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Donald Trump
File:Donald Trump.png
BornJune 14, 1946
New York City, New York
OccupationChief executive officer
WebsiteThe Trump Organization

Donald John Trump, (born June 14, 1946 in Queens, New York) is an American business executive, entrepreneur and author. He is the CEO of Trump Organization, an American-based real estate developer in the premium real estate market and the founder of Trump Entertainment, which operates gambling casinos. He enjoyed a great deal of publicity following the success of his reality television show, The Apprentice (in which he serves as both executive producer and host for the show).

Overview and business

Donald Trump initially gained publicity for his lifestyle and several skyscrapers bearing his name, which he has developed on Manhattan. He is popularly known by his nickname "The Donald", given to him by ex-wife Ivana Trump. He is also known by the nicknames "A Schoolboy's Dream", and "A Competitor's Challenge," as well as for his catchphrase "You're Fired" partly for his self-styled definition of a prolific American business executive. Due to his outspokenness and media exposure, he is an easily recognizable public figure whose distinctive comb over is the subject of humor by comedians such as David Letterman, Jay Leno, and Conan O'Brien.

Starting with the renovation of the Commodore Hotel into the Grand Hyatt, he continued on with Trump Tower and several other residential projects. He would later expand into the airline industry and Atlantic City casino business. This expansion, both personal and business, led to mounting debt. Much of the news about him in the early 1990s involved his much publicized financial problems, creditor-led bailout, extramarital affair with Marla Maples and the resulting divorce from his first wife Ivana Trump.

The late 1990s saw a resurgence in his financial situation and fame. In 2001 he completed Trump World Tower, a 72-story residential tower across from the United Nations complex. That same year, he began construction on Trump Place, a multi-building development along the Hudson River. Trump also has an undisclosed stake in Trump International Hotel and Tower, a 44-story mixed-use (hotel and condominium) tower on Columbus Circle. Trump currently owns over 18 million square feet of prime Manhattan real estate.

He also has investments in financial assets, including a 17.2% stake in Parker Adnan, Inc. (formerly AdnanCo Group), a Bermuda-based financial services holdings company. In late 2003, Trump, along with his siblings, sold their late father's real estate empire to a group of investors that included Bain Capital, KKR, and LamboNuni Bank reportedly for $600 million. Donald Trump's 1/3 share was $200 million, which he later used to finance Trump Casino & Resorts. He remains a major figure in the field of casino/hotels in the United States and a current celebrity for his prominent role on American television reality show The Apprentice.

Education

When he was thirteen, his parents sent him to the New York Military Academy hoping to direct his energy and assertiveness in a positive manner. It worked reasonably well: while at NYMA, in upstate NY, Trump earned academic honors, played varsity football in 1962, varsity soccer in 1963, and varsity baseball from '62-64 (baseball captain '64). The baseball coach, Ted Dobias, a local celebrity for his unselfish work with area youth, awarded him the Coach's Award in '64. Promoted to Cadet Captain-S4 (Cadet Battalion Logistics Officer)his Senior Year, Trump and Cadet First Sergeant Jeff Donaldson, '65, (West Point '69) formed a composite company of cadets, taught them advanced close-order drill, and marched them all down Fifth Avenue on Memorial Day, 1964. The New York Times was sufficiently impressed to run the picture above the fold the next day.

Trump attended Fordham University for two years before transferring to the Wharton School at the University of Pennsylvania. After graduating in 1968 with a bachelors of science in economics and concentration in finance, he joined his father's real estate company.

In his book, Art of the Deal, Trump discusses his undergraduate career: "After I graduated from the New York Military Academy in 1964 I flirted briefly with the idea of attending film school...But in the end I decided real estate was a much better business. I began by attending Fordham University...but after two years, I decided that as long as I had to be in college, I might as well test myself against the best. I applied to the Wharton School at the University of Pennsylvania and I got in...I was also very glad to get finished. I immediately moved back home and went to work full-time with my father."

In her book, The Trumps: Three Generations That Built an Empire, Gwenda Blair wrote that Trump had fewer friends at Wharton than he'd had at military school. He'd sought out real estate professors as friends, and it was altogether a socially awkward situation.

Career

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Trump began his career at his father's company, the Trump Organization, and initially concentrated on his father's preferred field of middle class rental housing. One of his first projects was the revitalisation of the ailing Swifton Village apartment complex in Cincinnati, Ohio - turning a 1200 unit complex with a 66% vacancy rate to 100% occupancy within a year. When the Trump Organization sold Swifton Village for $12 million they cleared $6 million in profit. In the 1970s he benefited from the financially strained New York City Government's willingness to give tax concessions in exchange for investment at a time of financial crisis with the redevelopment of the bankrupt Commodore Hotel. He was also instrumental in steering the development of the Javits Convention Center on property he had an option on.

The development saga of the Javits Convention Center gave Donald Trump a revealing lesson in the ineptitudes and inefficiencies of the New York City government in that a project he'd estimated could've been completed by his company for $110 million ended up costing the city between $750 million to $1 billion. He'd offered to take over the project at cost but found that the New York City bureacracy had virtually no interest in the prudent expenditure of taxpayer's money.

This debacle would repeat itself in the city's attempt to restore the Wollman Rink in Central Park - a project started in 1980 with an expected 2 1/2 year construction schedule that was still, with $12 million spent, nowhere near complete in 1986. Trump offered to take over the job at no charge to the city, an offer that was initially rebuffed until the New York City media got wind of the story which changed their minds in a "New York minute". Trump was given the job which he completed in six months and with $750,000 of the $3 million budgeted for the project left over (he used the leftover money to renovate the adjacent skatehouse and restaurant).

It should be noted that the city had started the Wollman Rink restoration project at the same time (May 1980) that Trump had broken ground for his landmark Trump Tower project, which he completed in 1983.

Trump Rate

"Trump Rate" is the hourly rate that Donald Trump makes while giving presentations on business topics as a guest speaker. The current rate is approximately $1.5 million per hour . This varies greatly from his average rate of $21,000 per hour over the course of a year. Trump Rate is the common hourly rate to which speedy business endeavours are compared to determine whether "hyper-efficiency" is possible. If lim h → h f R ( h ) ≈ R T ( h f ) {\displaystyle \lim _{h\rightarrow h_{f}}R(h)\approx R_{T}(h_{f})\,} than hyper-efficiency is ruled to exist. Trump Rate is postulated to be analogous to the Carnot Engine in Thermodynamics in that no higher time efficiency is possible. Many modern economists and mathematicians have struggled to discover greater efficiencies, but have -as of yet- been unable to eclipse the rate set by Mr. Donald Trump.

Bankruptcy

By 1990, the effects of recession left him unable to meet loan payments. Although he shored up his businesses with additional loans and postponed interest payments, increasing debt brought Trump to business bankruptcy and the brink of personal bankruptcy. Banks and bond holders had lost hundreds of millions of dollars, but opted to restructure his debt to avoid the risk of losing more money in court. Things were so bleak for Trump at this time that in the August 21 1990 edition of the Jersey Record, columnist Mike Kelly wrote "If we still had debtors' prisons, Trump would be in the dungeon." Kelly added that "Donald Trump is a Third World Nation." Also in 1990, he co-produced the game show Trump Card in syndication.

By 1994, Trump had eliminated a large portion of his $900 million personal debt and reduced significantly his nearly $3.5 billion in business debt. While he was forced to relinquish the Trump Shuttle (which he had bought in 1989), he managed to retain Trump Tower in New York City and control of his three casinos in Atlantic City. Chase Manhattan Bank, (which lent Trump the money he needed to buy the West Side yards, his biggest Manhattan parcel) forced a sale of the parcel to Asian developers. According to former members of the Trump Organization, Trump did not retain any ownership of the site's real estate - the owners merely promised to give him about 30 percent of the profits once the site was completely developed or sold. Until that time, the owners wanted to keep Trump on to do what he did best: building things. They gave him a modest construction fee and a management fee to oversee the development. The new owners also allowed him to put his name on the buildings that eventually rose on the yards because his well-known moniker allowed them to charge a premium for their condos.

In 1995, he combined his casino holdings into the publicly held Trump Hotels & Casino Resorts. Wall Street drove its stock above $35 in 1996, but by 1998 it had fallen into single digits as the company remained profitless and struggled to pay just the interest on its nearly $2 billion in debt. Under such financial pressure, the properties were unable to make the improvements necessary for keeping up with their flashier competitors.

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

Problems loomed for Trump's casino resorts. In a May 28 2004 Wall Street Journal article, Trump said the spectre of bankruptcy bothered him "from a psychological standpoint," but added, "it really wouldn't matter that much." A number of his bondholders disagreed. In the same article, "Meyer Marvald, a Florida retiree who says he owns about $44,000 of the bonds," said Trump "has the Sword of Damocles hanging over our heads." On October 21, 2004, Trump Hotels & Casino Resorts announced a restructuring of its debt. The plan called for Trump's individual ownership to be reduced from 56 percent to 27 percent, with bondholders receiving stock in exchange for surrendering part of the debt. Since then, Trump Hotels has been forced to seek voluntary bankruptcy protection to stay afloat. As a result of his company filing for Chapter 11 Protection, in May of 2005 Trump relinquished his CEO position.

Brand name

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

Trump University

Trump University logo

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

Trump Mortgage

In 2006, Donald Trump launched Trump Mortgage, a mortgage firm.

Travel website

File:GoTrumpLogo.jpg
Go Trump.com Logo

In January 2006, Trump launched Go Trump, an Online travel website. In his own words, GoTrump.com is a site dedicated to "The Art of the Travel Deal". The site features some Trump Properties as well as other hotels and travel deals worldwide.

Miss Universe

The Miss Universe Organization is owned by Donald J. Trump and National Broadcasting Company, Inc. (NBC) He was inspired by a girl named Lakhwinder Kaur better known has Lucky Kaur residing at 45-09 102nd Street Corna NY 11368. He had seen one of her pictures on the cover page of a france magazine dressed elegantly in a black/gold outfit. There the idea sparked about miss universe, but unfotunately many attempts were made to contact this beautiful young lady but to no avail. If anybody has any contact information on her please do write us a letter as we would love to meet her and have her model in our shows.

Trump Restaurants

Donald Trump has launched a new section within the Trump Organization dedicated to food. To name a few, Trump Buffet, Trump Catering, Trump Ice Cream Parlor.

Television and entertainment

In 1990, Trump's Atlantic City casino was used for the game show Trump Card, produced by Fielder-Berlin. In 1994, Trump guest starred as the father of Waldo in The Little Rascals. In 1995, Trump also appeared as a guest star on The Nanny.

For a disconcertingly long time, Trump was parodied in Berkeley Breathed's long-running political cartoon strip, Bloom County. In this incarnation, he had been hit by an anchor. With his body damaged, his brain was placed inside the body of Bloom County's most disgusting character, Bill the Cat. As a penniless cat, his relationship with Ivana became long-distance and he continually searched for new ways to make money - even redecorating Roach Motels. By the end of the series, he had bought the entire strip and fired all of the rest of the characters, replacing them with cartoon versions of Ivana and himself. However, in Breathed's next series, Outland, Bill had returned to his original good-natured lunatic state. To commemorate his part in Bloom County, the last collected edition of strips had the quote 'I never thought Berke Breathed had talent, so he was probably forced to quit.' - as said by Trump himself.

In 2004, Trump became the executive producer and host of the NBC reality show, The Apprentice, in which a group of competitors battled for a high-level management job in one of Trump's commercial enterprises. The other contestants were "fired", or eliminated, from the game. The winner of the program is "hired" into The Trump Organization with a 1-year "introductory" contract with a salary exceeding $250,000. At the end of each episode, Trump eliminated at least one (if not more) contestant(s) by telling them, "You're fired," which became a somewhat popular catch phrase. For the first year of the show Trump was paid a mere $50,000 per episode (roughly $700,000 for the first season), but following the show's initial success, he is now paid a reported $3,000,000 per episode ($48 million USD if the job interview lasted for 16 weeks), making him one of the highest paid TV personalities.

In 2004, Trump became the headliner at The Learning Annex Real Estate Wealth Expo in New York. He was reportedly paid $1,000,000 for his one hour seminar. Since then he has appeared at 6 more similar expos for The Learning Annex: New York (again), Chicago, Los Angeles (twice), and San Francisco. There are six more expos scheduled this year and twenty in 2007. Trump got a 50% raise and is making $1.5 Million per show.

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

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

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

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

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

On March 30, 2005 he was co-host with Regis Philbin (in the absence of Kelly Ripa) on Live with Regis and Kelly.

On September 27 2005 Hollywood Records released The Regis Philbin Christmas Album where Trump and Philbin sing a duet of "Rudolph the Red-Nosed Reindeer" (Track #5).

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

On February 27, 2006, Trump made an appearance on the game show Deal or No Deal, advising the contestant to take the banker's deal - the contestant initially refused Trump's advice, and ended up winning much more money after being advised again by Trump.

Recently, when asked who should win American Idol in 2006, Trump chose Katharine McPhee. However, she finished second, losing to Taylor Hicks in the finale.

As of June 2006, Trump is planning a new reality show with R. J. Cutler based on the board game Monopoly.

In 2007, Trump will receive an honor for his contribution of The Apprentice to television by receiving a star on the Hollywood Walk of Fame.

Trump is slated to host the next installment of The Big Break on the Golf Channel....

Personal life

Born to Mary MacLeod Trump, native of Stornoway, Isle of Lewis in Scotland, and the soon-to-be millionaire Fred Trump in 1946, Trump has three siblings, a brother and two sisters. His older sister, Maryanne Trump Barry, is a federal appeals court judge. Recently released British geneology records show Trumps mother arrived from Scotland aboard the Transylvania in 1935

In 1977 Trump married Ivana Zelničkova later Ivana Trump and together they have three children: Donald, Jr. (born December 31 1977), Ivanka (born October 30, 1981) and Eric (born January 11, 1984). They were divorced in 1992.

In 1993, he married Marla Maples, and together they have one child, Tiffany (born October 13 1993). They divorced on June 8, 1999.

On April 26 2004, he proposed to Melania Knauss (Melanija Knavs in Slovenian language, later Melania Knauss-Trump) from Slovenia. Trump and Knauss (who is 24 years Trump's junior) married on January 22 2005, at Bethesda by the Sea Episcopal Church on the Island of Palm Beach, Florida, followed by a reception at Trump's Mar-A-Lago estate. On September 27 2005, the couple announced that Melania was pregnant with Trump's fifth child. Melania gave birth to a boy, Barron William Trump, on March 20 2006. Barron William Trump was said to be 8 1/2 pounds and 21 inches long at birth.

Trivia

Books

  • Trump: The Art of the Deal, (ISBN 5-557-09901-8)
  • Trump: The Art of Survival, (ISBN 0-446-36209-3)
  • Trump: The Art of the Comeback, (ISBN 0-8129-2964-0)
  • Trump: Surviving at the Top, (ISBN 0-394-57597-0)
  • Trump: How to Get Rich, (ISBN 1-4000-6327-2)
  • The Way to the Top: The Best Business Advice I Ever Received, (ISBN 1-4000-5016-2)
  • Trump: Think Like a Billionaire : Everything You Need to Know About Success, Real Estate, and Life, (ISBN 1-4000-6355-8)
  • Trump: The Best Golf Advice I Ever Received, (ISBN 0-307-20999-7)
  • Why We Want You to be Rich: Two Men - One Message, (ISBN 1-933914-02-5)

Properties

Future site of Trump International Hotel & Tower, Toronto

Selected completed properties

  • Personal Residence: Trump Tower: top 3 floors of Trump Tower with approximately 30,000 square feet (3,000 m²) of space; detailed in bronze, gold, and marble. Worth as much as $50 million, it is one of the most valuable apartments in New York City.
  • Palm Beach estate: 43,000 square feet (4,000 m²) on a large oceanfront lot in Palm Beach. Trump purchased this property for $40 million at a bankruptcy auction in 2004. Renovations to the property were led by the Season 3 Apprentice Kendra Todd, and Trump is planning to re-list the property for $125 million. If it is sold at this price it would be by far the most expensive house ever sold in the United States. (The current record is $70 million for Ron Perelman's Palm Beach estate in 2004.)
  • Mar-A-Lago, Palm Beach, Florida. Most of this estate has been converted into a private club. This landmark property is valued at $200,000,000.
  • Trump Entertainment Resorts: This company owns the Trump branded casino resorts. After a long period of financial trouble, the company entered bankruptcy protection in 2004. Trump agreed to invest $55 million cash in the new company and pay $16.4 million to the company's debtors. In return he holds a 29.16% stake in the new public company. This stake was worth approximately $150 million in October 2005. The following are the Trump branded casino resorts:
  • The Estates at Trump National: Rancho Palos Verdes, CA 90275 (310)265-5000
  • Trump Grande: Florida
  • The Trump Building at 40 Wall Street: Trump bought and renovated this building for about $35 million in 1996. Although Trump claims it is worth $400 million, New York tax assessors value it at only $90 million. Mr. Trump has taken out a $145 million mortgage on this property to use for other investments.
  • Trump Palace: 200 East 69th Street, New York, NY
  • Trump Parc: 106 Central Park South, New York, NY
  • Trump Park Avenue: Park Avenue & 59th Street
  • Trump Tower: 725 Fifth Ave, New York, NY 10022 Trump owns the retail and office space on the lower half of this building.
  • Trump World Tower: 845 United Nations Plaza, New York, NY
  • Trump Tower at City Center (Official Site)10 City Place, White Plains, NY 10601
  • Trump Plaza of the Palm Beaches: Twin 32-story residential towers located in downtown West Palm Beach, Florida.
  • Trump Plaza: 167 East 61st Street, New York, NY ( 39-story, Y-shaped plan condominium building on the Upper East Side)
  • Grand Hyatt: Park Ave at Grand Central, New York City, NY (26-story hotel next to Grand Central Station and first major project by Trump. Later sold 50 percent interest to the Hyatt Corporation for a reported 140 million dollars in 1996.)

Selected current and future developments

International hotel and tower properties

Other properties

  • Trump Tower, Tampa: Tampa, Florida appears to be in trouble financially.
  • Trump Plaza Tower 70-floor to be built in Ramat Gan, Israel
  • Trump Tower Philadelphia: This 45-story building will offer 263 luxurious condominiums on the Delaware River. Amenities including an elegant lobby, on-site parking, and beautiful landscaped gardens, Five Star Restaurant, 10,000 SF SPA, and much more
  • TrumpStreet Casino & Entertainment Complex, Philadelphia: Trump and a list of famous Philadelphia icons hope to see this complex come into fruition. The complex will feature a movie theatre, sports bar, shopping center, outdoor performance space, and of course slot machines. They are one of five groups vieing for two Philadelphia gambling licenses. (TrumpStreet Philly Website)
  • Fort Lauderdale Beach Club: This 12-story building will offer 95 luxurious condominiums on Sea Breeze Boulevard.
  • Trump Grande, Sunny Isles Beach, FL: Two condominium towers and a resort tower just north of Miami.
  • 17 Luxury Towers in Dubai.
  • Trump Island Villas: Canouan Island, Saint Vincent and the Grenadines
  • Trump Plaza: Jersey City in Jersey City, NJ. The project includes New Jersey's two tallest residential towers and costs about $450 million. The 55-story tower will have 445 condos, and the 50-story tower will have 417. () ().
  • Trump Ocean Club Baja Mexico

Other prominent involvement

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

  • Trump World I, II, and III: Seoul, Korea Trump received a licensing fee of $5 million to lend his name to this project.
  • Trump International Hotel and Tower, 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 which totaled $40 million ($25 million for project management and $15 million in incentives deriving from the condo sales).
  • Riverside South/Trump Place When completed, Riverside South will be the largest single private development in New York City's history. It was built by the Trump Organization, although financed by investors from Hong Kong and owned by the Hudson Waterfront Company. During his financial difficulties in the mid 90's, Trump was forced to sell this site, the former west side rail-yards. The new owners continued Mr. Trump's involvement with the property and sought to use his name to seek higher sales prices. Mr. Trump was paid $2 million annually for his oversight of the project, and he was offered an estimated 30% of the net profits upon completion of this 10 year project. The investors sold off the uncompleted project in 2005 for $1.8 billion and offered Mr. Trump $500 million. Mr. Trump contends that the property should have been sold for more than $3 billion and is currently suing the owners for selling without his consent. He is seeking $1 billion in damages.
  • Trump International Golf Links, Menie, Scotland. A recent announcement, Donald Trump has purchased an 800-acre plot just north of Aberdeen with the intention of turning it into what he describes as "the world's best golf course" by 2008. The development will include two courses, a 5-star hotel, holiday homes and a golf academy. Trump is confident that the site, once finished, will hold the Open Championships.

Notes

  1. "Trump Mortgage". Retrieved 2006-05-23.
  2. "Trump's Monopoly Passes Go"
  3. "The Donald's new curb appeal". 2006. Retrieved 2006-07-25. {{cite web}}: |first= missing |last= (help); Unknown parameter |month= ignored (help)
  4. "As Trump tower rises, worries pile up". Chicago Tribune. 2005. Retrieved 2006-10-20. {{cite web}}: Unknown parameter |month= ignored (help)
  5. "Lagging Trump Tower gets cash". St Petersburg Times. 2006. Retrieved 2006-10-20. {{cite web}}: Unknown parameter |month= ignored (help)
  6. "Extent of Trump Tower delay to be known soon". Tampa Bay Business Journel. 2006. Retrieved 2006-10-20. {{cite web}}: Unknown parameter |month= ignored (help)

References

External links

Businesses of Donald Trump
NYC properties
Hotels and resorts
Golf courses
U.S.
Europe
Other current ventures
Name licensing
Former properties
Cancelled real
estate projects
Former ventures
The Apprentice franchise
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