Trump has said that when he graduated from college in 1968, he was worth about US$200,000 (equivalent to $1,021,000 in 2016).[42] At age 23 he made an unsuccessful foray into show business, investing $70,000 to become co-producer of the 1970 Broadway comedy "Paris Is Out!", which flopped.[43] Trump began his real estate career at his father's company,[44] Elizabeth Trump and Son,[45] 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.[46] 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 oversaw the company's 14,000 apartments across Brooklyn, Queens, and Staten Island.[47] In 1972, The Trump Organization sold Swifton Village for $6.75 million.[48][49]
In 1971, Trump moved to Manhattan, where he became involved in larger construction projects, and used attractive architectural design to win public recognition.[50] Trump initially came to public attention in 1973 when he was accused by the Justice Department of violations of the Fair Housing Act in the operation of 39 buildings, including false "no vacancy" statements, and sham leases presenting higher rents to minority applicants, to facilitate the denial of housing to racial minorities.[51] Trump in turn accused the Justice Department of targeting his company because it was a large one, and in order to force it to rent to welfare recipients. After an unsuccessful countersuit filed by attorney Roy Cohn,[51] 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."[52] The Trump Organization was again in court several years later for violating terms of the settlement.[51]
The Trump Organization owns, operates, develops, and invests in real estate around the world such as Trump Ocean Club International Hotel and Tower, seen at center, in Panama City, Panama.
Trump promoted Penn Central's 30th Street rail yard as a site for New York City's planned Jacob K. Javits Convention Center. Trump estimated his company could have completed the project for $110 million,[56] 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. Repairs on the Wollman Rink in Central Park, built in 1955, were started in 1980 with an expected 2 1⁄2-year construction schedule, but were not completed by 1986. Trump took over the management of the project without the city needing to pay anything, and completed it in three months for $1.95 million, which was $750,000 less than the initial budget.[57]
In 1988, Trump acquired the Taj Mahal Casino in Atlantic City, New Jersey, in a transaction with Merv Griffin and Resorts International,[58] which led to mounting debt,[59] and by 1989, Trump was unable to meet loan payments. Although he secured additional loans and postponed interest payments, increasing debt brought Trump to business bankruptcy by 1991.[59] Banks and bondholders had lost hundreds of millions of dollars but 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 original bondholders in exchange for lowered interest rates on the debt and more time to pay it off.[60] He also sold his financially challenged Trump Shuttle airline and his 282-foot megayacht, the Trump Princess.[61] 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[28] equally among his four surviving children.
In 2001, Donald Trump completed Trump World Tower, a 72-story residential tower across from the United Nations Headquarters.[62] Also, he began construction on Trump Place, a multi-building development along the Hudson River. Trump owns commercial space in Trump International Hotel and Tower, a 44-story mixed-use (hotel and condominium) tower on Columbus Circle. Trump owns several million square feet of prime Manhattan real estate.[63]
By 2014, Donald Trump retained only 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 indefinitely. Billionaire Carl Icahn purchased the company in 2016, acquiring Trump Taj Mahal and kept Trump's name on the building even though Trump no longer maintains any ownership.[64]
According to a July 2015 press release from his campaign manager, Trump's "income" was $362 million dollars ("which does not include dividends, interest, capital gains, rents and royalties").[65] 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 true income was "most likely" about one-third of what Trump has publicly claimed.[66][67] 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.[67] Trump's campaign manager has suggested that Trump's tax rebate was an error,[67] but Trump has not publicly released his Federal tax returns, citing ongoing IRS audits.[68]
Trump has licensed his name and image for the development of many real estate projects. At least two Trump-branded real estate projects have gone into foreclosure.[69] 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 ban Muslims from entering the U.S.[70]
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 downpayment 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.[71] The EB-5 program, which does not require visa recipients to demonstrate marketable skills, has aroused concerns from the Homeland Security Department regarding inadequate background checks, with money laundering concerns and cases of identity fraud also noted by the General Accounting Office.[71] A spokesperson clarified that Trump is a partner with Kushner Properties only in name licensing and not in the building's financing.[71]
An analysis of Trump's business career by The Economist in 2016, concludes that his "...performance has been mediocre compared with the stockmarket and property in New York."[72]
Donald John Trump (born June 14, 1946) is an American businessman, politician, television personality, and a candidate for the Republican nomination for President of the United States in the 2016 election. He is the chairman and president of The Trump Organization and the founder of Trump Entertainment Resorts (a gaming and hotel enterprise now owned by Carl Icahn). His business activities, television work, outspoken manner, personal life, and legal activity have made him an international celebrity.
Trump, native to the borough of Queens in New York City, is a son of real estate developer Fred Trump. While continuing to attend college, he worked for his father's firm, Elizabeth Trump & Son. Upon graduating from college in 1968 he joined the company, and in 1971 was given control, renaming the company "The Trump Organization". Since then he has built casinos (including Trump Taj Mahal), golf courses, hotels, and other properties, many of which bear his name. Trump and his businesses have received prominent media exposure, and the NBC reality show The Apprentice bolstered his fame. His three marriages were highly publicized.
Trump has run for public office, first campaigning for the U.S. presidency in 2000, and winning two Reform Party primaries. On June 16, 2015, Trump again announced his candidacy for president, this time as a Republican. He quickly became the front-runner after gaining significant support amongst those dissatisfied with "establishment politics." His plain-spoken style and controversial comments have led to extensive media coverage, where his politics have been described as populist,[4] nativist,[5][6][7] protectionist[8][9] and authoritarian.[10][11] As of March 9, 2016, he has won 15 contests in the 2016 Republican presidential primaries.
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