 1980 was controversial due to the destruction of valuable Art Deco bas-relief sculptures on its facade,[12][13] as well as a contractor's use of some 200 undocumented Polish immigrant workers, who were reportedly paid 4–5 dollars per hour for work in 12-hour shifts.[14][15] Trump testified in 1990 that he rarely visited the site and was unaware of the illegal workers.[16][17]

Expansion

An outdoor skating rink with many people on the rink. There are skyscrapers in the background. This is the Wollman Rink in Central Park.
Wollman Rink in Central Park

Harrah's at Trump Plaza opened in Atlantic City in 1984. The hotel/casino was built by Trump with financing by Holiday Corp.[18], but the casino's poor results exacerbated disagreements between Trump and Holiday Corp.[19] Trump also acquired a partially completed building in Atlantic City from the Hilton Corporation for $320 million. When completed in 1985, the hotel/casino became Trump Castle. Trump's wife, Ivana, managed the property.[20]

Trump acquired the Mar-a-Lago estate in Palm Beach, Florida, in 1985 for $5 million, plus $3 million for the home's furnishings. In addition to using the home as a winter retreat, Trump also turned it into a private club with membership fees of $150,000. At about the same time, he acquired a condominium complex in Palm Beach with Lee Iacocca that became Trump Plaza of the Palm Beaches.[21]

In June 1986, Trump asked New York City mayor Ed Koch to give him the task of repairing Wollman Rink in Central Park, which was $12 million over budget and behind schedule, to which Koch agreed. Trump completed the project in three months for $1.95 million, which was $775,000 less than the initial budget, and operated the rink for one year with the profits going to a charity while gaining the rink's concession rights.[22]

Trump acquired the Plaza Hotel in Manhattan in 1988. He paid $400 million for the property and once again tapped Ivana to manage its operation and renovation.[23]

The facade of the Trump Taj Mahal, a casino in Atlantic City. It has motifs evocative of the Taj Mahal in India. A tall building with the resort's name stands in the background.
Trump Taj Mahal, at 1000 Boardwalk in Atlantic City, New Jersey

Later in 1988, Trump acquired the Taj Mahal Casino in Atlantic City, New Jersey, in a transaction with Merv Griffin and Resorts International.[24] The casino was opened in April 1990, and was built at a total cost of $1.1 billion, which at the time made it the most expensive casino ever built.[25][26] Financed with $675 million in junk bonds[27] at a 14% interest rate, the project entered Chapter 11 bankruptcy the following year.[28] Banks and bondholders, facing potential losses of hundreds of millions of dollars, opted to restructure the debt.

The Taj Mahal emerged from bankruptcy on October 5, 1991, with Trump ceding 50 percent ownership in the casino to the bondholders in exchange for lowered interest rates and more time to pay off the debt.[29] He also sold his financially challenged Trump Shuttle airline and his 282-foot (86 m) megayacht, the Trump Princess.[27][30][31] The property was repurchased in 1996 and consolidated into Trump Hotels & Casino Resorts, which filed for bankruptcy in 2004 with $1.8 billion in debt, filing again for bankruptcy five years later with $50 million in assets and $500 million in debt. The restructuring ultimately left Trump with 10% ownership in the Trump Taj Mahal and other Trump casino properties.[31] Trump served as chairman of the organization, which was renamed Trump Entertainment Resorts, from mid-1995 until early 2009, and served as CEO from mid-2000 to mid-2005.[32]

Business bankruptcies

Main article: Legal affairs of Donald Trump § Use of bankruptcy laws

Trump has never filed for personal bankruptcy, but hotel and casino businesses of his have been declared bankrupt six times between 1991 and 2009 to re-negotiate debt with banks and owners of stock and bonds.[33][34] Because the businesses used Chapter 11 bankruptcy, they were allowed to operate while negotiations proceeded. Trump was quoted by Newsweek in 2011 saying, "I do play with the bankruptcy laws – they’re very good for me" as a tool for trimming debt.[35][36]

The six bankruptcies were the result of over-leveraged hotel and casino businesses in Atlantic City and New York: Trump Taj Mahal (1991), Trump Plaza Hotel and Casino (1992), Plaza Hotel (1992), Trump Castle Hotel and Casino (1992), Trump Hotels and Casino Resorts (2004), and Trump Entertainment Resorts (2009).[37][38][39] Trump said, "I've used the laws of this country to pare debt. ... We'll have the company. We'll throw it into a chapter. We'll negotiate with the banks. We'll make a fantastic deal. You know, it's like on The Apprentice. It's not personal. It's just business."[28]

Inheritance and further acquisitions

Trump acquired an old, vacant office building on Wall Street in Manhattan in 1996. After a complete renovation, it became the seventy-story Trump Building at 40 Wall Street.[40] After his father died in 1999, Trump and his siblings received equal portions of his father's estate valued at $250–300 million.[41]

In 2001, Trump completed Trump World Tower, a 72-story residential tower across from the United Nations Headquarters.[42] Trump also began construction on Trump Place, a multi-building development along the Hudson River. He continued to own commercial space in Trump International Hotel and Tower, a 44-story mixed-use (hotel and condominium) tower on Columbus Circle which he acquired in 1996,[43] and also continued to own millions of square feet of other prime Manhattan real estate.[44]

Trump acquired the former Hotel Delmonico in Manhattan in 2002. It was re-opened with 35 stories of luxury condominiums in 2004 as the Trump Park Avenue.[45]

Trump has licensed his name and image for the development of a number of real estate projects including two Trump-branded real estate projects in Florida that have gone into foreclosure.[46] The Turkish owner of Trump Towers Istanbul, who pays Trump for the use of his name, was reported in December 2015 to be exploring legal means to dissociate the property after the candidate's call to temporarily ban Muslims from entering the United States.[47]

Trump also licensed his name to son-in-law Jared Kushner's fifty story Trump Bay Street, a Jersey City luxury development that has raised $50 million of its $200 million capitalization largely from wealthy Chinese nationals who, after making an initial down payment of $500,000 in concert with the government's expedited EB-5 visa program, can usually obtain United States permanent residency for themselves and their families after two years.[48] Trump is a partner with Kushner Properties only in name licensing and not in the building's financing.[48]

Golf courses

A wide, sprawling golf course. In the background is the Turnberry Hotel, a two-story hotel with white facade and a red roof. This picture was taken in Ayrshire, Scotland.
A view of the Turnberry Hotel, in Ayrshire, Scotland

The Trump Organization operates many golf courses and resorts in the United States and around the world. The number of golf courses that Trump owns or manages is about 18, according to Golfweek.[49] Trump's personal financial disclosure with the Federal Elections Commission stated that his golf and resort revenue for the year 2015 was roughly $382 million.[50][51]

In 2006, Trump bought the Menie Estate in Balmedie, Aberdeenshire, Scotland, creating a golf resort against the wishes of local residents [52] on an area designated as a Site of Special Scientific Interest.[53][54] A 2011 independent documentary, You've Been Trumped, by British filmmaker Anthony Baxter, chronicled the golf resort's construction and the subsequent struggles between the locals and Donald Trump.[55] Despite Trump's promises of 6,000 jobs, in 2016, by his own admission, the golf course has created only 200 jobs.[56]

In April 2014, Trump purchased the Turnberry hotel and golf resort in Ayrshire, Scotland, which is a regular fixture in the Open Championship rota.[57][58] In June 2015, Trump made an appeal objecting to an offshore windfarm (Aberdeen Bay Wind Farm) being built within sight of the golf course,[59] which was dismissed by five justices at the UK Supreme Court in December 2015.[60]

Sports events

Trump at a baseball game in 2009. He is wearing a baseball cap and sitting amid a large crowd, behind a protective net.
Trump at a baseball game in 2009

In 1983, Trump's New Jersey Generals became a charter member of the new United States Football League (USFL). The USFL played its first three seasons during the spring and summer, but Trump convinced the majority of the owners of other USFL teams to move the USFL 1986 schedule to the fall, directly opposite the National Football League (NFL), arguing that it would eventually force a merger with the NFL, which would supposedly increase their investment significantly.[61]

After the 1985 season, the Generals merged with the Houston Gamblers, but had continuing financial troubles. The USFL, which was down to just 7 active franchises from a high of 18, was soon forced to fold, despite winning an antitrust lawsuit against the NFL.[62]

Trump attempted to buy the NFL's Buffalo Bills in 2014 but was unsuccessful. During his 2016 presidential run, he has been critical of the NFL's updated concussion rules, complaining on the campaign trail that the game has been made "soft" and "weak," saying a concussion is just "a ding on the head." He accused referees of throwing penalty flags needlessly just to be seen on television "so their wives see them at home."[63]

Trump remained involved with other sports after the Generals folded, operating golf courses in several countries.[62] He also hosted several boxing matches in Atlantic City at the Trump Plaza, including Mike Tyson's 1988 fight against Michael Spinks, and at one time acted as a financial advisor for Tyson.[62][64][65]

In 1989 and 1990, Trump lent his name to the Tour de Trump cycling stage race, which was an attempt to create an American equivalent of European races such as the Tour de France or the Giro d'Italia. The inaugural race was controversial, and Trump withdrew his sponsorship after the second Tour de Trump in 1990, because his other business ventures were experiencing financial woes. The race continued for several more years as the Tour DuPont.[66][67]

In February 1992, Mike Tyson was convicted in Indiana for raping an 18-year-old beauty pageant contestant. Before he was sentenced, Trump stated that the trial was a "travesty" and that he had seen many women groping Tyson. Tyson was sentenced to a six-year term, and continued his boxing career only after he was paroled in 1995. In 2016, Tyson endorsed Trump's presidential candidacy.[68][69]

Beauty pageants

Further information: Miss USA, Miss Universe, and Miss Teen USA

From 1996 until 2015,[70] Trump owned part or all of the Miss Universe, Miss USA, and Miss Teen USA beauty pageants. The Miss Universe pageant was founded in 1952 by the California clothing company Pacific Mills.[71] Trump was dissatisfied with how CBS scheduled his pageants, and took both Miss Universe and Miss USA to NBC in 2002.[72][73]

In 2006, Miss USA winner Tara Conner tested positive for cocaine, but Trump let her keep the crown, for the sake of giving her a second chance.[74] That decision by Trump was criticized by Rosie O'Donnell, which led to a very blunt and personal rebuttal by Trump criticizing O'Donnell.[75] In 2012, Trump won a $5 million arbitration award against a contestant who claimed the show was rigged.[76]

In 2015, NBC and Univision both ended their business relationships with the Miss Universe Organization after Trump's controversial 2015 presidential campaign remarks about Mexican illegal immigrants.[77][78] Trump subsequently filed a $500 million lawsuit against Univision, alleging a breach of contract and defamation.[79][80]

On September 11, 2015, Trump announced that he had become the sole owner of the Miss Universe Organization by purchasing NBC's stake, and that he had "settled" his lawsuits against the network,[81] though it was unclear whether Trump had yet filed lawsuits against NBC.[82] He sold his own interests in the pageant shortly afterwards, to WME/IMG.[70] The $500 million lawsuit against Univision was settled in February 2016, but terms of the settlement were not disclosed.[83]

Trump University

Main articles: Trump University and Cohen v. Trump

Trump University LLC[84] was an American for-profit education company that ran a real estate training program from 2005 until at least 2010. After multiple lawsuits, it is now defunct. It was founded by Donald Trump and his associates, Michael Sexton and Jonathan Spitalny.[85] The company offered courses in real estate, asset management, entrepreneurship, and wealth creation, charging between $1,500 and $35,000 per course.[86] In 2005 the operation was notified by New York State authorities that its use of the word "university" violated state law. After a second such notification in 2010, the name of the operation was changed to the "Trump Entrepreneurial Institute".[87] Trump was also found personally liable for failing to obtain a business license for the operation.[88] In 2013 the state of New York filed a $40 million civil suit claiming that Trump University made false claims and defrauded consumers; the lawsuit is ongoing as of 2016.[87][89] In addition, two class-action civil lawsuits are pending in federal court relating to Trump University; they name Donald Trump personally as well as his companies.[90] One of the cases, Low v. Trump, is set for trial on November 28, 2016.[91]

Trump repeatedly criticized a judge, Gonzalo P. Curiel, who is overseeing two of the Trump University cases. During campaign speeches and interviews up until June 2016, Trump called Curiel a "hater of Donald Trump", saying his rulings have been unfair, and that Curiel "happens to be, we believe, Mexican, which is great. I think that's fine",[92] while suggesting that the judge's ethnicity posed a conflict of interest in light of Trump's proposal to build a wall on the United States–Mexican border.[91][93][94][95] Many legal experts were critical of Trump's attacks on Curiel, often viewing them as racially charged, unfounded, and an affront to the concept of an independent judiciary.[96][97][98] On June 7, 2016, Trump issued a lengthy statement saying that his criticism of the judge had been "misconstrued" and that his concerns about Curiel's impartiality were not based upon ethnicity alone, but also upon rulings in the case.[99][100]

Branding and licensing

See also: List of things named after Donald Trump
a bottle of water with Trump's portrait and the words "Trump Ice" on a blue label
Trump Ice bottled water

Trump has marketed his name on a large number of building projects as well as commercial products and services, achieving mixed success doing so for himself, his partners, and investors in the projects.[101][102][nb 1] In 2011, Forbes' financial experts estimated the value of the Trump brand at $200 million. Trump disputed this valuation, saying his brand was worth about $3 billion.[121]

Many developers pay Trump to market their properties and to be the public face for their projects.[122] For that reason, Trump does not own many of the buildings that display his name.[122] 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). In June 2015, Forbes pegged the Trump brand at $125 million[123] as retailers like Macy's Inc. and Serta Mattresses began dropping Trump-branded products.[124][125]

Taxes and income

See also: § Presidential campaign, 2016

Trump has released some financial information,[50] but has declined to publicly release any of his full tax returns,[126] saying that he will do so before the 2016 election if what his attorneys described as an ongoing audit by the Internal Revenue Service (IRS) is completed covering tax returns for the years 2009 through 2016.[127][128] According to a July 2015 press release from his campaign manager, Trump's "income" for the year 2014 was $362 million ("which does not include dividends, interest, capital gains, rents and royalties").[129] His disclosure filings for the year 2015 stated that his total gross revenue was in excess of $611 million.[50]

Fortune magazine has reported that the $362 million figure as stated on his Federal Election Commission (FEC) filings is not "income" but gross revenue before salaries, interest payments on outstanding debt, and other business-related expenses; Trump's net income was "most likely" about one-third of that.[130][131] According to public records, Trump received a $302 New York tax rebate in 2013 (and in two other recent years) given to couples earning less than $500,000 per year, who submit as proof their federal tax returns.[131] Trump's campaign manager has suggested that Trump's tax rebate was an error.[131]

In October 2016, it was revealed that Trump had claimed a loss of $916 million on his 1995 tax returns. As tax losses from one year can be applied to offset income from future years, the $916 million loss allowed him to reduce or eliminate his taxable income (and consequently his US federal income taxes) during the eighteen year carry forward period.[132] Trump acknowledged he used the loss but declined to provide details such as the specific years the loss was applied.[133]

Net worth

A Boeing 757 with blue, red, and white livery, idling on a runway. This plane belongs to Trump, who nicknamed it "Trump Force One" during Trump's 2016 presidential campaign.
Trump's Boeing 757, nicknamed "Trump Force One" during Trump's 2016 presidential campaign[134][135]

In 2016, Forbes estimated Trump's net worth at $3.7 billion, and Bloomberg $3 billion.[136][137] These estimates would make him one of the richest politicians in American history. He has often given much higher estimates, sometimes over $10 billion, with the discrepancy due in part to the uncertainty of appraised property values, as well as his own assessment of the value of his personal brand.[136][138] As of 2016, Forbes ranked him the 156th wealthiest person in the U.S.[137] and the 324th wealthiest in the world.[139]

On June 16, 2015, just prior to announcing his candidacy for president of the United States, Trump released a one-page financial statement "from a big accounting firm—one of the most respected"[140] stating a net worth of $8,737,540,000.[141] "I'm really rich", Trump said.[140] Forbes believed his claim of $9 billion was "a whopper," figuring it was actually $4.1 billion.[142] In June 2015, Business Insider published Trump's June 2014 financial statement, noting that $3.3 billion of that total is represented by "Real Estate Licensing Deals, Brand and Branded Developments", described by Business Insider as "basically [implying] that Trump values his character at $3.3 billion."[143] In July 2015, federal election regulators released new details of Trump's self-reported wealth and financial holdings when he became a Republican presidential candidate, reporting that his assets are worth above $1.4 billion, which includes at least $70 million in stocks, and a debt of at least $265 million.[144] According to Bloomberg, for the purposes of Trump's FEC filings Trump "only reported revenue for [his] golf properties in his campaign filings even though the disclosure form asks for income", noting independent filings showing all three of his major European golf properties were unprofitable.[136]

A tall rectangular-shaped tower in Las Vegas with exterior windows shimmering with 24-carat gold. It is a sunny day and the building is higher than many of the surrounding buildings, which are also towers. There are mountains in the background. This tower is called the Trump Hotel Las Vegas.
Trump Hotel Las Vegas whose exterior windows are gilded with 24-carat gold[145]

Trump was listed on the initial Forbes List of wealthy individuals in 1982 as having an estimated $200 million fortune, including a share of his father's estimated $200 million net worth.[146] After several years on the list, Trump's financial losses in the 1980s caused him to be dropped from 1990 to 1995, and reportedly obliged him to borrow from his siblings' trusts in 1993;[146] in 2005, Timothy L. O'Brien from the The New York Times referred to Trump's "verbal billions" in a skeptical article about Trump's self-reported wealth.[146][146] Claiming libel, Trump sued the reporter (and his book publisher) for $5 billion, lost the case, and then lost again on appeal; Trump refused to turn over his unredacted tax returns despite his assertion they supported his case.[147] In a sworn deposition, Trump testified that he once borrowed $9.6 million from his father, calling it "a very small amount of money", but could not recall when he did so;[148] Trump has since told campaign audiences he began his career with "a small loan of one million dollars" from his father,[148] which he paid back with interest: "it has not been easy for me", Trump told one New Hampshire crowd.[149]

Forbes reduced its estimate of Trump's net worth by $125 million following Trump's controversial 2015 remarks about Mexican illegal immigrants, which ended Trump's business contracts with NBCUniversal, Univision, Macy's, Serta, PVH Corporation, and Perfumania.[150]

The value of the Trump brand may have fallen due to his presidential campaign. Some consumers say they are avoiding purchasing Trump-branded products and services as a protest against Trump and his campaign.[151] Bookings and foot traffic at Trump-branded hotels and casinos fell off sharply in 2016, primarily driven by a decrease in visits to the properties by women.[152][153] Following the release of the Access Hollywood tape recordings in October 2016, the value of the Trump brand was reported to have taken a further hit, with estimates of the reduction in the brand's added value of up to 13 percentage points.[154][154][155]

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