Real estate developer Donald John Trump was born June 14, 1946,
in Queens, New York. In 1971 he became involved in large profitable building
projects in Manhattan. He opened the Grand Hyatt in 1980, which made him the
city's best known and most controversial developer. After several more
development projects, he began to star in the hit NBC reality series The
Apprentice in 2004.
Quotes
"Going through tough times is a wonderful thing, and
everybody should try it. Once."
– Donald
Trump
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| DORNALT TRUMP DURING HIS EARLY LIFE |
Real estate developer, mogul. Born Donald John Trump, on June
14, 1946, in Queens, New York, the fourth of five children of Frederick C. and
Mary MacLeod Trump. Frederick Trump was a builder and real estate developer who
came to specialize in constructing and operating middle income apartments in
the Queens, Staten Island, and Brooklyn. Donald Trump was an energetic,
assertive child, and his parents sent him to the New York Military Academy at
age 13, hoping the discipline of the school would channel his energy in a positive
manner. Trump did well at the academy, both socially and academically, rising
to be a star athlete and student leader by the time he graduated in 1964. He
entered Fordham University and then transferred to the Wharton School of
Finance at the University of Pennsylvania from which he graduated in 1968 with
a degree in economics.
Trump seems to have been strongly influenced by his father in
his decision to make a career in real estate development, but the younger man's
personal goals were much grander than those of his senior. As a student, Trump
worked with his father during the summer and then joined his father's company,
the Trump Organization, after graduation from college. He was able to finance
an expansion of the company's holdings by convincing his father to be more
liberal in the use of loans based on the equity in the Trump apartment
complexes. However, the business was very competitive and profit margins were
narrow. In 1971 Donald Trump moved his residence to Manhattan, where he became
familiar with many influential people. Convinced of the economic opportunity in
the city, Trump became involved in large building projects in Manhattan that
would offer opportunities for earning high profits, utilizing attractive
architectural design, and winning public recognition.
When the Pennsylvania Central Railroad entered bankruptcy, Trump
was able to obtain an option on the railroad's yards on the west side of
Manhattan. When initial plans for apartments proved unfeasible because of a
poor economic climate, Trump promoted the property as the location of a city
convention center, and the city government selected it over two other sites in
1978. Trump's offer to forego a fee if the center were named after his family,
however, was turned down, along with his bid to build the complex, which was
ultimately named for Senator Jacob Javits.
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| Palace owned by billionnaire Dornalt Trump |
In 1974 Trump obtained an option on one of the Penn Central's
hotels, the Commodore, which was unprofitable but in an excellent location
adjacent to Grand Central Station. The next year he signed a partnership
agreement with the Hyatt Hotel Corporation, which did not have a large downtown
hotel. Trump then worked out a complex deal with the city to win a 40-year tax
abatement, arranged financing, and then completely renovated the building,
constructing a striking new facade of reflective glass designed by architect
Der Scutt. When the hotel, renamed theGrand Hyatt, opened in 1980, it was
popular and an economic success, making Donald Trump the city's best known and
most controversial developer.
Contents
Expanding His Empire
Trump married Ivana Zelnickova Winklmayr, a New York fashion
model who had been an alternate on the 1968 Czech Olympic Ski Team, in 1977.
After the birth of the first of the couple's three children in 1978, Donald
John Trump, Jr., Ivana Trump was
named vice president in charge of design in the Trump Organization and played a
major role in supervising the renovation of the Commodore.
In 1979 Trump leased a site on Fifth Avenue adjacent to the
famous Tiffany & Company as the location for a monumental $200 million
apartment-retail complex designed by Der Scutt. It was named Trump Tower when
it opened in 1982. The 58-story building featured a 6-story atrium lined with
pink marble and included an 80-foot waterfall. The luxurious building attracted
well-known retail stores and celebrity renters and brought Trump national
attention.
Meanwhile Trump was investigating the profitable casino gambling
business, which was approved in New Jersey in 1977. In 1980 he was able to
acquire a piece of property in Atlantic City. He brought in his younger brother
Robert to head up the complex project of acquiring the land, winning a gambling
license, and obtaining permits and financing. Holiday Inns Corporation, the
parent company of Harrah's casino hotels, offered a partnership, and the $250
million complex opened in 1982 as Harrah's at Trump Plaza. Trump bought out
Holiday Inns in 1986 and renamed the facility Trump Plaza Hotel and Casino.
Trump also purchased a Hilton Hotels casino-hotel in Atlantic City when the corporation
failed to obtain a gambling license and renamed the $320 million complex
Trump's Castle. Later, while it was under construction, he was able to acquire
the largest hotel-casino in the world, the Taj Mahal at
Atlantic City, which opened in 1990.
Back in New York City, Donald Trump had purchased an apartment
building and the adjacent Barbizon-Plaza Hotel in New York City, which faced
Central Park, with plans to build a large condominium tower on the site. The
tenants of the apartment building, however, who were protected by the city's
rent control and rent stabilization programs, fought Trump's plans and won.
Trump then renovated the Barbizon, renaming it Trump Parc. In 1985 Trump purchased
76 acres on the west side of Manhattan for $88 million to build a complex to be
called Television City, which was to consist of a dozen skyscrapers, a mall,
and a riverfront park. The huge development was to stress television production
and feature the world's tallest building, but community opposition and a long
city approval process delayed commencement of construction of the project. In
1988 he acquired the Plaza Hotel for $407 million and spent $50 million
refurbishingit under his wife Ivana's direction.
Ups and Downs of Business
Trump reached south to build a condominium project in West Palm
Beach, Florida, and in 1989 he branched out to purchase the Eastern Air Lines
Shuttle for $365 million, renaming it the Trump Shuttle. In January 1990, Trump
flew to Los Angeles to unveil a plan to build a $1 billion commercial and
residential project featuring a 125-story office building.
It was in 1990, however, that the real estate market declined,
reducing the value of and income from Trump's empire; his own net worth
plummeted from an estimated $1.7 billion to $500 million. The Trump
Organization required a massive infusion of loans to keep it from collapsing, a
situation which raised questions as to whether the corporation could survive
bankruptcy. Some observers saw Trump's decline as symbolic of many of the
business, economic, and social excesses that had arisen in the 1980s.
Yet, he climbed back from nearly $900 million in the red: Donald
Trump was reported to be worth close to $2 billion in 1997.
Personal Life, Politics, and
Reality TV
Donald Trump's image was tarnished by the publicity surrounding
his controversial separation and the later divorce from his wife, Ivana. But he
married again, this time to Marla Maples, a fledgling actress. The couple had a
daughter two months before their marriage in 1993. He filed for a highly
publicized divorce from Maples in 1997, which became final in June 1999. A
prenuptial agreement allots $2 million to Maples. In January 2005, Trump
married for a third time in a highly publicized wedding to model Melania
Knauss. The couple is expecting its first child.
On October 7, 1999, Trump announced the formation of an
exploratory committee to inform his decision of whether or not he should seek
the Reform Party's nomination for the presidential race of 2000.
A state appeals court ruled on August 3, 2000, that Trump had
the right to finish an 856-foot-tall condominium. The Coalition for Responsible
Development had sued the city, charging it was violating zoning laws by letting
the building reach heights that towered over everything in the neighborhood.
The city has since moved to revise its rules to prevent more such projects. The
failure of Trump's opponents to obtain an injunction allowed him to continue
construction.
In 2004, Trump starred in the hit NBC reality series The
Apprentice, in which the billionaire businessman searches for his newest
underling from among 16 contestants.
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