Donald John Trump (born June 14, 1946) is an American businessman, television personality, author, politician, and the Republican Party nominee for President of the United States in the 2016 election. He is chairman of The Trump Organization, which is the principal holding company for his real estate ventures and other business interests.
Born and raised in New York City, Trump is a graduate of the Wharton School of the University of Pennsylvania with an economics degree. While attending college, Trump worked in his father Fred Trump’s real estate and construction firm. He assumed control of the business in 1973, later renaming it The Trump Organization. During his career, Trump has built hotels, casinos, golf courses, the Manhattan neighborhood Riverside South, and numerous other developments, many of which bear his name, including Trump Entertainment Resorts (now owned by Carl Icahn). He briefly sought the Reform Party’s nomination in the 2000 presidential election, withdrawing prior to any primary contests, although he won two primaries after his withdrawal. Listed by Forbes among the wealthiest 400 of The World’s Billionaires, Trump and his businesses, as well as his three marriages, have for decades received prominent media exposure. He hosted The Apprentice, a popular reality television show on NBC, from 2004 to 2015.
On June 16, 2015, Trump announced his candidacy for president as a Republican, and quickly emerged as the front-runner for his party’s nomination. His platform includes measures to combat illegal immigration, opposition to “unfair” trade agreements such as NAFTA and TPP, and a proposal to temporarily ban immigration to the United States from countries with a proven history of terrorism against the United States, until the government has perfected its ability to screen out potential terrorists. His statements in interviews and at campaign rallies have often been controversial, with the rallies sometimes accompanied by protests or riots.
Trump won the highest number of states and votes in the primary elections, culminating with a victory in Indiana on May 3, 2016, whereupon his remaining Republican rivals suspended their campaigns and Republican chairman Reince Priebus declared him to be the party’s presumptive nominee. Several weeks later, on May 26, the Associated Press reported that Trump had earned the 1,237 delegates needed to secure the nomination. Trump was formally nominated on July 19, 2016 and accepted the nomination on July 21, 2016 at the 2016 Republican National Convention.
He is the fourth of five children of Mary Trump (née MacLeod, 1912–2000), a homemaker and philanthropist, and Fred Trump (1905–1999), a real estate developer.
Mary was born in Tong on the Isle of Lewis in Scotland. She emigrated to the United States in 1930 at age 18 and worked as a domestic servant for over four years.] She met Fred in New York and they were married in 1936, settling in Jamaica Estates, Queens. Fred eventually became one of the city’s biggest real estate developers. Mary was naturalized as a U.S. citizen on March 10, 1942.
Fred was born in Woodhaven, Queens, to Frederick Trump and Elizabeth Trump (née Christ), immigrants from Kallstadt, Germany. Frederick worked as a successful restaurateur during the Klondike Gold Rush. In a 1976 New York Times biographical profile,and again in his 1987 book, The Art of the Deal, Trump incorrectly stated that Frederick was of Swedish origin, an assertion that Fred made for many years because “he had a lot of Jewish tenants and it wasn’t a good thing to be German”, according to a nephew identified as a family historian by The New York Times. Donald Trump later acknowledged his German ancestry and served as grand marshal of the 1999 German-American Steuben Parade in New York City.
Trump has two brothers, one of whom is named Robert (born 1948), and two sisters, Maryanne (born 1937) and Elizabeth (born 1942). Maryanne is a United States federal judge on senior status for the United States Court of Appeals for the Third Circuit. Trumps other brother, Fred Jr. (1938–1981), died of complications from alcoholism.
The family had a two-story Tudor Revival home on Wareham Place in Jamaica Estates, where Trump lived while attending The Kew-Forest School. At Kew-Forest, Fred Trump served as a member of the Board of Trustees. Due to behavior problems, Trump left the school at age 13 and was enrolled in the New York Military Academy (NYMA). In 1983, Fred told an interviewer that Donald “was a pretty rough fellow when he was small”. Trump finished eighth grade and high school at NYMA] During his senior year, Trump participated in marching drills and wore a uniform, attaining the rank of captain. In 2015, he told a biographer that NYMA gave him “more training militarily than a lot of the guys that go into the military”.
Trump attended Fordham University in the Bronx for two years. He entered the Wharton School of Finance and Commerce at the University of Pennsylvania, as Wharton then offered one of the few real estate studies departments in U.S. academia. While there, he worked at the family’s company, Elizabeth Trump & Son, named for his paternal grandmother. Trump graduated from Wharton in 1968 with a bachelor’s degree in economics.
Trump was not drafted into the Vietnam War, for several reasons: student deferments, a medical deferment, and then a high number in the draft lottery. While in college, he obtained four student deferments. He was deemed fit for service based upon a military medical examination in 1966, and was briefly classified as fit by a local draft board in 1968, but was then medically disqualified later in 1968. Trump has attributed his medical deferment to “heel spurs” in both feet according to a 2015 biography. Selective Service records from the National Archives confirm that Trump received the medical deferment and eventually received a high selective service lottery number in 1969. Trump explained: “I actually got lucky because I had a very high draft number.”
Prior to graduating from college, Trump began his real estate career at his father’s company, Elizabeth Trump and Son, which focused on middle-class rental housing in the New York City boroughs of Brooklyn, Queens, and Staten Island. During his undergraduate study, one of Trump’s first projects had been the revitalization of the foreclosed Swifton Village apartment complex in Cincinnati, Ohio, which his father had purchased for $5.7 million in 1962. 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 US$200,000 (equivalent to $1,021,000 in 2015). In 1972, The Trump Organization sold Swifton Village for $6.75 million.] 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!
The Trump Organization owns, operates, develops, and invests in real estate worldwide such as Trump Ocean Club International Hotel and Tower (center) in Panama City, Panama.
In 1971, Trump moved to Manhattan, where he became involved in larger construction projects, and used attractive architectural design to win public recognition. Trump initially came to public attention in 1973 when the Trump Organization was accused by the Justice Department of violations of the Fair Housing Act in the operation of 39 buildings After an unsuccessful countersuit filed by attorney Roy Cohn, Trump settled the charges in 1975 without admitting guilt, saying 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.” Several years later the Trump Organization was again in court for violating terms of the settlement; Trump denied the charges and there is no indication that he was found guilty.
By 1973, Trump was president of the Trump Organization and oversaw the company’s 14,000 apartments across Brooklyn, Queens, and Staten Island. Trump promoted Penn Central’s rail yard on 30th Street as a site for New York City’s planned Jacob K. Javits Convention Center in 1975. He estimated his company could have completed the project for $110 million, but, while the city chose his site, it rejected his offer and Trump received a broker’s fee on the sale of the property instead.
Trump’s first big deal in Manhattan 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. Part of this deal was a $1 million loan that Donald’s father Fred’s Village Construction Corp. made to help repay draws on a Chase Manhattan credit line that Fred had arranged for Trump as he built the hotel, as well as a $70 million construction loan which was jointly guaranteed by Fred and the Hyatt hotel chain. Fred Trump 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 Trump 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. Donald negotiated a forty-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.
In 1981, Trump purchased and renovated a building that would become the Trump Plaza. The Plaza later became the home of Dick Clark and Martina Navratilova
In 1983, Trump completed development of the Trump Tower. The project involved complicated negotiations with different parties for the Bonwit Teller building itself, 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.” Favorable reviews of the building’s design helped convince the city to approve the project. Trump hired Barbara Res to manage the building’s construction, and she became the first woman to manage the construction of a skyscraper in New York City.
Trump Tower occupies the former site of the architecturally significant Bonwit Teller flagship store, demolished in 1980. There was controversy when valuable Art Deco bas-relief sculptures on its facade, which were supposed to go to the Metropolitan Museum of Art, were destroyed during the demolition process. 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. 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.However, on appeal, parts of that ruling were overturned, and the record became sealed when the long-running labor lawsuit was settled in 1999, after 16 years in court.
Trump Tower, a 58-story, mixed-use skyscraper on Fifth Avenue in Midtown Manhattan, was developed by Trump and the Equitable Life Assurance Company, and was designed by architect Der Scutt of Swanke Hayden Connell.Trump Tower houses both the primary penthouse condominium residence of Donald Trump and the headquarters of The Trump Organization. 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. Trump Tower was the setting of the NBC television show The Apprentice including a fully functional television studio set. When the building was completed, its condominiums sold quickly and the tower became a tourist attraction.
Harrah’s at Trump Plaza opened in Atlantic City in 1984. The hotel/casino was built by Trump with financing by Holiday Inn. 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 successfully.
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 which became Trump Plaza of the Palm Beaches.
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 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 million, which was $750,000 less than the initial budget, and then operated the rink for one year with all profits going to charity.
Trump acquired the Plaza Hotel on New York City’s Central Park South in Manhattan in 1988. He paid $400 million for the property and once again tapped Ivana to manage its operation and renovation.
In 1988, Trump acquired the Taj Mahal Casino in Atlantic City, New Jersey, in a transaction with Merv Griffin and Resorts International. The casino was opened by then-owner Donald Trump in April 1990, and was built at a total cost of nearly one billion dollars.
Financed with $675 million in junk bonds at a 14% interest rate, the project entered Chapter 11 bankruptcy the following year. 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. He also sold his financially challenged Trump Shuttle airline and his 282-foot megayacht, the Trump Princess. 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. 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.
Its sister property, Trump Plaza Hotel and Casino, closed in September 2014. In November 2014, the Trump Taj Mahal threatened to close and cease casino and hotel operations by the end of the year if the union would not drop its appeal of the casino’s bankruptcy ruling, rebuffing their demand for continued health insurance and pension coverage. On December 18, 2014 the Trump Taj Mahal reached an agreement with its union and kept the casino open, but did not restore the contested benefits. In February 2016, the Trump Taj Mahal and Trump Entertainment Resorts were purchased by billionaire Carl Icahn and exited Chapter 11 bankruptcy.
The late 1990s saw a resurgence in Trump’s financial situation. The will of Trump’s father, who died in 1999, divided an estate estimated at $250–300 million equally among his four surviving children.
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.
In 2001, Trump completed Trump World Tower, a 72-story residential tower across from the United Nations Headquarters. Also, he began construction on Trump Place, a multi-building development along the Hudson River. Trump 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, and also continued to own millions of square feet of other prime Manhattan real estate.
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.
By 2014, Trump retained 10% ownership of Trump Entertainment Resorts, which owns the Trump Taj Mahal and Trump Plaza Hotel and Casino, both in Atlantic City. In that 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.
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”). His disclosure filings for the year 2015 revealed that his total gross revenue was in excess of $611 million. According to Fortune magazine, the $362 million figure as stated on his 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. 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. Trump’s campaign manager has suggested that Trump’s tax rebate was an error Trump has not publicly released his federal tax returns, saying he would not do so because of ongoing IRS audits.
Trump has licensed his name and image for the development of many real estate projects. Trump-branded properties, which are not owned by Trump, including two Trump-branded real estate projects in Florida have gone into foreclosure. 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.
Trump has 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 be expected to obtain U.S. permanent residency for themselves and their families after two years. A spokesperson clarified that Trump is a partner with Kushner Properties only in name licensing and not in the building’s financing.
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 newspaper 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.” A subsequent analysis by The Washington Post concluded that “Trump is a mix of braggadocio, business failures, and real success.”
The Trump Organization operates many golf courses and resorts in the U.S. and around the world. The number of golf courses that Trump owns or manages is about 18, according to Golfweek. Trump’s personal financial disclosure with the Federal Elections Commission revealed that his golf and resort revenue for the year 2015 was roughly $382 million.
In 2006, Trump bought the Menie Estate in Balmedie, Aberdeenshire, Scotland, creating a highly controversial golf resort, against the wishes of local residents, on an area designated as a Site of Special Scientific Interest. 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. Despite Trump’s promises of 6,000 jobs, a decade later, by his own admission, the golf course has created only 200 jobs
In April 2014, Trump purchased the Turnberry hotel and golf resort in Ayrshire, Scotland, which is a regular fixture in the Open Championship rota. In June 2015, Trump’s appeal objecting to an offshore windfarm (Aberdeen Bay Wind Farm) within sight of the golf links was denied. 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 UK Supreme Court in the case of Trump International Golf Club Scotland Ltd v The Scottish Ministers.
Football and boxing
In 1983, Trump purchased the New Jersey Generals for the inaugural season of the United States Football League (USFL). Trump and the Generals hired former New York Jets head coach Walt Michaels to replace Chuck Fairbanks. Before the inaugural season began, Trump sold the franchise to Oklahoma oil magnate J. Walter Duncan. Then, prior to the 1984 season, Duncan sold the team back to Trump.
Trump at a baseball game in 2009
The USFL played its first 1983, 1984, and 1985 seasons during the summer. 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; owners of any USFL teams included in a merger would see their investment increase significantly.
In 1985, the Houston Gamblers merged into the Generals, adding such stars as quarterback Jim Kelly and wide receiver Ricky Sanders. Trump retained a 50 percent interest in the merged team. Michaels was fired, replaced with former Gamblers coach Jack Pardee, who planned to bring the Gamblers’ high-powered run and shoot offense with him. However, the USFL’s “Dream Team” never took the field. The 1986 season was cancelled after the USFL won a minimal verdict (of less than four dollars) in an antitrust lawsuit against the NFL; the USFL folded soon afterward.
Following the USFL experience, Trump remained involved with sports, operating golf courses in several countries, and almost buying the Buffalo Bills football team. 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.
Business bankruptcies, 1991–2009
Trump has never filed for personal bankruptcy, but hotel and casino businesses of his have been declared bankrupt four times between 1991 and 2009 to re-negotiate debt with banks and owners of stock and bonds.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.
According to a report by Forbes in 2011, the four bankruptcies were the result of over-leveraged hotel and casino businesses in Atlantic City: Trump Taj Mahal (1991), Trump Plaza Hotel and Casino (1992), Trump Hotels and Casino Resorts (2004), and Trump Entertainment Resorts (2009) 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.” He indicated that many “great entrepreneurs” do the same.
Further information: Miss USA, Miss Universe, and Miss Teen USA
From 1996 until 2015, when he sold his interests, 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.
In 2002, Trump was dissatisfied with how CBS scheduled his pageants, and took both Miss Universe and Miss USA to NBC, where the shows thrived. 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. That decision by Trump was criticized by Rosie O’Donnell, which led to a very blunt and personal rebuttal by Trump criticizing O’Donnell. In 2012, Trump won a $5 million court award against a contestant who claimed the show was rigged.
In 2015, NBC and Univision both ended their business relationships with the Miss Universe Organization after Trump’s presidential campaign kickoff speech on June 16, in which he said about Mexico: “They’re sending people that have a lot of problems, and they’re bringing those problems with us. They’re bringing drugs. They’re bringing crime. They’re rapists. And some, I assume, are good people.”
Trump subsequently filed a $500 million lawsuit against Univision, alleging a breach of contract and defamation. In his statement about the lawsuit against Univision, Trump said, “Nothing that I stated was different from what I have been saying for many years. I want strong borders, and I do not support or condone illegal immigration. There is a high level of crime occurring in this country due to unchecked illegal immigration. This is a major security issue for the United States….”
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, though it was unclear whether Trump had yet filed lawsuits against NBC. He sold his own interests in the pageant shortly afterwards, to WME/IMG. As for the $500 million lawsuit against the Hispanic network Univision, that lawsuit was settled in February 2016, but terms of the settlement were not disclosed.
Trump University LLC (formerly the Trump Wealth Institute; later named Trump Entrepreneur Initiative LLC) 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, in 2004. The company offered courses in real estate, asset management, entrepreneurship, and wealth creation, charging fees ranging from $1,500 to $35,000 per course.] 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”. Trump was also found personally liable for failing to obtain a business license for the operation. In 2013 the state of New York filed a $40 million civil suit claiming that the Trump University operation made false claims and defrauded consumers; the lawsuit is ongoing as of 2016. 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. One of the cases, Low vs. Trump, is scheduled to go to trial in San Diego on November 28, 2016.
Branding and licensing
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. 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), Trump Restaurants (located in Trump Tower and consisting of Trump Buffet, Trump Catering, Trump Ice Cream Parlor, and Trump Bar), GoTrump (an online travel search engine, Select By Trump (a line of coffee drinks), Trump Drinks (an energy drink for the Israeli and Palestinian markets) 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 bottled water, the former Trump Magazine,Trump Golf, Trump Chocolate, Trump Home (home furnishings), Trump Productions (a television production company), Trump Institute, Trump: The Game (1989 board game with a 2005 re-release version tied to The Apprentice), Donald Trump’s Real Estate Tycoon (a business simulation game), Trump Books, Trump Model Management, Trump Shuttle, Trump Mortgage, Trump Network (a multi-level vitamin, cosmetic, and urinalysis marketing company), Trump Vodka, Trump Steakhouse and Trump Steaks. In addition, Trump reportedly received $1.5 million for each one-hour presentation he did for The Learning Annex. Trump also endorsed ACN Inc., a multi-level marketing telecommunications company. He has spoken at ACN International Training Events at which he praised the company’s founders, business model and video phone.He earned a total $1.35 million for three speeches given for the company, amounting to $450,000 per speech.
In 2011, Forbes’ financial experts estimated the value of the Trump brand at $200 million. Trump disputes this valuation, saying that his brand is worth about $3 billion. Many developers pay Trump to market their properties and to be the public face for their projects. For that reason, Trump does not own many of the buildings that display his name] According to Forbes, this portion of Trump’s empire, actually run by his children, is by far his most valuable, having a $562 million valuation. According to Forbes, there are 33 licensing projects under development including seven “condo hotels” (the seven Trump International Hotel and Tower developments). In June 2015, Forbes pegged the Trump brand at USD$125 million as retailers like Macy’s Inc. and Serta Mattresses began dropping Trump branded products, with Macy’s saying they are “disappointed and distressed by recent remarks about immigrants from Mexico.”
According to a July 2015 press release by Trump’s campaign, a portion of Trump’s fortune is held in assets outside his holdings in The Trump Organization, many of which were concentrated in financial markets. In 2011, Trump made a rare foray into the stock market after being disappointed with the depressed American real estate market and facing poor returns on bank deposits. He stated that he was not a stock market person, but he also stated that prime real estate at good prices is hard to get. Among the stocks Trump purchased, he stated he bought stock in Bank of America, Citigroup, Caterpillar Inc., Intel, Johnson & Johnson and Procter & Gamble. In December 2012, Trump revealed that he also added shares of Facebook to his stock portfolio. Trump also has US$9 million invested in hedge funds. He earned US$6.7 million from selling shares in Bank of America and an additional US$3.9 million from selling Facebook in 2014.
Trump has released financial information, but has not released his tax returns, saying that he will do so before the 2016 election if an ongoing audit by the Internal Revenue Service (IRS) is completed covering tax returns for the years 2009 thru 2016. Former Republican Presidential candidate Mitt Romney is among those who have questioned Trump’s purported wealth and his unwillingness to release his tax returns, suggesting Trump might be wary of revealing a potential electoral “bombshell”. Trump responded by disclosing the existence of the ongoing audit. Trump later said that the government has audited him too many times, and he speculated about possible reasons for auditing him again now, saying that perhaps it was because he is a “strong Christian”, though he added “I don’t think it applies”. Trump says he will not yet release records for audited years that he had “passed” because such records “mesh” and “interrelate” with current disputed IRS filings. Tax attorneys are generally sympathetic to wanting tax returns kept private until an audit is completed. High income individuals are audited more frequently than the average taxpayer, but it is unusual for an individual to be audited for several consecutive years. When asked by journalist George Stephanopoulos if he would reveal his tax rate, Trump replied: “It’s none of your business, you’ll see it when I release. But I fight very hard to pay as little tax as possible”If he does not release his tax returns before the November 2016 election, he would be the first major party candidate since 1976 not to do so.
One of Trump’s assets is a Boeing 757-200ER airliner.
Trump has claimed that his net worth is over ten billion dollars, whereas in 2015 Forbes estimated his net worth at 4.5 billion, and Bloomberg estimated it at 2.9 billion, with the discrepancies due in part to the uncertainty of appraised property values. These estimates would make Trump one of the richest politicians in American history. As of March 2016, Forbes had him listed at #336 on its list of the world’s most wealthy.
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. 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; in 2005, The New York Times referred to Trump’s “verbal billions” in a skeptical article about Trump’s self-reported wealth. 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. 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. 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; Trump has since told campaign audiences he began his career with “a small loan of one million dollars” from his father, which he paid back with interest: “it has not been easy for me”, Trump told one New Hampshire crowd
In April 2011, amid speculation whether Trump would run as a candidate in the U.S. 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.” 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.
Trump Hotel Las Vegas whose exterior windows are gilded with 24-carat gold
Estimates of Trump’s net worth have fluctuated along with real estate valuations: in 2015, Forbes pegged it as $4 billion, while the Bloomberg Billionaires Index (which scrutinized Trump’s FEC filings) estimated a net worth of $2.9 billion On June 16, 2015, just prior to announcing his candidacy for president of the United States, Trump released to the media a one-page prepared financial disclosure statement “from a big accounting firm—one of the most respected” stating a net worth of $8,737,540,000.”I’m really rich”, Trump said. Forbes called the nearly $9 billion figure a “100%” exaggeration. 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.” 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. Mortgages on Trump’s major properties—including Trump Tower, 40 Wall Street, and the 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%. (Mortgages on those three properties were separately reported as $100 million, $160 million, and $125 million in 2013. Other outstanding Trump mortgages and debts are pegged to current market interest rates. A 2012 report from Trump’s accounting firm estimated $451.7 million in debt and other collateral obligations. Filings in 2015 revealed debt of $504 million, according to Fortune magazine.
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” and that his “net worth is in excess of TEN BILLION DOLLARS [sic]”. 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.” On the same day, Trump’s own stated estimates of his net worth have varied by as much as $3.3 billion. Trump has also acknowledged that past exaggerated estimates of his wealth have been “good for financing”. 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.” 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. 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.
Trump has twice been nominated for an Emmy Award and has made appearances as a caricatured version of himself in television series and films. He has also played an oil tycoon in The Little Rascals. Trump is a member of the Screen Actors Guild and receives an annual pension of more than $110,000. He has been the subject of comedians, flash cartoon artists, and online caricature artists. Trump also had his own daily talk radio program called Trumped!
Trump posing with guest basketball personality Dennis Rodman, during Rodman’s 2009 participation on Celebrity Apprentice
In 2003, Trump became the executive producer and host of the NBC reality show The Apprentice, in which a group of competitors battled for a high-level management job in one of Trump’s commercial enterprises. Contestants were successively “fired” and eliminated from the game. In 2004, Trump filed a trademark application for the catchphrase “You’re fired.”
For the first year of the show, Trump earned $50,000 per episode (roughly $700,000 for the first season), but following the show’s initial success, he was paid $1 million per episode. In a July 2015 press release, Trump’s campaign manager claimed that NBCUniversal had paid him $213,606,575 for his 14 seasons hosting the show, although the network did not verify the claim. In 2007, Trump received a star on the Hollywood Walk of Fame for his contribution to television (The Apprentice).
Along with British TV producer Mark Burnett, Trump was hired as host of The Celebrity Apprentice, in which well-known stars compete to win money for their charities. While Trump and Burnett co-produced the show, Trump stayed in the forefront, deciding winners and “firing” losers.
On February 16, 2015, NBC announced that they would be renewing The Apprentice for a 15th season. Eleven days later, Trump stated that he was “not ready” to sign on for another season because of the possibility of a presidential run. Despite this, on March 18, NBC announced they were going ahead with production. On June 29, after widespread negative reaction stemming from Trump’s campaign announcement speech, NBC released a statement saying, “Due to the recent derogatory statements by Donald Trump regarding immigrants, NBCUniversal is ending its business relationship with Mr. Trump,” apparently ending Trump’s role in The Apprentice.
Trump Model Management
In 1999, Trump founded a modeling company, Trump Model Management, which operates in the SoHo neighborhood of Lower Manhattan. Together with another Trump company, Trump Management Group LLC, Trump Model Management has brought nearly 250 foreign fashion models into the U.S. to work in the fashion industry since 2000. In 2014, president of Trump Model Management Corrine Nicolas, other managers, and the company were sued by one of the agency’s former models, Alexia Palmer, alleging.