Donald Trump, born on the 14th of June 1946, is the son of a New York based real estate developer, Fred Trump. Donald Trump, a 1968 Wharton School graduate, currently heads Trump Organization founded by his father. Due to strong influence of his father in real estate development this New York socialite became the founder of a company which manages hotels and casinos, the Trump Entertainment Resorts.
Donald Trump’s status as an American business magnate led to an excessive lifestyle, which became fodder for the New York tabloids. His outspoken personality added fuel to the fire, such that his illicit relationship with Marla Maples led to a divorce from his wife, Ivana Trump. But his celebrity status landed him the lead role in the hit NBC show, The Apprentice.
Donald Trump’s first project was breathing new life to the Swifton Village apartment complex in Ohio. The rising real estate developer turned the 1,000 plus-unit complex with a two-thirds vacancy rate to full occupancy within a span of a year. When the Donald Trump’s company sold Cincinnati based complex they earned a profit of $6 million.
Trump also spearheaded the restoration of the Commodore Hotel into the Grand Hyatt and the construction of the famed Trump Tower in New York City. He also tried to expand his empire by buying the Eastern Shuttle routes, and buying into the Atlantic City casino business. One of Donald Trump’s less than stellar business ventures was the purchase of the Taj Mahal Casino, which led to bankruptcy. In 1992, the Trump Plaza Hotel filed for a Chapter 11 Bankruptcy
The rapid expansion led to an escalating debt which became the news focus about Donald Trump in the early 1990s. The New York newspapers published Donald Trump’s fiscal problems and creditor-led bailout. Even his personal life was not spared. However, by the year 1994 Donald Trump had reduced a big portion of his $900 million personal debt by giving up his stakes of the Trump Shuttle.
However, the late 1990s saw a renaissance in his financial affairs and celebrity status. In 2001, he was able to complete the Trump World Tower. The spectacular 72-story residential tower was built across the U. N. Headquarters. He also started construction of a multi-building development right along the Hudson River, the Trump Place. Donald Trump at present owns prime real estate in Manhattan and remains a chief figure in land development around the United States.
Donald Trump’s current projects are a mixed bag. While the Trump Tower – Tampa and Trump International Hotel and Tower – Honolulu are flourishing in sales, The Trump International Hotel and Tower – Chicago and Trump International Hotel and Tower – Toronto has been floundering. The real estate induced financial crisis of 2008 has hit Donald Trump particularly hard, causing him to lag on his financial obligation. Trump has claimed the 2008 crisis as an act of God, thereby evoking a contract clause which will allow him not to pay his outstanding loans.
This article was written by Alexis.
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