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Donald Trump


Donald John Trump (born June 14, 1946) is an American business executive. Donald Trump is most famous for several large skyscrapers he developed in Manhattan and named after himself. Starting with Trump Tower, he developed Trump World Tower along the East River, completed in 2001, and then began construction of the Trump Place apartment complex along the Hudson River that same year. He is also a major figure in the field of casino/hotels in the United States, and has become notable on television for his role on the reality show The Apprentice.

Contents

Background

He was born in New York, New York, the fourth of five children of Frederick C. and Mary MacLeod Trump. His grandfather came from Sweden. Donald's father, Fred Trump, was a real estate developer who became rich with the building and operating of rental barracks in the NY boroughs of Brooklyn, Queens and Staten Island. His mother, who has family on Lewis in the Western Isles, probably named him "Donald", which in Gaelic means "proud" or "world ruler".

Education

At age 13, Donald's parents sent him to the New York Military Academy hoping to channel his energy and assertiveness in a positive manner. Trump attended Fordham University before transferring to the Wharton School of Finance at the University of Pennsylvania. After graduating in 1968 with a bachelor's degree in economics, he joined his father's real estate company, the Trump Organization . Trump moved to Manhattan in 1971.

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 of Finance 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.

Career

Boom

Trump Tower on Fifth Avenue, New York City
Enlarge
Trump Tower on Fifth Avenue, New York City

As a talented dealmaker, he was able to secure loans with little collateral in the 1980s and created an empire in real estate, casinos, sports, and transportation, becoming something of a celebrity in the process. His buildings are all characterized by a somewhat satirical personality cult around himself. The name "Trump" always appears in the name of his buildings (Trump Tower, Trump Taj Mahal , etc.) and often the decor features large letter "T"s in prominent locations.

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 bondholder s had lost hundreds of millions of dollars, but opted to restructure his debt to avoid risking losing even more in a court fight.

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.

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 have been unable to make the improvements necessary for keeping up with its flashier competitors.

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. However, Trump's personal fortune has not been, in recent years, affected by his financial troubles with hotels and casinos. The Forbes 400 lists his net worth at $2.6 billion, though Trump himself claims to be worth over $5 billion.

Politics

In 1999, Trump indicated an interest in running for president on the Reform party ticket in 2000. He withdrew after the party disintegrated into factionalism .

Television

In 2004, Trump became star and executive producer of the NBC reality show, The Apprentice, in which a group of competitors battle for a high-level management job in one of Trump's commercial enterprises. The other contestants are fired. The winner of the program earns a $250,000 annual salary. At the end of each episode, Trump eliminates one contestant by telling them, "You're fired," which became a somewhat popular catch phrase.

Family

In 1977 Trump married Ivana Trump and together they have three children: Donald, Jr. (born December 31, 1977), Ivanka (born October 30, 1981) and Eric (born 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 in on June 8, 1999.

On April 26, 2004, he proposed to his girlfriend, Melania Knauss. Trump and Knauss have announced that they plan to get married sometime in January 2005.

Books

Properties

  • Trump Casino : 1 Buffington Harbor Dr, Gary, IN 46406
  • Trump International Hotel : 1 Central Park West, New York, NY 10023
  • Trump World Tower: 845 United Nations Plaza, New York, NY
  • Trump Marina Hotel and Casino : 1 Castle Blvd, Atlantic City, NJ 08401
  • Trump Taj Mahal Casino Resort: 1000 Boardwalk, Atlantic City, NJ 08401
  • Trump Tower: 725 Fifth Ave, New York, NY 10022
  • Trump Park Avenue : Park Avenue & 59th Street
  • Trump Place: New York, NY

External links

Wikiquote has a collection of quotations by or about Donald Trump
  • The Trump Organization http://www.trumponline.com/
  • Donald Trump's political donations http://www.newsmeat.com/celebrity_political_donations/Donald_Trump.php
  • Politics1's profile of Trump http://www.politics1.com/trump.htm
  • Donald Trump biography http://www.nbc.com/nbc/The_Apprentice/bios/Donald_J._Trump.html
  • Trumped! with Donald Trump http://www.trumponair.com/ (daily radio show)
  • Profile: Askmen.com http://www.askmen.com/men/business_politics/38_donald_trump.html
  • Profile: Who?2.com http://www.who2.com/donaldtrump.html
  • Donald Trump http://www.imdb.com/name/nm0874339/ at the Internet Movie Database

Interview

  • The Real Deal - A CONVERSATION WITH TRUMP http://therealdeal.net/issues/JULY_2003/1060723182.php




Last updated: 02-07-2005 04:44:06
Last updated: 04-25-2005 03:06:01