The Trump Organization

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The Trump Organization
Industry Conglomerate
Founded 1923; 93 years ago (1923)
(as Elizabeth Trump & Son[1])
Founders Elizabeth Christ Trump and Fred Trump
Headquarters Trump Tower
725 Fifth Avenue
New York, NY 10022
United States
Area served
Worldwide
Key people
Services
Owner Donald Trump (100%)
Number of employees
22,450[5]
Website www.trump.com

The Trump Organization (formerly Elizabeth Trump & Son) is an American privately owned international conglomerate based in Trump Tower in Midtown Manhattan, New York City. It serves as the principal holding company for Donald Trump's business ventures and investments. It is owned and managed by Donald Trump and three of his eldest children—Donald Trump Jr., Ivanka Trump, and Eric Trump—serving as EVPs within the organization.[6]

The Trump Organization has interests in real estate development, investing, brokerage, sales and marketing, and property management. The company owns, operates, invests, and develops residential real estate, hotels, resorts, residential towers, and golf courses in different countries, as well as owning several hundred thousand square feet (several hectares) of prime Manhattan real estate. It lists involvement in 515 subsidiaries and entities with 264 of them bearing Trump's name and another 54 including his initials.[12] With investments within the United States and globally, The Trump Organization spans a wide variety of industries including real estate, construction, hospitality, entertainment, book and magazine publishing, media, model management, retail, financial services, board game development, food and beverages, business education, online travel, airlines, helicopter air services and beauty pageants.[7][13] It owns a New York television production company that produces television programs including the reality television program, The Apprentice.[14] Furthermore, the company engages in retailing providing fashion apparel, home furnishings, jewelry and accessories, books, chocolate bars, furniture, lighting products, bath textiles and accessories, bedding and home fragrance products, small leather goods, crystal stemware, barware and gifts, and bottled spring water.[15]

The Trump Organization has divested a number of properties that continue to bear the Trump name. For example, it recently sold its stake in Trump Entertainment Resorts, which owns the Trump Taj Mahal, the Trump Plaza, and the Trump Marina casinos in Atlantic City, New Jersey.[16]

History[edit]

Founding and early history[edit]

An early logotype of the Trump Organization, as it appeared in 1976 correspondence from Donald Trump to the Penn Central Transportation Company.

Elizabeth Christ Trump, grandmother of Donald Trump, founded Elizabeth Trump & Son in 1923 with her son Fred Trump who was 18 at the time.[17][18][19] Elizabeth and her husband Frederick Trump had moved to the borough of Queens in 1906 where her husband began developing real estate. In 1918, however, he died of influenza leaving an estate valued at $31,359 ($492,016 in 2016 dollars)[20]

Elizabeth had a “remarkable talent”[17] for keeping the real estate business going after her husband's death. She had a local contractor build houses on an empty piece of property they owned, sold the houses, and lived off the mortgage and rental proceeds paid by the new owners. Her vision was to have her three children continue the family business when they finished school, but her middle son Fred, wanted to start earlier. She founded the company “Elizabeth Trump & Son” to give him his start. Since he was under age, she signed all legal documents. Fred eventually became a successful real estate developer himself but Elizabeth would remain involved throughout her life. Even in her 70's she would collect coins from the laundromats in the Trump buildings.[17]

Leadership under Donald Trump[edit]

Donald Trump worked for Elizabeth Trump & Son while attending the Wharton School of the University of Pennsylvania, and in 1968 officially joined the company.[21] He was given control of the company in 1971[22][23] and later renamed it The Trump Organization.

Real estate holdings[edit]

As of 2015, it is estimated that Trump's real estate holdings were worth about US$3.5 billion with a value of commercial properties totaled at US$1.3 billion, his residential properties at US$410 million, and his club facilities at US$866 million, and an additional US$940 million for properties he has less than 100 percent stake in.[24] Trump's real estate holdings form the core of his assets and provide much of his income, with a wide array of real estate licensing, branding and marketing deals and royalties that provide millions in annual cash flow.[25][26][27] In 2015, Trump earned $71 million from condo sales and collects $41.9 million in rental income on his buildings annually.[28]

Selected completed properties[edit]

  • Trump Tower, 725 Fifth Avenue, Midtown Manhattan: A 58-story mixed-use tower,[29] the headquarters of the Trump Organization, now 100 percent leased, was developed by a business partnership between the Trump Organization and the Equitable Life Assurance Society of the United States in 1983. Trump retains full control of the commercial and retail components of the tower.[30] In 2006, it was valued at $318 million, less a $30 million mortgage.[31] The total value of Trump Tower’s commercial and retail spaces is $460 million. The building was refinanced for $100 million in August 2012, allowing Trump to take a cash distribution of over $73 million.[32]
    • Personal Residence Trump Tower: Top 3 floors of Trump Tower with approximately 30,000 square feet (3,000 m²) of space; the triplex penthouse is decorated in diamond, 24-carat gold and marble, and features an interior fountain and a massive Italianate-style painting on the ceilings.[30] Worth as much as $50 million, it is one of the most valuable apartments in New York City.[33]
  • Trump World Tower, 845 United Nations Plaza, also in Midtown Manhattan: In 2006, Forbes estimated "$290 million in profits and unrealized appreciation" going to Trump.[31]
  • AXA Financial Center 1290 Avenue of the Americas, New York City and 555 California Street, in San Francisco: When Trump was forced to sell a stake in the railyards on Manhattan's West Side, the Asian group to which he sold then sold much of the site for $1.76 billion. Trump owns a 30 percent stake in both 1290 Sixth Avenue and 555 California Street. A 43-story trophy office tower, 1290 Sixth is worth as much as $1.5 billion.[30] Trump's stake is estimated to be $450 million.[30] Trump's interest in 555 California Street is worth $400 million.[30]
  • The Trump Building at 40 Wall Street: Trump bought and renovated this building for $1 million in 1995. The pre-tax net operating income at the building as of 2011 was $20.89 million USD and is valued at $350 to $400 million, according to the New York Department of Finance. Trump took out a $160 million mortgage attached to the property with an interest rate of 5.71 percent to use for other investments.[30] Forbes valued the property at $260 million in 2006.[31]
  • Trump Entertainment Resorts: This company, now owned by billionaire Carl Icahn, owns two Trump branded casino resorts, only one of which continues to operate today. After a long period of financial trouble, the company entered bankruptcy protection in 2001, 2004, 2009, and later in 2014 owing $1.2 billion in debts. In 2004, Trump agreed to invest $55 million cash in the new company and pay $16.4 million to the company's debtors. In return he held a 29.16% stake in the new public company. This stake was worth approximately $171 million in October 2006. After the 2004 bankruptcy filing, the company changed its name from Trump Hotels & Casino Resorts to Trump Entertainment Resorts. The Trump branded casino resorts include the Trump Taj Mahal, Trump Plaza and at one time Trump Castle/Trump Marina, which was sold in bankruptcy court to Landry's Restaurants, Inc. on May 23, 2011 and renamed Golden Nugget Atlantic City. The business emerged from bankruptcy in 2016 with its transfer to Icahn Enterprises, in which the Trump Organization lost all its stake and must continue to provide Trump's name for the building.[16]
  • Riverside South/Trump Place: Riverside South is currently the largest single private development in New York City. Until he ceased active involvement in 2001, Trump was the developer, although the majority interest was held by investors from Hong Kong through their Hudson Waterfront Associates. When the property was sold in 2005, Trump contended that it was worth twice the $1.7 billion sales price and in 2006 sued his partners for proceeding without his consent, seeking $1 billion in damages. The suit was dismissed. Bloomberg values Trump's share of the two office buildings in which the sale proceeds were invested at $640 million.[34]
  • Trump International Hotel and Tower Chicago: The entire project is valued at $1.2 billion ($112 million stake for Trump).
  • Trump Hotel Las Vegas: A joint development with fellow Forbes 400 members, Phil Ruffin, and Jack Wishna. Trump's stake is valued at $162 million.
  • Trump International Hotel and Tower New York: Trump provided his name and expertise to the building's owner (GE) during the building's re-development in 1994 for a fee totaling $40 million ($25 million for project management and $15 million in incentives deriving from the condo sales). Forbes values Trump's stake at $12 million. In March 2010, the penthouse apartment at Trump International Hotel & Tower in New York City sold was for $33 million.[35][36]
  • Trump Park Avenue Park Avenue & 59th Street: It is valued at $142 million. Trump owns 23 apartments at Trump Park Avenue, which he rents for rates as high as $100,000 per month, and 19 units at Trump Parc.[30]
  • Nike Store: The NikeTown store is located in Trump Tower. The leasehold valued at $200 million. Nike’s lease in the building expires in 2017 and the building serves as collateral for bonds held by Trump worth $46.4 million.[30]
  • Palm Beach estate: A 43,000 square feet (4,000 m²) large oceanfront mansion lot in Palm Beach. Trump purchased this property for $40 million at a bankruptcy auction in 2004. Trump sold the property for $100 million in June 2008, making it the most expensive house ever sold in the United States. (The previous record is $70 million for Ron Perelman's Palm Beach estate in 2004.). Forbes values his stake in the property for $43 million.[37] Trump also owns two private homes in Palm Beach, Fla., adjacent to his Mar-a-Lago country club. Trump controls the two residential properties as real estate investments rather than vacation spots. The homes are worth around $6.5 million and $3 million.[30]
  • Mar-a-Lago Palm Beach, Florida: Most of this estate has been converted into a private club. This landmark property, according to Trump, has received bids near $200,000,000. However, Forbes magazine does not take into account either of Trump's large vacation residences (Mar-a-Lago or his 213-acre (0.86 km2) spread near Bedford, NY in Westchester County, NY) for its valuation of his wealth. The property is worth as much as $250 million as of 2013.[30]
  • Seven Springs: A 213-acre estate located outside the town of Bedford in Westchester County. The building features a 13-bedroom mansion, but is also zoned to allow for the construction of 13 additional homes at the site. Trump paid $7.5 million for the entire property in 1995. Local Westchester County brokers put the property’s value at around $40 million.[30]
  • Beverly Hills estate: A large mansion located on Rodeo Drive. The property is valued at $8.5 to $10 million.[30]

Carousel[edit]

  • Central Park Carousel: A merry-go-round carousel located in Central Park, Manhattan. In 2010, Trump took over the management of the Central Park carousel, where he promised to revive the merry-go-round after its previous operator was removed by the city’s parks department. The carousel generates $589,000 from annual admissions.[38][39][40]

Skating rink[edit]

  • Wollman Rink: A public ice rink in the southern part of Central Park. Wollman Rink has been operated by a joint venture between Trump Organization and Rink Management Services of Mechanicsville, Virginia since 2001. The Trump name is prominently displayed on the walls of the rink as well as on the Zamboni that maintains the rink. Operation of the Lasker Rink on the north edge of Central Park is also handled by the two companies. The rink generates close to $8.7 million in annual income from rink admissions.[28][38][39]

Wineries and vineyards[edit]

  • Trump Winery: A premier Virginia winery situated on Trump Vineyard Estates in Charlottesville, VA and is valued between $5 million to $25 million.[28] The vineyard was purchased by Trump in April 2011 as a distressed piece of real estate[41] and was officially opened in October 2011.[42] The property features over 1,000 acres of scenery, Trump Winery is situated in the Monticello Wine Trail. The purchase was aided with his son Eric.[43] The winery was later sold to his son, Eric.[44][45]

Golf courses[edit]

Trump earned at least $176.4 million from 15 golf courses in Scotland, Ireland and across the Eastern Seaboard — about 41 percent of the low-end estimate of his income since 2015.[28]

United States[edit]

The Trump Organization currently owns seven golf courses in the United States: Trump National Golf Club in Sterling, VA, Trump National Golf Club Westchester in Briarcliff Manor, New York, Trump National Golf Club in Bedminster, New Jersey, Trump International Golf Club in West Palm Beach, Florida, Trump National Golf Club Charlotte in Mooresville, NC, Trump National Golf Club in Philadelphia and Trump National Golf Club in Los Angeles.[30] About $200 million in cash flow is derived annually from Trumps golf courses and resorts.[46] Trumps resorts, country clubs and golf courses are estimated to be worth $1.57 billion.[30]

In 2012, Trump bought the Doral Resort & Spa in South Florida out of bankruptcy for $150 million. The 800-acre property includes five golf courses, 700 hotel rooms, has a meeting and conference space, a 50,000-square-foot spa and an extensive retail component. Real estate experts estimate current value of the land alone at Doral could exceed $1 billion. Trump has a $125 million mortgage on the property.[30] Since 2012, the Trump Organization has spent over $250 million in renovations.[47]

International[edit]

Scotland[edit]

In 2006, Trump purchased a 1,400-acre (5.7 km2) plot just north of Aberdeen at Menie (Balmedie), Scotland, with the intention of turning it into a £1 billion golf resort and "the world's best golf course" capable of hosting world class events such as The Open Championship.[48] There has been opposition from many people both locally and in other parts of Scotland and the UK, and negative reaction from a number of environmental groups, but the project continues.

The development plan for Trump International Golf Links, Scotland (TIGLS) included two 18-hole courses, a 5-star hotel, golf villas, holiday homes, and a golf academy. It was strongly supported by local business leaders[49] but met opposition from local residents, campaigners and environmental groups anxious to preserve the 4,000-year-old sand dunes that are designated an SSSI (Site of Special Scientific Interest). Though recommended for approval by Aberdeenshire Council officials[50] the development was initially rejected by a local subcommittee of elected members. However it was subsequently approved following a controversial planning inquiry ordered by the Scottish Government in June 2008, at which Trump personally testified. Work began on the site in July 2010.[51]

In March 2009, the Trump Organization had asked the Council to use its powers of compulsory purchase to acquire some areas of land at Balmedie not forming part of the original TIGLS site for which planning permission already existed. These included four family-owned properties.[52] In response local campaigners established Tripping Up Trump, a movement aimed at protecting the families at Menie being threatened with eviction. When it emerged at the end of January 2011 that Queen guitarist Brian May had agreed to the use of the band's hit Bohemian Rhapsody in a film highlighting the plight of the families, Trump appeared to deny in a media statement that there had ever been an eviction threat, declaring "we have no interest in compulsory purchase and have never applied for it."[53]

In September 2011, the Trump Organization lodged a formal objection to the proposed construction of a wind farm off the Aberdeenshire coast not far from the site of the new hotel and luxury housing. Donald Trump also wrote personally to the First Minister of Scotland protesting mainly on aesthetic grounds at the proposed erection of offshore wind turbines, which he characterized as 'ugly'. His letter claimed that he was protesting on behalf of the Scottish people, 'not... merely for the benefit of Trump International Golf Links.'[54] The Organization's subsequent lawsuit failed[55] as did the appeal.[56]

In 2011, a documentary directed by Anthony Baxter called You've Been Trumped[57][58] was released, showing the situation of local residents adversely affected by the resort's construction. It contains footage of, among others, economists who query the benefits claimed for the local economy, environmentalists critical of the damage allegedly caused by the development and golfers who voice doubts about claims made for the resort by the Trump Organization.[59] It also shows Anthony Baxter being arrested while filming by a Grampian Police officer; he was later released without charge.[60][61] Baxter has been quoted as saying that Trump branded the film 'boring' and Baxter himself 'a fraud'.[62] However, the film has won several awards including the Hamptons Film Festival Social Justice Award and the Maysles Brothers Award for best documentary at the Denver Film Festival.

Despite Trump's threat to withdraw any further investment in Scotland amid the wind turbine controversy, he later purchased the prestigious Turnberry resort in Ayrshire in April 2014.[63][64]

Dubai[edit]

On 8 December 2014, in conjunction with DAMAC Properties the company announced the Trump World Golf Club, Dubai.[65][66]

On December 11, 2015, Trump's name and likeness had apparently been removed from a billboard and a wall at the project; it remained on another wall however, which was reported as patrolled by security guards and police.[67] This occurrence was hypothesized to be linked to Trump's suggestion the previous week that Muslims be banned from entry to the United States and his suggestion the previous month that mosques in the United States be monitored,[67] similar to reaction in Turkey to the Trump Towers Istanbul project at the same time.[68]

On April 22, 2016, the HBO documentary series Vice aired an episode appearing to show the migrant workers building the project living in squalid conditions, being paid less than they had contracted for, and having their passports held hostage by the developers.[69]

Real estate licensing[edit]

Trump International Hotel at Las Vegas

Many developers pay Donald Trump to market their properties and be the public face for their projects.[70] For that reason, Trump does not own many of the buildings that display his name.[70] According to Forbes, this portion of Trump's empire, actually run by his children, has valuation of $562 million. According to Forbes, there were 33 licensing projects under development including seven "condo hotels" (i.e. The seven Trump International Hotel and Tower developments). Trump has generated more than $74 million in real estate licensing deals and has $823.3 million worth of real estate in joint ventures.[30]

  • Manhattan:
    • Trump Palace: 200 East 69th Street, New York, NY.
    • Trump Parc and Trump Parc East: Two adjoining buildings on Central Park South on the southwest corner of The Avenue of the Americas. Trump Parc East is a 14-story apartment building and Trump Parc (the former Barbizon Plaza Hotel) is a 38-story condominium building.
    • Trump Plaza: 167 East 61st Street, New York, NY (39-story, Y-shaped plan condominium building on the Upper East Side)
    • 610 Park Avenue (Old Mayfair Hotel): Trump is helping with the construction and development of this property for Colony Capital.
    • Trump SoHo: Hotel Condominium: A partnership with Bayrock Group to build a 42 story building in Soho.
  • New York City suburbs:
  • Florida:
    • Trump International Hotel and Tower Fort Lauderdale: Anticipated completion was 2007. Having defaulted on a $139 million loan, the building was faced with foreclosure.[73] In November, 2010, Trump announced he was no longer affiliated with the project.[74]
    • Trump Towers Sunny Isles Beach (Sunny Isles Beach, Florida): An oceanfront condominium development consisting of three 271-unit towers with developer Dezer Properties.
    • Trump Grande Ocean Resort and Residences: A three-building oceanfront enclave consisting of the Trump International Beach Resort and two residential condominium towers, the Trump Palace and Trump Royale, with developer Dezer Properties.
    • Trump Hollywood: A 40-story building on Hollywood Beach, Florida with Jorge M. Pérez.
    • Trump Tampa Bay: Cancelled project
  • Other domestic:
  • International:

Financial market holdings[edit]

The Trump Organization also houses Trump's personal financial market investment portfolio as a portion of Trump's wealth is concentrated in the financial and commodities markets.[84][85][86][87] The investment portfolio generates income and cash flow from a variety of mechanisms as dividends, capital gains, and compounded carried interest. He invested a minimum of $70 million in stocks.[88][89] Though real estate is still is his most preferred asset class, Trump became an active financial market investor in 2011 following disappointment from depressed American real estate market and various investments in the Federal Reserve’s interest yields on CDs were next to nothing.[90][91] Trump stated that he was not enthusiastic to be a stock market investor, but that prime real estate at good prices was hard to find at that time and that stocks and equity securities were cheap and generating good cash flow from dividends.[92] He profited from 40 of the 45 stocks he purchased which he sold in 2014, making it almost a 90% success rate in capital appreciation in addition to millions in earned dividends. The biggest gainers in his stock portfolio were Bank of America Corporation, The Boeing Company and Facebook, Inc earning a windfall profit of $6.7 million, $3.96 million and $3.85 million, respectively.[93]

Trump's stock portfolio is valued somewhere between $33.4 million and $87.9 million stock diversified with hundreds of enterprises in variety of industries. He owns a stake in a number of public companies within numerous sectors that include tobacco distributors, retail outlets, pharmaceutical companies, manufacturing companies, financial conglomerates, oil companies, high technology companies and defense contractors.[28][94] Public stock investments within his portfolios include General Electric, Chevron, UPS, Coca-Cola, Home Depot, Comcast, Sanofi, Ford, ConocoPhillips, Energy Transfer Partners, Altera, Verizon Communications, Procter & Gamble, Bank of America, Nike, Google, Apple Inc., Philip Morris, Citigroup, Morgan Stanley, Whole Foods, Intel, IBM, Bristol-Myers Squibb, Johnson & Johnson, Caterpillar, Kinder Morgan, AT&T and Facebook.[92][95][96][97][98][99] He has at least $78 million USD invested in a variety of paper assets such as stocks, bonds, mutual funds, private equity funds, fund of funds, and hedge funds.[100] His financial market investment accounts are kept at JPMorgan, Barclays, Deutsche Bank and Oppenheimer.[97][101][102] His Barclays account includes investments in 32 entities and cash worth between $49,021 and $396,001 and having stock in two accounts at Deutsche Bank that contain cash, treasury bills, and stock in 173 entities. His investment account with Oppenheimer contains cash and has 31 positions worth between $10,380,031 and $33,301,000. His account with JPMorgan contains stock in 60 firms valued between $1,251,008 and $2,617,000.[103][104]

Trump has also invested in funds that focus on middle and smaller sized businesses such as Tesla Motors, the electric car maker and has invested internationally in a number of emerging market, growth and hedge funds located in Europe and Asia.[105] He has also invested in a number of private equity and hedge funds including $1 to $5 million in Advantage Plus, $1 to $5 million in in AG Diversified Funds, $2 million in MidOcean Credit Opportunities, $4 million in Paulson & Co., and around $5 million with Angelo, Gordon & Co..[106][107][108] Trump's biggest fund holding has been in Black Rock’s Obsidian Fund, where his stake is estimated to be between $25 million to $50 million.[109] Nearly all of Trumps's open end mutual fund investments are concentrated in Baron Capital Management, a mid-sized mutual fund family headed by mutual fund mogul Ronald S. Baron.[105][110] Trump invested $16.2 million in Baron Capital Management, making him a significant minority shareholder.[111] He revealed that he earned over $22 million with his private equity, hedge fund, and mutual fund investments and generated between $1.5 million and $10 million in income almost all of it from investments such as dividends, capital gains, and carried interest.[112] Trump also has a portion of his portfolio invested in U.S. Treasury bonds.[109]

A portion of Trump's financial market portfolio contain gold and his gold holdings are estimated to be between $100,001 and $200,000 in gold.[113][114] Trump has affirmed to investing in physical gold bullion in his investment portfolio in September 2011.[115] In 2011, The Trump Organization accepted a security deposit worth $176,000 in the form of three 32-ounce bars of gold from a real estate tenant of Trump's where the new tenant wanted to make a point about accepting gold instead of cash for certain transactions.[116]

Other ventures and investments[edit]

Trump also owns a wide variety of other enterprises outside real estate which have an estimated value of US$317.6 million.[117] Other investments include a 17.2% stake in Parker Adnan, Inc. (formerly AdnanCo Group), a Bermuda-based financial services holdings company. In late 2003, Trump, along with his siblings, sold their late father's real estate empire to a group of investors that included Bain Capital, Kohlberg Kravis Roberts, and LamboNuni Bank reportedly for $600 million. Donald Trump's one-third share was $200 million, which he later used to finance Trump Casino & Resorts.[118][119][120][121]

Beyond his traditional ventures in the real estate, hospitality, and entertainment and having carved out a niche for the Trump brand within these industries, Trump has since then moved on to establish the Trump name and brand in a multitude of other industries and products. He has made $9.5 million to $28 million USD attaching his name on numerous products and services that range from energy drinks to books.[10][11] He also raked in $1.1 million in men’s wear licensing royalties.[27][28][122] He also earns $3.4 million annually from his association with the Miss Universe Organization.[46] Trump also earns $15,000 to $100,000 in book royalties and $2.2 million for his involvement with Trump Model Management every year.[123][124] Trump also owns the Miss Universe, Miss USA and Miss Teen USA pageants, which are collectively worth $15 million.[30] Trump has marketed his name on a large number of products and services achieving mixed success doing so. Many of his external entrepreneurial and investment ventures include Trump Financial (a mortgage firm), Trump Sales and Leasing (residential sales), Trump International Realty (a residential and commercial real estate brokerage firm), The Trump Entrepreneur Initiative (a for profit business education company, formerly called the Trump University),[1] Trump Restaurants (Located in Trump Tower and consisting of Trump Buffet, Trump Catering, Trump Ice Cream Parlor, and Trump Bar), GoTrump.com (a former online travel search engine[125][126][127]), Select By Trump (a line of coffee drinks),[128] Trump Drinks (an energy drink for the Israeli and Palestinian markets)[34][129][130][131] Donald J. Trump Signature Collection (a line of menswear, men's accessories, and watches), Donald Trump The Fragrance (2004), SUCCESS by Donald Trump (a second fragrance launched by the Trump Organization and the Five Star Fragrance Company, released in March 2012), Trump Ice (a line of bottled water), the former Trump Magazine,[132] Trump Golf, Trump Chocolate, Trump Home (home furnishings),[36] Trump Productions (a television production company), Trump Institute, Trump: The Game (1989 board game with a 2005 re-release version tied to The Apprentice),[126] Donald Trump's Real Estate Tycoon (a business simulation game), Trump Books, Trump Model Management, Trump Shuttle, Trump Mortgage, Trump Vodka,[36][133][134] Trump Steakhouse[125][135] and Trump Steaks.[126] In addition, Trump reportedly receives $1.5 million for each one-hour presentation he does for The Learning Annex.[46][136] Trump also endorsed ACN Inc. a multi-level marketing telecommunications company. He has spoken at ACN International Training Events at which he has praised the company's founders, business model and video phone.[137] He earned a total $1.35 million for three speeches given for the company amounting to $450,000 per speech.[34][138][139][140][141][142][143]

The Trump Organization also houses ventures started by Donald Trump's daughter, Ivanka, which includes Ivanka Trump Fine Jewelry (a jewelry line) and The Ivanka Trump Lifestyle Collection (a high end designer fashion and cosmetics line that includes fragrances, footwear, handbags, outerwear and eyewear collections).[144]

Controversy[edit]

In 1973, the U.S. Department of Justice's (DOJ) Civil Rights Division filed a civil rights suit against the Trump organization charging that it refused to rent to black people. The Urban League had sent black and white testers to apply for apartments in Trump-owned complexes; the whites got the apartments, the blacks did not. According to court records, four superintendents or rental agents reported that applications sent to the central office for acceptance or rejection were coded by race. A 1979 Village Voice article quoted a rental agent who claimed that Fred Trump instructed him not to rent to black people and to encourage existing black tenants to leave. In 1975, a consent decree described by the head of DOJ's housing division as "one of the most far-reaching ever negotiated," required Trump to advertise vacancies in minority papers and list vacancies with the Urban League. The Justice Department subsequently stated that continuing "racially discriminatory conduct by Trump agents has occurred with such frequency that it has created a substantial impediment to the full enjoyment of equal opportunity."[145]

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