Donald John Trump or well-known as Donald Trump is the 45th elected president of the United States of America in the year 2017-present time. Before he was elected as a president, Trump was a television personality and a real-estate developer and businessman himself who owned, managed, and licensed his name to several casinos, golf courses, hotels, resorts, and residential properties in the New York City area and worldwide.
Starting from the 1980s, Trump also lent his name to scores of retail ventures including the branded lines of cologne, food, clothing, and furniture as well as to Trump University, which he offered seminars in real-estate education from 2005 to 2010.
Earlier in the 21st century, Trump’s Organization, comprised some 500 companies involved in an expansive range of businesses, including residential properties,
hotels and resorts, merchandise, and entertainment, and television.
Trump’s Early Life and Education
Trump was born on June 14, 1946, at Jamaica Hospital in Queens, New York City. He is the fourth of five children of Mr. Frederick C., a Bronx-born real estate developer whose parents were German immigrants and Mrs. Mary MacLeod Trump, a Scottish-born housewife. His two sisters and one of his brothers are all still alive and his sister is currently working as United States Federal Judge serving the United States Court of Appeals today. However,one of his brothers has passed aways due to complications with alcoholism.
Frederick,his father, was a real estate developer and builder who specialized in operating and constructing middle-income apartments in the Staten Island, Queens, and Brooklyn sections of New York. Trump grew up in the Jamaica Estates neighborhood of Queens and attended the Kew-Forest School from kindergarten until seventh grade. He was known as an energetic and bright child.
Trump identifies as Presbyterian. He attended Sunday School and it was confirmed in 1959 at the First Presbyterian Church in Jamaica, Queens. In the year 1979, both of his parents joined the Marble Collegiate Church in Manhattan, which belonged to the Reformed Church. The pastor at Marble, Norman Vincent Peale, ministered to Trump’s family until Peale’s death in 1993. Trump has described Peale as a mentor.
At thirteen, Trump’s parents sent him to the New York Military Academy (1959-64), a private boarding school, hoping the discipline of the school would channel his energy in a positive manner. He did great at the academy, both academically and socially, rising to become a student leader and star athlete by the time he graduated in 1964.
In the 1950s, their family’s wealth increased with the postwar real estate boom.
He entered Fordham University in the Bronx (1964-66) and then transferred to the University of Pennsylvania’s Wharton School of Finance and Commerce (1966–68), where he graduated in 1968 with a bachelor’s degree in economics.
During the summer of college years, Trump worked at his father’s real estate business. In 1966, he also secured education deferments for the draft for the Vietnam War and ultimately a 1-Y medical deferment after he graduated and in July 1968, a local board classified him as eligible to serve. In 1972, he was reclassified 4-F due to bone spurs, which permanently disqualified him from the service.
After graduating college, Trump began working full-time for his father’s business, helping to manage its holdings of rental housing, then estimated at between 10,000 and 22,000 units.
Trump had noticed the fact that every time his father would start a building project, two or three of his competitors would start rival construction projects nearby. Nevertheless, his father had always finished his buildings first, and his project would always be better-looking than his competitors, and offer more amenities and more space. He appeared to have been strongly influenced by his father in his decision to also make a career in real estate development, but the younger man’s personal goals were much bigger than those of his father
In the late 1970s and the 1980s, Donald Trump greatly expanded his father’s business by investing in luxury hotels and residential properties and by shifting its geographic focus to Manhattan and later to Atlantic City, New Jersey.
In the year 1971, Trump moved his residence to Manhattan, where he became familiar with many influential people.Trump has been convinced of the economic property in the city and became involved in large building projects in Manhattan that would offer opportunities for earning higher profits, winning public recognition, and utilizing attractive architectural design.
During the year 1974, Trump obtained an option on one of Penn Central’s hotels, the Commodore, which was unprofitable but in an excellent location near Grand Central Station. The following year, he signed a partnership agreement with the Hyatt Hotel Corporation, which did not have a large downtown hotel. Trump then cranked out a complicated deal with the city to remake the hotel. After renaming it as the Grand Hyatt, the hotel became popular and an economic success, making Trump the city’s best known and most controversial developer.
In 1976, he purchased the decrepit Commodore Hotel near Grand Central Station under a complex profit-sharing agreement with the city that included a 40-year property tax abatement, the first such tax break granted to a commercial property in New York City. Relying on a construction loan guaranteed by his father and the Hyatt Corporation, which became a partner in the project, Trump refurbished the building and reopened it in 1980 as the 1,400-room Grand Hyatt Hotel.
In 1977, Trump married his first wife, Ivana Zelnickova Winklmayr, a Czech model, with whom he had three children namely, Donald, Jr., Ivanka, and Eric before the couple had divorced in 1992. Their married life, as well as Trump’s business affairs, were a staple of the tabloid press in New York City during the 1980s. Trump married his second wife, the American actress Marla Maples after she gave birth to Trump’s fourth child, Tiffany, in 1993. Their marriage ended in divorce in 1999.
In 1979, Trump had rented a site as the location for a monumental $200 million apartment-retail complex that was designed by Der Scutt on Fifth Avenue next to the famous Tiffany & Company. It was named the Trump Tower when it opened in 1982. The luxurious building attracted many well-known retail stores and celebrity renters and brought Trump national attention.
In 1980, Trump invested heavily in the casino business in Atlantic City, where his properties eventually included Harrah’s at Trump Plaza (1984, later renamed Trump Plaza), Trump’s Castle Casino Resort (1985), and the Trump Taj Mahal (1990), then the largest casino in the world.
Also, during that period, Trump purchased the New Jersey Generals, a team in the short-lived U.S. Football League. Mar-a-Lago, a 118-room mansion in Palm Beach, Florida, built in the 1920s by the cereal heiress Marjorie Merriweather Post. A 282-foot yacht, recognized as the world’s second-largest, which he named it as Trump Princess. And, an East Coast air-shuttle service, which he called it the Trump Shuttle.
In 1983, he opened Trump Tower, an office, retail, and residential complex constructed in partnership with the Equitable Life Assurance Company. The 58-story building on 56th Street and Fifth Avenue eventually contained Trump’s Manhattan residence and therefore the headquarters of the Trump Organization.
Other Manhattan properties developed by Trump during the 1980s included the Trump Plaza residential cooperative (1984), the Trump Parc luxury condominium complex (1986), and the 19-story Plaza Hotel (1988), a historic landmark for which Trump paid more than $400 million.
In 1987, Trump’s first book, “Trump: The Art of the Deal,” was published and became a bestseller. His foundation is named Donald J. Trump Foundation that was established in the same year, in order to donate a portion of profits from his book sales to charities.
In 1990, when the U.S. economy fell into recession, many of Trump’s businesses suffered, and he soon had trouble making payments on his approximately $5 billion debt, some $900 million of which he had personally guaranteed. Under a restructuring agreement with several banks, Trump was forced to surrender his airline, which was taken over by US Airways in 1992; to sell the Trump Princess; to take out second or third mortgages on nearly all of his properties and to reduce his ownership stakes in them, and to commit himself to live on a personal budget of $450,000 a year.
In 1991, despite those measures, the Trump Taj Mahal declared bankruptcy, and two other casinos owned by Trump, as well as his Plaza Hotel in New York City, went bankrupt in 1992. Following those setbacks, most major banks refused to do any further business with him. Estimates of Trump’s net worth during this era ranged from $1.7 billion to minus $900 million.
Trump’s fortunes rebounded with the stronger economy of the later 1990s and with the decision of the Frankfurt-based Deutsche Bank AG to establish a presence in the U.S. commercial real estate market. The Deutsche Bank extended hundreds of millions of dollars in credit to Trump in the late 1990s and the 2000s for projects including Trump World Tower in the year 2001 in New York and Trump International Hotel and Tower in the year 2009 in Chicago.
In the early 1990s, Trump had floated a plan to his creditors to convert his Mar-a-Lago estate into a luxury housing development consisting of several smaller mansions, but local opposition led him instead to show it into a personal club, which was opened in 1995.
In 1996, Trump partnered with the NBC television network to purchase the Miss Universe Organization, which produced the Miss Universe, Miss USA, and Miss Teen USA beauty pageants. However, Trump’s casino businesses continued to struggle. In 2004, his company Trump Hotels & Casino Resorts filed for bankruptcy after several of its properties accumulated unmanageable debt, and the exact company was renamed Trump Entertainment Resorts,went bankrupt again in 2009.
In 1999, Trump had announced the formation of an exploratory committee in order to tell his decision of whether or not he should or need to seek the Reform Party’s nomination for the presidential race of 2000, but he backed out due to problems within the party.
A state appellate court ruled on August 3, 2000, that Trump had the proper to end an 856-foot-tall condominium on New York City’s east side. The Coalition for Responsible Development had sued the city, charging it with violating the zoning laws and by letting the building reach heights that towered over everything within the neighborhood. The city has since moved to revise its rules to stop more of such projects. The failure of Trump’s opponents to obtain an injunction (a court order to stop) allowed him to continue construction.
In addition to his real-estate ventures, in 2004 Trump premiered a reality television series in which he starred, The Apprentice, which featured teams of contestants competing in various business-related projects, with one contestant ultimately winning a lucrative one-year contract as a Trump employee (apprentice). The Emmy-nominated show, in which Trump fired one or more contestants on a weekly basis, helped him to further enhance his reputation as a shrewd businessman and self-made billionaire.
In 2005, Trump established Trump University, which offers seminars in real estate investment. In the same year, he married the Slovene model Melania Knauss, and their son, Barron, was born the following year. Melania Trump became only the second foreign-born first lady of the United States upon Trump’s inauguration as president in 2017.
In 2008, the show was remade as The Celebrity Apprentice, with newsmakers and entertainers as contestants.
On the 13th of February 2009, he announced his resignation from his position as chairman of Trump Entertainment Resorts. Days later, the company filed for bankruptcy protection.
Trump marketed his name as a brand in numerous other business ventures including Trump Financial, a mortgage company, and the Trump Entrepreneur Initiative (formerly Trump University), an online education company focusing on real estate investment and entrepreneurialism. The latter firm, which ceased operating in 2011, was the target of class-action lawsuits by former students and a separate action by the attorney general of New York state, alleging fraud. After initially denying the allegations, Trump settled the lawsuits for $25 million in November 2016.
On the16th of June 2015, Trump had announced that he was running for president during his speech at Trump Tower. He pledges to implement policies that will boost the economy and says he will get tough on immigration. He also added that when Mexico sends its people, they’re not sending their best. They’re sending people who have lots of problems. They’re bringing drugs, they’re bringing crime, they’re rapists, and some, he had assumed,are good people.
On the 28th of June 2015, he said that he’s giving up the TV show named The Apprentice because he will be running for president. The next day, NBC Universal has said it is cutting its business ties to Trump and won’t air the Miss USA and Miss Universe pageants because of derogatory statements by Donald Trump regarding immigrants. However, on September 15, 2015, he had announced that he had purchased NBC’s half of the Miss Universe Organization, which organizes the annual Miss USA and Miss Universe pageants.
The same year, on July 8, 2015, in an interview with CNN’s Anderson Cooper, Trump has said that he can’t guarantee all of his employees have legal status in the United States. This is in response to questions about a Washington Post report about undocumented immigrants working at the Old Post Office construction site in Washington, which Trump is converting into a hotel. Moreover, on July 22, 2015, Trump’s financial disclosure report was made public by the Federal Election Commission.
On the 8th day of November 2016, he was elected president of the United States. Trump will be the first president who has never held elected office, a top government post, or military rank. In the same year, Trump says he will dissolve the Donald J. Trump Foundation in order to avoid even the appearance of any conflict regarding his role as President.
The spokeswoman from the New York Attorney General’s Office has said that the foundation cannot legally close until investigators conclude their probe of the charity
In the year 2018, The New York Times published a lengthy investigative report that documented how Fred Trump had regularly transferred vast sums of money, ultimately amounting to hundreds of millions of dollars, to his children by means of strategies that involved tax, securities, and real-estate fraud, as well as by legal means. According to the said report, Donald was the main beneficiary of the transfers, having received the equivalent (in 2018 dollars) of $413 million by the early 2000s.
Furthermore, Trump was credited as co-author of a number of books on entrepreneurship and his business career, including Trump: The Art of the Deal (1987), Trump: The Art of the Comeback (1997), Why We Want You to Be Rich (2006), Trump 101: The Way to Success (2006), and Trump Never Give Up: How I Turned My Biggest Challenges into Success (2008).