Source: Wikipedia
Donald Trump
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Trump at a town hall in New Hampshire, August 2015
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Born
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Donald John Trump
June 14, 1946 (age 69)
Queens, New York City, United States
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Residence
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Alma mater
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University of Pennsylvania (B.S.)
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Occupation
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Years active
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1968–present
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Salary
|  $250 million |
Net worth
| $4.5 billion (Forbes October 2015) |
Political party
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Republican (2012–present; 2009–11; 1987–99)
Previous affiliations:
Independent (2011–12)
Democratic (2001–09; before 1987)
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Religion
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Spouse(s)
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Children
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Parent(s)
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Business career
Trump began his career at his father's real estate company, Elizabeth Trump and Son, which focused on middle-class rental housing in the New York City boroughs of Brooklyn, Queens, and Staten Island. One of Trump's first projects, while he was still in college, was the revitalization of the foreclosed Swifton Village apartment complex in Cincinnati, Ohio, which his father had purchased for $5.7 million in 1962. The Trumps became involved in the project and, with a $500,000 investment, turned the 1,200-unit complex's occupancy rate from 34% to 100%. In 1972, the Trump Organization sold Swifton Village for $6.75 million.
In 1971, Trump moved to Manhattan, becoming involved in larger building projects, and used attractive architectural design to win public recognition. 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. 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. Trump settled the charges in 1975, 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."
Trump made plans to acquire and develop the old Penn Central for $60 million with no money down. Later, with the help of a 40-year tax abatement from the New York City government, he turned the bankruptCommodore Hotel into the Grand Hyatt and created The Trump Organization.
New York City had a plan to build the Javits Convention Center on property for which Trump held a right-to-buy option. Trump estimated his company could have completed the project for $110 million, but the city 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 2½-year construction schedule but were nowhere near completion by 1986. Trump took over the management of the project, at no cost to the city, and completed it in three months for $1.95 million, which was $750,000 less than the initial budget.
In 1988, Trump acquired the Taj Mahal Casino in a transaction with Merv Griffin and Resorts International, which led to mounting debt, and by 1989, Trump was unable to meet loan payments. Although he shored up his businesses with additional loans and postponed interest payments, by 1991 increasing debt brought Trump to business bankruptcy. 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. He also sold his financially challenged Trump Shuttle airline and his 282-foot megayacht, the Trump Princess. 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.
In 2001, Donald 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 theHudson 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.
Without personal capital investment,[citation needed] Trump has licensed his name and image for the development of many real estate projects, including Trump International Hotel and Tower – Honolulu, Trump International Hotel and Tower – Chicago, Trump International Hotel and Tower – Toronto, and Trump Tower – Tampa.[citation needed] At least two Trump-branded real estate projects 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 bar Muslims from entering the United States.
In 2015, Forbes estimated his net worth at $4 billion. In June 2015, Business Insider published a June 30, 2014, financial statement supplied by Trump. The statement reflects his net worth as $8.7 billion. Of that amount, $3.3 billion 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."
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