It seems that throughout his very busy life Donald Trump has never had enough of being successful!Let’s have a quick look at his achievements:
How Old Is Donald Trump
Donald John Trump’s age is 70. He was born on June 14, 1946, in Queens, one of New York City’s five boroughs. He was the fourth child of five children of Mary Anne (née MacLeod; 1912–2000), a homemaker and philanthropist, and Fred Trump (1905–1999), a real estate developer, whose footsteps young Donald Trump followed in.
How old was Donald Trump when he started pursuing his business career?
Trump has stated that when he graduated from college back in 1968, he was worth about $200,000 (equivalent to $1,021,000 in 2015). Right after graduation, at the age of 23, he already became a ‘business insider,’ so to speak, when he made a failure commercial foray into show business, investing $70,000 to become co-producer of the 1970 Broadway comedy “Paris Is Out!”
Donald Trump began his real estate career at his father Fred’s company, Elizabeth Trump and Son, which focused on middle-class rental housing in the New York City boroughs of Queens, Brooklyn, and Staten Island. In the course of his undergraduate study, one of Donald Trump’s first projects had been the revitalization of the foreclosed Swifton Village apartment complex in Cincinnati, Ohio, which his father had formerly purchased for $5.7 million in 1962.
Fred and his ‘junior apprentice’ became involved in the project and, with a $500,000 investment, turned the 1,200-unit complex’s occupancy rate from 34% to 100%.
At the time, Trump’s primary duty was to oversee the company’s 14,000 apartments and suites across Queens, Brooklyn, and Staten Island. In 1972, The Trump Organization sold Swifton Village for $6.75 million.
In 1971, Donald Trump moved to the posh area of Manhattan, where he became involved in larger construction projects, and used eye-catching architectural designs to get public appraisal and honor.
In 1973, Donald Trump “succeeded” to come to public attention when he was accused of violations of the Fair Housing Act by the Justice Department in the operation of 39 buildings. Two years later Trump settled the charges without admitting any guilt following a failure countersuit, filed by attorney Roy Cohn, saying:
“I am satisfied that the agreement did not compel the Trump Organization to accept persons on welfare as tenants unless as qualified as any other tenant.”
Several years later the Trump Organization was again in court for violating terms of the settlement. Donald Trump denied the charges again, and there is no indication that he was found guilty whatsoever.
The Trump Organization owns, operates, develops, and invests in real estate around the world such as Trump Ocean Club International Hotel and Tower, seen at center, in Panama City, Panama.
The Trump Organization owns, operates, develops, and invests in real estate endeavors around the world. For instance, one of its signature facilities is Trump Ocean Club International Hotel and Tower, seen in Panama City, Panama.
In fact, Trump had an option to buy and develop the Penn Central Transportation Company property, which was pending bankruptcy. This included the 60th Street rail yard on the Hudson River—later developed as Riverside South—as well as the land around Grand Central Terminal, for which he paid a fortune of $60 million with no down payment!
Later on, with the help of a 40-year tax abatement from the New York City government, he turned the bankrupt Commodore Hotel [next to Grand Central] into the Grand Hyatt, and gave rise to The Trump Organization.
Trump Tower, on Fifth Avenue, in Midtown Manhattan
Donald Trump promoted Penn Central’s rail yard on 30th Street as a site for New York City’s designed Jacob K. Javits Convention Center. He assessed that his company could have completed the project for $110 million, yet, while the City chose his site, it rejected his offer, and instead, Trump received a broker’s fee on the sale of the property.
In 1980, repairs on the Wollman Rink in Central Park [built in 1955] were started by a general contractor that was not connected to Trump, with a construction schedule of 21⁄2-year.
However, the repairs were not completed by 1986. Donald Trump took over the management of the project without the City needing to pay anything, and completed it in 3 months for $1.95 million, saving $750,000 of the initial budget.
In 1988, super ambitious Trump acquired the Taj Mahal Casino in Atlantic City, New Jersey, in a transaction with Merv Griffin and Resorts International. The acquisition was funded by significant bank loans.
By 1989, Trump was unable to meet loan payments. Although he secured additional bank borrowings and postponed interest payments, increasing debt brought the Taj Mahal to bankruptcy only two years later, in 1991. Banks and bondholders, facing potential losses of hundreds of millions of dollars, opted to restructure the debt.
On October 5, 1991, the Taj Mahal recovered from bankruptcy, with Donald Trump ceding 50% ownership in the casino to the bondholders in exchange for lowered interest rate and “buying” some more time to settle the debt. He also sold his financially challenged Trump Shuttle airline and his 282-foot ‘jumbo yacht’- the Trump Princess.
Trump Taj Mahal, at 1000 Boardwalk in Atlantic City, New Jersey
The 1990s saw a revival in Trump’s book of financials. Donald Trump’s father, who passed away in 1999, in his will divided an estate estimated at $250–300 million evenly among his 4 surviving inheritors.In 2001, Trump completed Trump World Tower, a 72-story residential tower across from the United Nations Headquarters. He then began construction of Trump Place, a multi-building development along the Hudson River.
Donald Trump continued to own commercial space in Trump International Hotel and Tower, a 44-story mixed-use (hotel and condominium) tower on Columbus Circle, and also continued to own millions of square feet of other prime Manhattan realty.
By 2014, Trump preserved 10% ownership of Trump Entertainment Resorts, which owns the Trump Taj Mahal and Trump Plaza Hotel and Casino, both in Atlantic City. In this year, Trump Entertainment Resorts entered Chapter 11 bankruptcy and closed the Trump Plaza indefinitely.
In 2016, billionaire Carl Icahn took over the company, acquiring the Trump Taj Mahal. However, Icahn kept Trump’s name on the building even though Trump was not entitled to ownership any longer.
Trump’s income for the year of 2014 was $362 million (which does not include dividends, interest, capital gains, rents and royalties) according to a July 2015 press release from his campaign manager.
On the other hand, the Fortune magazine reported that the $362 million figure for the year 2015 [as stated on his FEC filings] was not “income” however, but gross revenue before salaries, interest payments on outstanding debt, and other business-related outflows. Trump’s true income was most likely about 1⁄3 of what Trump has publicly claimed.
According to some public records, Donald Trump received a $302 New York tax rebate in 2013 (and in two other recent years) given to couples earning less than $500,000 per year, who submit as proof their federal tax returns. Trump’s campaign manager has suggested that Trump’s tax rebate was an error. It is worth mentioning that Trump has not publicly released his federal tax returns, saying he would not do so because of ongoing IRS audits.
Donald Trump Facts
It is a commonplace that Mr. Trump has licensed his name and image for the development of many real estate projects. Trump-branded properties, which are not into his possession, including two Trump-branded real estate projects in Florida, have gone into foreclosure.
In December, 2015, the Turkish owner of Trump Towers Istanbul, who actually pays Trump for the ‘lease’ of his name, was reported to be exploring legal means to dissociate the property after the candidate’s call to temporarily ban Muslims from entering the U.S.
Donald Trump has also ‘licensed’ his name to son-in-law Jared Kushner’s fifty story Trump Bay Street, a Jersey City luxury development that has raised $50 million of its $200 million capitalization, largely from wealthy Chinese nationals who, after having made initial money down of $500,000 in concert with the government’s expedited EB-5 visa program, can usually be expected to obtain the U.S. permanent residency for themselves and their families in 2 years. A spokesperson clarified that Trump is a partner with Kushner Properties only in name licensing – not in the building’s financing.
A fresh analysis of 2016 done by The Economist concludes about Donald Trump’s business career:
“…Performance [from 1985 to 2016] has been mediocre compared with the stock market and property in New York”, noting both his successes and bankruptcies. Any such analysis is difficult because, as the newspaper observed, “Information about Mr Trump’s business is sketchy. He doesn’t run a publicly listed firm…” Trump’s early successes were partly co-mingled with those of his father, so they omit them claiming, “The best long-term starting point is 1985 when Mr Trump first appeared in the rankings without his father.” A subsequent analysis by the Washington Post concluded that “Trump is a mix of braggadocio, business failures, and real success.”
Donald Trump today
In the summer of 2015, as Donald Trump vaulted to the lead among the many GOP candidates for president of the United States, he was the only one ‘drained’ by questions about his true intentions.
This, most popular, American businessman had played the role of provocateur so often that pundits, reporters, and voters struggled to believe that he was a serious contender. Donald Trump stirred so much controversy that his candidacy puzzled anyone who applied ordinary political logic to the race.
But then again, Mr. Trump has rarely been a ‘commonplace’ or a trite in his pursuit of success! His trademark method is based on a logic that begins with his firm belief that he is one of a kind, a maverick that is.
Some landmark biographies, find Donald Trump a man whose appetite for wealth, attention, power, and conquest is practically insatiable. Declaring that he is still the person he was as a rascally little boy, Donald Trump admits that he avoids reflecting on himself “because I might not like what I see” and he believes that “most people aren’t worthy of respect.”
Did you know Donald Trump was a Broadway showman before he became a developer?
A product of the media age, and the Me Generation that emerged in the 1970s, Trump was truly a Broadway showman before going in for a real estate developer. Mentored by the ‘scoundrel attorney’ Roy Cohn, Trump was a regular figure on the New York club scene, and won press attention as a dashing young mogul before he had built his first major project.
He leveraged his father’s enormous fortune and political connections to get his business off the ground, and soon developed a ‘larger-than-life persona.’ Over time, and through many holdups, he made himself into a statue symbol of extravagance and achievement.
Drawing upon extensive and exclusive interviews with Donald Trump, and many of his immediate family members, D’Antonio presents the full story of a truly American icon, starting from his very beginnings as a businessman to his stormy romantic life and his chase of power in its many forms.
For all those who wonder: Just who in reality is Donald Trump?
He has this shortest answer: He is a builder, promoter, performer and a serious politician who pursues success with a drive that is equal to obsession! A contender to be the 2016 Republican presidential nominee, Donald Trump is best known as a billionaire real estate mogul and television personality.
As of March 2016, Trump appeared to be the likely Republican presidential nominee, with only Texas Senator Ted Cruz and Ohio Governor John Kasich holding out hope for their campaigns. Donald Trump has maintained his somewhat ‘commanding lead’ over his weaker opponents despite ongoing criticisms and controversies,
On May 26, 2016, Trump clinched the Republican nomination for president when 29 unbound delegates told the Associated Press that they would support him at the GOP convention. With their backing, Trump pulled in the support of 1,238 delegates, slightly above the 1,237 delegate count needed to secure the nomination.
Indeed, Mr. Donald Trump’s pursuit of success continues with the U.S. presidential elections! Nothing can stop him now because he is a signature man!