Donald Trump Biography – American Business Magnate with Strong Footholds in Real Estate
One of the master's of the financial world in America is Donald Trump. A real estate developer famous for his financial sense, fortune, a hit television show, and of course his infamous hair-do, Trump embodies the American dream to most.
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Donald Trump Biography - A Financial Mastermind in the Making
Donald J. Trump was born on June 14, 1946 to parents Frederick C. & Mary MacLeod Trump in Queens, New York. The elder Mr. Trump was also a builder and real estate developer, and following his graduation from the University of Pennsylvania with a degree in Economics in 1968, Donald joined his father's company, the Trump Organization. Thus truly begins the Donald Trump biography
. While his father had concentrated mostly on building and managing apartment buildings Donald had larger visions. He convinced his father to expand the company's holdings by incurring more loans using the equity from the apartment buildings and in 1971 moved to Manhattan, where he began to expand his economic ventures even more. He began getting involved with larger, more profitable building projects in Manhattan. These projects brought noteriety to the young Trump, but it was his hand in the acquisition and renovation of a small-scale hotel adjacent from Grand Central Station, renamed The Grandy Hyatt upon completion, which truly made him a public figure in New York's real estate development industry. Around this same time Trump married Ivana Zelnickova Winklmayr, a New York fashion model, whom he later named the vice president of design in the Trump Organization. His next power-play in real estate development came with the opening of the infamous and luxurious Trump Towers in 1982 on Fifth Avenue, and then again with the opening of Harrah's at Trump Plaza, a casino in Atlantic City. Throughout the remainder of the 1980's Trump continued to expand the Trump Organization empire, acquiring land and ventures in states such as Florida and California. By the end of the 80's he appeared to be at the top of his game.
Donald Trump Bankruptcy - Financial Flounderings of the Master
While Donald Trump is irrefutably a financial mastermind, he does have one weakness: recessions. Trump appeared to be on top of his game throughout the 1980's, but the recession hit hard in 1989 and by 1991 Trump was forced to file his first business bankruptcy. It was specifically the financial dealings with relation to the building of the Taj Mahal casino in Atlantic City that landed him in that bankruptcy. While he was able to recover entirely by the mid-nineties, this would be only the first of many Donald Trump bankruptcy
scandals. While he appeared to be back on top in the late nineties and early twenty first century, Trump again found himself in bankruptcy in 2004 with his company Trump Entertainment Resorts Inc. By 2005 he was able to pull back out of the confines of bankruptcy only to find himself hit hard again in 2008 by yet another recession. Trump Entertainment Resorts Inc. filed for a third bankruptcy on February 17, 2009. While many of his bankruptcies seem to find resolution within roughly one year, the end of 2010 is upon us and the latest Donald Trump bankruptcy case is still active.
Trump Net Worth - Billions After Bankruptcy
The net worth of Donald Trump has been a consistently rising and falling number throughout his career. It was estimated in the early ninties, surrounding his first bankruptcy filing, the Trump net worth plummeted from $1.7 billion to just $500 million. By the mid to late nineties, however, as Trump's economic successes began to regain strength so did his net worth: in 1997 he was estimated to be worth approximately $2 billion once again. In 2008 Forbes.com showed Trump to be worth approximately $3 billion prior to his latest bankruptcy case. 2009 found Trump showing estimates of $1.6 billion and the latest Forbes list for 2010 shows Trump's net worth to be approximately $2 billion, a slight increase even in the face of bankruptcy. For years Trump has refuted what Forbes shows his net worth to be, apparently believing that they are under-estimating his actual worth.Photo Source : Public Domain