The Trump Organization

From Wikipedia, the free encyclopedia
Jump to navigation Jump to search

The Trump Organization
Group of privately held companies all owned by Donald Trump
Industry Conglomerate
Founded 1923; 95 years ago (1923)
(as E. Trump & Son)
Founders Elizabeth and Fred Trump
Headquarters Trump Tower, New York City
Area served
Key people
Donald Trump Jr. (Executive Director)
Eric Trump (EVP)
Allen Weisselberg (CFO)
Matthew F. Calamari (COO)[1]
Revenue US$ 9.5 billion (2016)[2]
Owner Donald Trump
Number of employees

The Trump Organization is the collective name for a group of approximately 500 business entities of which Donald Trump, the current U.S. President, is the sole or principal owner.[3] Around 250 use the Trump name.[4][5] Founded in 1923, by Donald Trump's grandmother and father as E. Trump & Son, Donald Trump led the organization between 1971 and 2017, as both chairman and president.[6]

The Trump Organization, through its various constituent companies and partnerships, has or has had interests in real estate development, investing, brokerage, sales and marketing, and property management. Trump Organization entities own, operate, invest in, and develop residential real estate, hotels, resorts, residential towers, and golf courses in various countries, as well as prime Manhattan real estate.[4][5][7] They also operate or have operated in construction, hospitality, casinos, entertainment, book and magazine publishing, broadcast media, model management, retail, financial services, food and beverages, business education, online travel, commercial and private aviation and beauty pageants.[8][9] Trump Organization entities also own a New York television production company that produced the reality television franchise The Apprentice.[10] Retail operations include or have included fashion apparel, jewelry and accessories, books, home furnishings, lighting products, bath textiles and accessories, bedding, home fragrance products, small leather goods, barware, steaks, chocolate bars, and bottled spring water.[11]

After September 2016, Trump Organization entities began to develop properties under the name Scion Hotels, which are priced lower and are marketed towards younger customers.[12][13]

Since the financial statements of the Trump Organization's holdings are private, as are Donald Trump's personal tax returns, there exist a wide range of estimates of the Trump Organization's true value. Donald Trump has been accused on several occasions of deliberately inflating the valuation of Trump Organization properties through the aggressive lobbying of the media, in particular the authors of the annual Forbes 400 list, in order to bolster his perceived net worth among the public over several decades. He has released little definitive financial documentation to the public to confirm his valuation claims.[14][15][16][17][18]


Founding and early history[edit]

An early logotype of the Trump Organization, as it appeared in 1976 correspondence from Donald Trump to the Penn Central Transportation Company

The company's background starts with Frederick Trump and Elizabeth Christ Trump, a German immigrant couple who moved to the borough of Queens in 1906. Frederick began developing real estate there. In 1918, however, he died of influenza, leaving an estate valued at $31,359 ($492,016 in 2016 dollars).[19]

Elizabeth carried on in the real estate business after her husband's death. She had a local contractor build houses on an empty piece of property they owned, sold the houses, and lived off the mortgage and rental proceeds paid by the new owners. Her vision was to have her three children continue the family business when they finished school, but her middle son, Fred Trump, wanted to start earlier. She founded the company "E. Trump & Son" in 1923, when Fred was 18, to give him his start.[20][a] Since he was underage, she signed all legal documents. E. Trump & Son went out of business during the Great Depression.[25] Fred next opened a supermarket, but quickly sold it and returned to the real estate business by 1933.[26][27]

Fred Trump became a prolific builder of single-family homes in Queens and Brooklyn.[28] During World War II, he constructed apartments and temporary housing for military personnel in Virginia and Pennsylvania.[28] In 1944, he shifted his focus back to Brooklyn and began planning to develop large apartment buildings.[29] He opened the 1,344-unit Shore Haven complex in 1949,[30] followed by Beach Haven in 1950,[31] and Trump Village in 1964.[32]

Elizabeth remained involved in the family business throughout her life. Even in her 70s, she collected coins from the laundromats in the Trump buildings.[20]

Leadership under Donald Trump[edit]

Donald Trump worked for his father's business while attending the University of Pennsylvania, and in 1968 officially joined the company.[33] In the early 1970s, Donald was made president of the company, while Fred became chairman of the board.[34] Around 1973, Donald began referring to the business, which had previously had no single formal name, as the Trump Organization.[35]

Donald Trump focused his efforts on major development projects in Manhattan, including the renovation of the Commodore Hotel, in partnership with Hyatt, as the Grand Hyatt New York (opened in 1980);[36] the construction of Trump Tower in partnership with The Equitable (1983);[37] and the development of Trump Plaza (1984).[38][39] He also opened three casino hotels in Atlantic City, New Jersey: Trump Plaza (1984),[40] Trump Castle (1985),[41] and Trump Taj Mahal (1990).[42]

In 1990, the Trump Organization approached a financial crisis and was believed to be on the brink of collapse, with Donald Trump and his companies owing estimated debts of $3.4 billion.[43] Trump spent the following years renegotiating his debts, and gave up some properties, including the Trump Shuttle airline and a stake in the Plaza Hotel in Manhattan.[44] In 1995, he took another major step towards financial stability, launching a publicly traded company for the Trump casinos, Trump Hotels & Casino Resorts.[44][45] By 1996, Trump was widely considered to be making a comeback.[44][46] The casino company did not fare as well, however, and Trump eventually lost his stake in the company to bankruptcy.[47][48]

Fred Trump died in 1999.[31] In 2004, his four surviving children (Donald, Robert Trump, Maryanne Trump Barry, and Elizabeth Trump Grau) sold Fred's portfolio of 8,000 apartments for $700 million to a group led by Rubie Schron, marking the exit of Donald's family from ownership of the business.[49][50][51]

Trump presidency[edit]

Donald Trump relinquished his role as chairman and president of the Trump Organization after being elected as U.S. President. His two adult children and three others stayed on as key executives.[52]

On January 11, 2017, Trump announced that he and his daughter Ivanka would resign all roles within The Trump Organization, while his two oldest sons Donald Jr. and Eric would remain to run the various businesses along with existing Chief Financial Officer Allen Weisselberg.[53]

Trump retained his financial stake in the business, despite having offered during the campaign to put all his assets in a "blind trust" should he win the presidency.[54][55] His attorney at the time, Sheri Dillon, stated that Trump's assets would be overseen by an ethics officer, and that the Trump Organization will not pursue any new foreign business deals.[56]

Under the pre-inaugural management agreement, Forbes magazine reported in March 2017:

The Trump Organization has curtailed some of its international work, pulling out of deals in Azerbaijan, Georgia and Brazil, while pledging to do no new foreign deals (though it has apparently resurrected an old deal in the Dominican Republic). Trump’s international hotel licensing and management business only makes up $220 million of his estimated $3.5 billion fortune, but it’s the most dynamic part of the Trump portfolio—and it throws off chunks of cash with virtually no risk. As the Trumps have wound down some international deals, they continue to push forward with new domestic agreements.

Eric Trump, in the Forbes article, discussed the "clear separation of church and state that we maintain" between the business and his father and said that with his father's U.S. Presidency and related changes "[y]ou could look at it either way" in terms of business prospects. He also said that "he will continue to update his father on the business while he is in the presidency ... 'probably quarterly ... profitability reports and stuff like that'". The article quoted Larry Noble, general counsel of the nonpartisan Campaign Legal Center and a former chief ethics officer at the Federal Election Commission, and President George W. Bush’s former chief ethics lawyer, Richard Painter, as looking negatively at such multiple planned updates of President Trump per year.[57] Noble said in part "if he is now going to get reports from his son about the businesses, then he really isn’t separate in any real way” and Painter said in part "at the end of the day, he owns the business. He has the conflicts that come with it.”[57]

Also in March 2017, Forbes did a listing of all "36 mini-Trumps", as it termed the domestic and international partners—often described as "billionaires"—with whom The Trump Organization has worked over the years. Introducing the listing, the magazine reported that at least 14 of the partners attended the President's inauguration and some of them paid for $18,000-a-night accommodations at the Trump International Hotel in Washington, D.C. for the event.[58]

Real estate[edit]

Map highlights countries with properties that are either owned or licensed by the Trump Organization as of December 2016.[59][60]

In 2015 Forbes estimated that Trump's real estate holdings were worth about US$3.5 billion with a value of commercial properties totaled at US$1.3 billion, his residential properties at US$410 million, and his club facilities at US$866 million, and an additional US$940 million for properties he has less than 100% stake in.[61]

Trump's real estate holdings form the core of his assets and provide much of his income, with a wide array of real estate licensing, branding and marketing deals and royalties that provide millions in annual cash flow.[62][63] As of 2005 Trump-branded condominiums in New York City sold for 36% more than comparable properties, according to the Corcoran Group.[64] In 2015, Trump earned $71 million from condo sales and collects $41.9 million in rental income on his buildings annually.[65]

Selected completed properties[edit]

  • Trump Tower, 725 Fifth Avenue, Midtown Manhattan: A 58-story[66] mixed-use tower, the headquarters of the Trump Organization, was developed in partnership with The Equitable, and opened in 1983. Trump bought out the Equitable's stake in 1986,[67] and now owns the office and retail components of the tower.[68] The building also contains the three-story penthouse apartment that was Donald Trump's primary residence until he moved to the White House.[69] The value of the tower was estimated at $450 million in 2017.[70] Trump took out a $100 million mortgage on the building in 2012.[68]
  • Trump World Tower, 845 United Nations Plaza, also in Midtown Manhattan: In 2006, Forbes magazine estimated "$290 million in profits and unrealized appreciation" going to Trump.[71]
  • AXA Financial Center in Manhattan and 555 California Street in San Francisco: Trump owns a 30 percent stake in these two office buildings, resulting from a property swap involving Riverside South. Trump's stake in the two buildings was estimated to be at least $850 million as of 2013.[68]
  • The Trump Building at 40 Wall Street: Trump bought and renovated this building for $1 million in 1995. The pre-tax net operating income at the building as of 2011 was US$20.89 million and is valued at $350 to $400 million, according to the New York Department of Finance. Trump took out a $160 million mortgage attached to the property with an interest rate of 5.71% to use for other investments.[68] Forbes valued the property at $260 million in 2006.[71]
  • Trump International Hotel and Tower Chicago: The entire project is valued at $1.2 billion ($112 million stake for Trump).
  • Trump International Hotel Las Vegas: A joint development with fellow Forbes 400 members, Phil Ruffin ("key partner"), and Jack Wishna ("minority partner").[72] In 2006, Trump's stake was estimated at $162 million.[71] In Forbes in March 2017, the Trump International Las Vegas was described as a 50-50 partnership between Donald Sr. and Ruffin, with Eric as the primary manager for the Trump Organization.[57]
  • Trump International Hotel and Tower New York: Trump provided his name and expertise to the building's owner (GE) during the building's re-development in 1994 for a fee totaling $40 million ($25 million for project management and $15 million in incentives deriving from the condo sales). Forbes values Trump's stake at $12 million. In March 2010, the penthouse apartment at Trump International Hotel & Tower in New York City sold for $33 million.[73][74]
  • Trump Park Avenue Park Avenue & 59th Street: It is valued at $142 million. Trump owns 23 apartments at Trump Park Avenue, which he rents for rates as high as $100,000 per month, and 19 units at Trump Parc.[68]
  • 6 East 57th Street: Trump has a leasehold interest on this retail building, adjacent to Trump Tower, through the year 2079.[75] The building was occupied by a Niketown store from 1996 to 2018.[75][76] The value of Trump's interest was estimated at $470 million as of 2015.[77]
  • Mar-a-Lago: A historic estate in Palm Beach, Florida, most of which was converted by Trump into a members-only resort. The property was worth as much as $250 million as of 2013.[68] Trump also owns two neighboring private houses, valued at $6.5 million and $3 million.[68]
  • Seven Springs: A 213-acre (86 ha) estate with a 13-bedroom mansion near Bedford, New York. Trump paid $7.5 million for the property in 1995.[78] Local brokers put the property's value at around $40 million as of 2013.[68] Trump had hoped to develop the land with a golf course or houses, but apparently abandoned those plans in 2015.[78]
  • Beverly Hills house: A 5-bedroom home purchased by Trump in 2007 for $7 million,[79] and valued at $8.5 to $10 million as of 2013.[68]
  • Trump International Hotel Washington, D.C.: The Old Post Office Pavilion, historically known as the Old Post Office and Clock Tower, is a property located at 1100 Pennsylvania Avenue NW in Washington, D.C. The Trump Organization developed the property into a luxury hotel, which opened in September 2016.


Central Park Carousel: A merry-go-round carousel located in Central Park, Manhattan. In 2010, Trump took over the management of the Central Park carousel, where he promised to revive the merry-go-round after its previous operator was removed by the city's parks department. The carousel generates $589,000 from annual admissions.[80][81][82] The Trump Organization has a contract to operate the carousel through 2021.[83]

Skating rink[edit]

Wollman Rink: A public ice rink in the southern part of Central Park. Wollman Rink has been operated by a joint venture between Trump Organization and Rink Management Services of Mechanicsville, Virginia since 2001. The Trump name is prominently displayed on the walls of the rink as well as on the Zamboni that maintains the rink. Operation of the Lasker Rink on the north edge of Central Park is also handled by the two companies. The rink generates close to $8.7 million in annual income from rink admissions.[65][80][81] The Trump Organization has a contract to operate the rink through 2021.[83]

Trump Winery[edit]

Trump Winery is a winery situated on Trump Vineyard Estates near Charlottesville, Virginia. It is valued between $5 million to $25 million.[65]

The vineyard was purchased by Trump in April 2011 from Patricia Kluge, the widow of John Kluge. The property was distressed.[84] and was officially opened in October 2011.[85] Trump Winery is situated in the Monticello Wine Trail. Trump's son Eric was a partner in the purchase.[86]

After purchasing the property, Trump turned over management of the winery to his son.

Golf courses[edit]

The Trump Organization owns or manages seventeen golf courses in the United States, Scotland, Ireland, and the United Arab Emirates.[87] As of 2015, Trump listed income of at least $176 million in an 18-month span from his golf courses – about 41% of the low-end estimate of his income.[65]

United States[edit]


Real estate licensing[edit]

Trump International Hotel at Las Vegas

Many developers pay Donald Trump to market their properties and be the public face for their projects.[94] For that reason, Trump does not own many of the buildings that display his name.[94] According to Forbes, this portion of Trump's empire, actually run by his children, has valuation of $562 million. According to Forbes, there were 33 licensing projects under development including seven "condo hotels" (i.e. The seven Trump International Hotel and Tower developments). Trump has generated more than $74 million in real estate licensing deals and has $823.3 million worth of real estate in joint ventures.[68]

  • Manhattan:
    • Trump Palace: 200 East 69th Street, New York, NY.
    • Trump Parc and Trump Parc East: Two adjoining buildings on Central Park South on the southwest corner of The Avenue of the Americas. Trump Parc East is a 14-story apartment building and Trump Parc (the former Barbizon Plaza Hotel) is a 38-story condominium building.
    • Trump Plaza: 167 East 61st Street, New York, NY (36-story, Y-shaped plan condominium building on the Upper East Side)
    • 610 Park Avenue (Old Mayfair Hotel): Trump is helping with the construction and development of this property for Colony NorthStar.
    • Trump SoHo: Hotel Condominium: A partnership with Bayrock Group to build a 42-story building in Soho.[citation needed] "Russian-born" Felix Sater was listed as an employee of Bayrock when the partnership was born. Sater had served time in prison for injuries he inflicted in a bar fight before the Soho partnership.[58]
  • New York City suburbs:
  • Florida:
  • Other domestic:
  • International:
    • Elite Tower, Ramat Gan, Israel was a planned commercial real estate development slated to be the tallest building in Israel. Called the Trump Plaza Tower, Trump shelved the plans in 2007, when the site was sold on to Azorim for NIS 306.5 million.[109][110] Trump purchased the site for $44 million.[111]
    • Trump International Hotel & Tower Lido Lake, West Java, Indonesia. Trump Hotels will be involved with the 700-hectare Lido Lake development, 1 hour from Bandung, Indonesia including a six-star luxury resort, 18-hole signature Ernie Els championship golf course, elite Lifestyle Country Club & Spa as well as a high-end residential offering including luxury villas and condominiums.[112][113] One of the Trump Organization's partners in Indonesia is Tanoesoedibjo, who is "building up a following as he mulls a presidential run", according to Forbes.[57][58] MNC Lido City is partially funded by the Chinese government.[114][115]
    • Trump International Hotel & Tower Vancouver, Vancouver. A skyscraper under construction in Downtown Vancouver, British Columbia, Canada. The 63-story, 188-metre-high (617 ft), mixed-use tower is located at 1133 West Georgia Street, and has been completed in 2016. Trump Vancouver is the second tallest building in the city, after the Shangri-La tower located across West Georgia Street.[citation needed] The licensed tower in Vancouver is a project primarily of Donald Jr.'s with its builder, "Malaysian heir Joo Kim Tiah".[57]
    • Trump Towers Istanbul, Istanbul, Turkey[116]

Former properties[edit]

Other ventures and investments[edit]

Trump owns a wide variety of other enterprises outside real estate (which had an estimated 2013 value of US$317.6 million).[130] Other investments include a 17.2% stake in Parker Adnan, Inc. (formerly AdnanCo Group), a Bermuda-based financial services holdings company.

Beyond his traditional ventures in the real-estate, hospitality, and entertainment fields and having carved out a niche for the Trump brand within these industries, Trump has moved on to establish the Trump name and brand in a multitude of other industries and products. He has made millions attaching his name to numerous products and services that range from energy drinks to books.[7][9] He took in $1.1 million in men's wear licensing royalties.[131] Trump earns $15,000 to $100,000 in book royalties and $2.2 million for his involvement with Trump Model Management every year.[132] Until 2015 Trump owned the Miss Universe, Miss USA and Miss Teen USA pageants, collectively worth $15 million.[68]

Trump has marketed his name on a large number of products and services achieving mixed success doing so. Some of his external entrepreneurial and investment ventures include or have included:

In addition, Trump reportedly receives $1.5 million for each one-hour presentation he does for The Learning Annex.[140][141] Trump also endorsed ACN Inc. a multi-level marketing telecommunications company. He has spoken at ACN International Training Events at which he has praised the company's founders, business model and video phone.[142] He earned a total $1.35 million for three speeches given for the company amounting to $450,000 per speech.[143][144]

The Trump Organization also houses ventures started by Donald Trump's daughter Ivanka, which includes Ivanka Trump Fine Jewelry (a jewelry line) and The Ivanka Trump Lifestyle Collection (a high-end designer-fashion and cosmetics line that includes fragrances, footwear, handbags, outerwear and eyewear collections).[145]

Valuation disputes[edit]

The financial statements of the Trump Organization's holdings are private, as are Donald Trump's personal tax returns, and there exist a wide range of estimates of the Trump Organization's true value. Donald Trump has been accused on several occasions of deliberately inflating the valuation of Trump Organization properties through the aggressive lobbying of the media, in particular the authors of the annual Forbes 400 list, in order to bolster his perceived net worth among the public over several decades. He has released little definitive financial documentation to the public confirm his valuation claims.[14][15][16][17][18]

It is difficult to determine a net value for the Trump Organization's real estate holdings independently since each individual property may be encumbered by debt.[14]

In October 2015 the Forbes, the owner of the Forbes 400 list published an article titled, "Inside The Epic Fantasy That's Driven Donald Trump For 33 Years" detailing its struggle to estimate the true new worth of Trump and his Trump Organization.[146] In 2018 a former Forbes journalist who had worked on the Forbes list claimed in an Op-Ed to the Washington Post that Trump had lied about his wealth to Forbes to get on the list repeatedly and suggested that Forbes' previous low-end estimates of Trump's net worth were still well above his true net worth.[14]


In 1973, the U.S. Department of Justice's (DOJ) Civil Rights Division filed a civil rights suit against The Trump Organization charging that it refused to rent to black people. The National Urban League had sent black and white testers to apply for apartments in Trump-owned complexes; the whites got the apartments, the blacks did not. According to court records, four superintendents or rental agents reported that applications sent to the central office for acceptance or rejection were coded by race. A 1979 Village Voice article quoted a rental agent who said that Fred Trump instructed him not to rent to black people and to encourage existing black tenants to leave. In 1975, a consent decree described by the head of DOJ's housing division as "one of the most far-reaching ever negotiated," required Trump to advertise vacancies in minority papers and list vacancies with the Urban League. The Justice Department subsequently stated that continuing "racially discriminatory conduct by Trump agents has occurred with such frequency that it has created a substantial impediment to the full enjoyment of equal opportunity."[147]

Also, it is alleged that The Trump Organization has a history of not paying for services rendered. Several hundred contractors or workers for the organization have filed lawsuits or liens saying they were not paid for their work, and others say they had to settle for cents on the dollar.[148]

In 1989, New York State officials ordered the Grand Hyatt New York, a hotel owned at the time by the Trump Organization and the Hyatt Corporation, to pay New York City $2.9 million in rent that had been withheld by the hotel in 1986 due to "unusual" accounting changes approved by Donald Trump.[149] An investigation by New York City auditors noted that the hotel was missing basic financial records and found that the hotel was using procedures that violated generally accepted accounting principles.

From 2000 on, the Trump Organization held 50% of TD Trump Deutschland AG, a corporate venture with a German company, planning to build a skyscraper named "Trump Tower Europe" in Frankfurt, Berlin or Stuttgart, but allegedly never paid the full amount of their 2 million share.[150] At least three lawsuits followed and the company was disestablished in 2005.[151]

As of August 2017,[152] Tom Scharfeld owns the trademark of "iTrump" mobile app which plays the trumpet. As "the word trump has other meanings",[153][154] the Court did not rule in favour of The Trump Organization.

On March 15, 2018, the New York Times reported that Special Counsel Robert Mueller, as part of his inquiry into Russian interference in the 2016 presidential election, had previously issued a subpoena for documents from the Trump Organization. Alan S. Futerfas, a lawyer representing the Trump Organization, said: “Since July 2017, we have advised the public that the Trump Organization is fully cooperative with all investigations, including the special counsel, and is responding to their requests.”[155]

The New York Times reported on August 23, 2018 that the New York County District Attorney was considering criminal charges against the Organization and two of its senior executives regarding the payment of hush money to Stormy Daniels.[156]

Notes & references[edit]


  1. ^ Some modern sources, including Donald Trump's The Art of the Deal, refer to the company as "Elizabeth Trump & Son."[21][22] Contemporary sources, however, refer to it as "E. Trump & Son."[23][24]


  1. ^ a b Abelson, Max (September 3, 2015). "How Trump Invented Trump". Bloomberg Business. Retrieved January 17, 2016. 
  2. ^ a b "Trump Organization is now America's 48th largest private company". CNN. February 17, 2017. 
  3. ^ Morgan, Lewis & Bockius LLP. "Status of U.S. federal income tax returns" (PDF). The Trump Organization. Retrieved October 7, 2016. 
  4. ^ a b Zurcher, Anthony (July 23, 2015). "Five take-aways from Donald Trump's financial disclosure". BBC. Retrieved January 17, 2016. 
  5. ^ a b Garver, Rob (July 24, 2015). "7 Revelations from Donald Trump's Financial Disclosure". CNBC. Retrieved January 17, 2016. 
  6. ^ "Donald J. Trump Biography". The Trump Organization. Retrieved October 7, 2016. 
  7. ^ a b Lisa, Andrew (August 21, 2015). "How Donald Trump brings in over $250M a year". Las Vegas Review-Journal ( Retrieved January 17, 2016. 
  8. ^ "21 Unusual Facts About Billionaire Politician Donald Trump". Retrieved January 17, 2016. 
  9. ^ a b Yanofsky, David (July 22, 2015). "A list of everything Donald Trump runs that has his name on it". Quartz. Retrieved January 16, 2016. 
  10. ^ Epstein, Reid J.; Heather Haddon (August 11, 2015). "Donald Trump Is Frugal With His Cash in Republican Presidential Race". The Wall Street Journal. Retrieved January 17, 2016. 
  11. ^ "The Trump Organization LLC". Bloomberg Businessweek. Retrieved January 15, 2015. 
  12. ^ Vora, Shivani (October 25, 2016). "A New Trump Brand Not Named for Trump? Yes, Meet Scion". The New York Times. Retrieved January 30, 2017. 
  13. ^ Kirkham, Chris; Berzon, Alexandra (January 25, 2017). "Trump hopes to open 17 new hotels under Scion brand The Wall Street Journal". MarketWatch. Retrieved January 30, 2017. 
  14. ^ a b c d Greenberg, Jonathan (2018-04-20). "Perspective | Trump lied to me about his wealth to get onto the Forbes 400. Here are the tapes". Washington Post. ISSN 0190-8286. Retrieved 2018-04-20. 
  15. ^ a b producer, By Kiran Khalid, CNN. "Donald Trump net worth: I'm worth whatever I feel - Apr. 21, 2011". Retrieved 2018-04-20. 
  16. ^ a b "Trump Once Said Some Amazing Things About His Net Worth Under Oath". Fortune. Retrieved 2018-04-20. 
  17. ^ a b Peterson-Withorn, Chase. "How Donald Trump Exaggerates And Fibs About His $4.5 Billion Net Worth". Forbes. Retrieved 2018-04-20. 
  18. ^ a b "How Much Is Trump Worth? Depends on How He Feels". Newsweek. 2015-10-19. Retrieved 2018-04-20. 
  19. ^ "CPI Inflation Calculator". Retrieved May 14, 2016. 
  20. ^ a b Blair, Gwenda (December 4, 2001). The Trumps: Three Generations That Built an Empire. p. 120. ISBN 9780743210799. 
  21. ^ Trump, Donald; Schwartz, Tony (1987). The Art of the Deal. Random House. p. 67. ISBN 978-0-345-47917-4. 
  22. ^ Knight, Gladys L. (August 11, 2014). Pop Culture Places: An Encyclopedia of Places in American Popular Culture. ABC-CLIO. p. 874. ISBN 978-0-313-39883-4. 
  23. ^ "Advertisement for E. Trump & Son". Brooklyn Daily Eagle. November 6, 1927. p. D3 – via 
  24. ^ "Real estate news". Brooklyn Daily Eagle. May 5, 1930. p. 8 – via 
  25. ^ D'Antonio, Michael (2015). The Truth About Trump. St. Martin's Press. p. 31. ISBN 978-1-250-11695-6. 
  26. ^ D'Antonio, Michael (2015). The Truth About Trump. St. Martin's Press. pp. 31 & 34. ISBN 978-1-250-11695-6. 
  27. ^ Yee, Vivian (August 17, 2015). "Foundation of an empire: Modest Queens homes, built by Donald Trump's father". New York Times. Retrieved May 28, 2018. 
  28. ^ a b Tuccille, Jerome (1985). Trump: The Saga of America's Most Powerful Real Estate Baron. Beard Books. p. 31. 
  29. ^ Barrett, Wayne (2016). Trump: The Greatest Show on Earth: The Deals, the Downfall, the Reinvention. Simon & Schuster. p. 77. 
  30. ^ Barrett, Wayne (2016). Trump: The Greatest Show on Earth: The Deals, the Downfall, the Reinvention. Simon & Schuster. p. 78. 
  31. ^ a b Rozhon, Tracie (June 26, 1999). "Fred C. Trump, postwar master builder of housing for middle class, dies at 93". New York Times. Retrieved May 2, 2018. 
  32. ^ Fahim, Kareem (April 8, 2010). "Brooklyn towers have Trump name but no limos". New York Times. Retrieved May 2, 2018. 
  33. ^ Trump, Donald; Schwartz, Tony (1987). The Art of the Deal. Random House. p. 67. ISBN 978-0-345-47917-4. 
  34. ^ Blair, Gwenda (2015). Donald Trump: The Candidate. Simon & Schuster. p. 23. ISBN 9781439129371. 
  35. ^ Trump, Donald; Schwartz, Tony (1987). The Art of the Deal. Random House. p. 105. ISBN 978-0-345-47917-4. 
  36. ^ a b c Campbell, Don G. (June 6, 1981). "New York joining renovation trend". Washington Post. Los Angeles Times. Retrieved May 8, 2018. 
  37. ^ Larkin, Kathy (February 17, 1983). "Trumpery, frippery, finery". New York Daily News – via 
  38. ^ Geist, William E. (April 8, 1984). "Donald Trump: Realty magnet with castles on the drawing board". Chicago Tribune – via 
  39. ^ Cuozzo, Steve (February 7, 2016). "How Donald Trump helped save New York City". New York Post. Retrieved May 8, 2018. 
  40. ^ Janson, Donald (May 15, 1984). "10th and largest casino opens in Atlantic City". New York Times. Retrieved October 3, 2015. 
  41. ^ Anastasia, George (June 18, 1985). "In A.C., Trump's Castle opens at site of Hilton's". Philadelphia Inquirer – via NewsBank. 
  42. ^ Heneghan, Daniel (April 3, 1990). "Taj: open sesame!". Press of Atlantic City – via NewsBank. 
  43. ^ Hilzenrath, David S.; Singletary, Michelle (November 29, 1992). "Trump went broke, but stayed on top". Washington Post. Retrieved May 11, 2018. 
  44. ^ a b c Buettner, Russ; Bagli, Charles V. (October 3, 2016). "Donald Trump's Business Decisions in '80s Nearly Led Him to Ruin". New York Times. Retrieved May 11, 2018. 
  45. ^ Quinones, Eric R. (November 10, 1996). "Trump success up to lessons learned". Orlando Sentinel. AP – via NewsBank. 
  46. ^ Singer, Mark (May 19, 1997). "Trump solo". The New Yorker. Retrieved May 11, 2018. 
  47. ^ Buettner, Russ; Bagli, Charles V. (June 11, 2016). "How Donald Trump bankrupted his Atlantic City casinos, but still earned millions". New York Times. Retrieved August 16, 2018. 
  48. ^ Neate, Rupert (September 2, 2016). "Trump and Atlantic City: the lessons behind the demise of his casino empire". The Guardian. Retrieved August 16, 2018. 
  49. ^ O'Shea, Karen (May 19, 2004). "Trump family sells properties on island". Staten Island Advance – via NewsBank. 
  50. ^ Weiss, Lois (May 5, 2004). "Jeweler gets his piece of the rock". New York Post. Retrieved May 11, 2018. 
  51. ^ Weiss, Lois (December 18, 2003). "Trumps lighten up". New York Post. Retrieved May 11, 2018. 
  52. ^ "The Trump Organization LLC". Bloomberg L.P. Retrieved October 7, 2016. 
  53. ^ "Trump hands over business empire to sons". BBC News. January 11, 2017. Retrieved January 11, 2017. 
  54. ^ Blumenthal, Paul (January 11, 2017). "Donald Trump Won't Divest From His Business Interests, Opening Door To Years Of Ethics Conflicts". Huffington Post. Retrieved January 11, 2017. 
  55. ^ Acton, Gemma (2017-01-12). "US ethics chief slams Trump 'halfway blind' trust as failing to meet acceptable standard". CNBC. Retrieved 2018-03-16. 
  56. ^ Schouten, Fredrecka (January 11, 2017). "Trump won't drop ownership of business". USA Today. Retrieved January 11, 2017. 
  57. ^ a b c d e f Alexander, Dan, " After Promising Not To Talk Business With Father, Eric Trump Says He'll Give Him Financial Reports", Forbes, March 24, 2017. Retrieved March 24, 2017.
  58. ^ a b c d e Alexander, Dan, "In Trump They Trust: Inside The Global Web Of Partners Cashing In On The President", Forbes, March 20, 2017. With appended listing of Trump Organization partners. Retrieved March 24, 2017.
  59. ^ "Trump Real Estate Portfolio". The Trump Organization. Retrieved December 2, 2016. 
  60. ^ "Trump Golf". The Trump Organization. Retrieved December 2, 2016. 
  61. ^ Brownell, Claire (July 17, 2015). "Donald Trump is rich, but is he 'really rich?'". Financial Post. Retrieved January 16, 2016. 
  62. ^ Horwitz, Jeff (July 15, 2015). "$10 billion man? Trump unveils details of his fortune". MoneySense (AP). Retrieved January 17, 2016. 
  63. ^ Horwitz, Jeff (July 23, 2015). "Donald Trump wealth details released by federal regulators". MoneySense. Retrieved January 17, 2016. 
  64. ^ Williams, Alex (November 21, 2006). "Trump Jr.: Finally trading on a famous name". The International Herald Tribune. 
  65. ^ a b c d Theodoric Meyer; Tarini Parti (July 22, 2015). "Trump lifts the veil on his empire". Politico. Retrieved January 17, 2016. 
  66. ^ "New York Metro Short List: Trump's Edifice Complex". Retrieved May 14, 2016. 
  67. ^ Trump, Donald; Schwartz, Tony (1987). The Art of the Deal. Random House. pp. 192–93. ISBN 978-0-345-47917-4. 
  68. ^ a b c d e f g h i j k l Clarke, Katherine (July 1, 2013). "What does Donald Trump really own". The Real Deal. Retrieved January 18, 2016. 
  69. ^ Bernstein, Jacob (August 12, 2017). "Trump Tower, a home for celebrities and charlatans". New York Times. Retrieved May 28, 2018. 
  70. ^ Melby, Caleb (June 21, 2017). "Trump's net worth slips to $2.9 billion as towers underperform". Bloomberg. Retrieved May 28, 2018. 
  71. ^ a b c Fitch, Stephane (September 21, 2006). "What is Trump Worth?". Forbes. 
  72. ^ Mishak, Michael J. (April 30, 2011). "Trump's tower a sore spot on the Strip". Los Angeles Times. Retrieved February 26, 2016. 
  73. ^ Abelson, Max (October 1, 2007). "Mystery Man Buys $33 M. Trump World Tower Duplex". Retrieved May 31, 2014. 
  74. ^ a b c "Donald Trump". Golf Channel. Retrieved May 31, 2014. 
  75. ^ a b Drange, Matt (December 6, 2017). "Donald Trump's real estate business is losing one of its most important tenants". Forbes. Retrieved May 14, 2018. 
  76. ^ Fisher, Ian (November 1, 1996). "Nike's shrine to itself is a glitzy showcase". New York Times. Retrieved May 14, 2018. 
  77. ^ Melby, Caleb; Rubin, Richard (July 28, 2015). "Here's our tally of Donald Trump's wealth". Bloomberg. Retrieved May 14, 2018. 
  78. ^ a b McKinney, Michael P. (April 25, 2017). "Seven Springs, Trump's N.Y. property, spared spotlight — for now". USA Today. Retrieved May 14, 2018. 
  79. ^ Williams, Lance; Smith, Matt (April 12, 2018). "A small-time scam artist gave Trump a mansion for $0. Why?". Center for Investigative Reporting. Retrieved May 14, 2018. 
  80. ^ a b Bennett, Kitty; Steve Eder & Michael Barbaro. "Donald Trump's Income and Wealth Are Shown in Filing but Are Hard to Pinpoint". The New York Times. Retrieved January 16, 2016. 
  81. ^ a b Sahadi, Jeanne (July 24, 2015). "What we know – and don't know – about Donald Trump's wealth". CNN. Retrieved January 16, 2016. 
  82. ^ Abramson, Alana; Ryan Struyk; Chris Good (July 22, 2015). "Donald Trump Has 487 Job Titles And Everything Else We Learned About His Finances Today". ABC News. Retrieved January 16, 2016. 
  83. ^ a b Bump, Philip (2018-05-16). "Trump has earned $59 million in three years running attractions for New York City". Washington Post. ISSN 0190-8286. Retrieved 2018-06-05. 
  84. ^ Gowen, Annie (February 25, 2011). "Trump buys former Kluge-owned winery". The Washington Post. Retrieved June 19, 2012. 
  85. ^ "Trump Winery Opens in Albemarle County". October 4, 2011. Retrieved June 19, 2012. 
  86. ^ Hoover, Andrew (November 17, 2013). "2013 Rising Star of the Year: Eric Trump". Wine Enthusiast Magazine. Retrieved November 17, 2013. 
  87. ^ Garcia, Ahiza (December 29, 2016). "Trump's 17 golf courses teed up: Everything you need to know". CNNMoney. Retrieved January 21, 2018. 
  88. ^ Donald Trump gets his key to Doral The Miami Herald. March 4, 2015.
  89. ^ a b Goodman, Peter S. (August 26, 2017). "Late wages for migrant workers at a Trump golf course in Dubai". New York Times. Retrieved May 14, 2018. 
  90. ^ Gambrell, Jon (August 15, 2017). "'Donald of Dubai': UAE billionaire trading off President Trump's name is raising fresh conflict-of-interest questions". The Independent. Retrieved May 14, 2018. 
  91. ^ Davis, Julie Hirschfeld (January 2, 2017). "Video puts new focus on Donald Trump's ties to Dubai partner". New York Times. Retrieved May 14, 2018. 
  92. ^ Corrigan, James (April 29, 2014). "Donald Trump's purchase of Turnberry is good". The Telegraph. Retrieved January 17, 2016. 
  93. ^ a b Kumar, Anita (September 11, 2017). "Trump promised not to work with foreign entities. His company just did". Sacramento Bee. Retrieved May 14, 2018. 
  94. ^ a b Frangos, Alex (May 18, 2009). "Trump on Trump: Testimony Offers Glimpse of How He Values His Empire: Worth Rises, Falls 'With Markets and Attitudes And With Feelings, Even My Own Feeling'". The Wall Street Journal. Retrieved April 14, 2011. 
  95. ^ Whelan, Robbie (May 11, 2014). "Trump and Kushner Families Are Coming Together for Another Union – This Time a Deal". The Wall Street Journal. Retrieved June 18, 2014. 
  96. ^ Sallah, Michael, From the Herald archives: Donald Trump’s tower of trouble", Miami Herald, March 25, 2012/republished March 3, 2016. Retrieved February 18, 2017.
  97. ^ Hemlock, Doreen (March 16, 2010). "Trump condo-hotel on Fort Lauderdale beach faces foreclosure". Sun-Sentinel. Retrieved March 7, 2018. 
  98. ^ Hemlock, Doreen (November 3, 2010). "Trump says his name is off Fort Lauderdale condo hotel: Real estate mogul's claim of lessened role called 'fraud on the public'". Sun-Sentinel. Retrieved March 7, 2018. 
  99. ^ a b Owers, Paul (June 14, 2012). "Trump Hollywood condos sell out". Sun-Sentinel. Retrieved March 7, 2018. 
  100. ^ "Trump Tower Planned for Hollywood Beach". Miami Herald. May 7, 2006. Retrieved March 7, 2018. (Subscription required (help)). 
  101. ^ Henry, Saxon (April 1, 2007). "Trump Hollywood Breaks Ground". Miami Herald. Retrieved March 7, 2018. (Subscription required (help)). 
  102. ^ Owers, Paul (August 22, 2009). "Luxury In The Sky". Sun-Sentinel. Retrieved March 7, 2018. 
  103. ^ Owers, Paul (July 23, 2010). "Sales slow at Trump Hollywood". Sun-Sentinel. Retrieved March 7, 2018. 
  104. ^ Owers, Paul (November 18, 2010). "Lenders foreclose on 200-unit Trump Hollywood condo". Sun-Sentinel. Retrieved March 7, 2018. 
  105. ^ "Trump Towers Atlanta Site to Remain Parking Lot". Skyline Views. 
  106. ^ Emporis GmbH. "Trump Towers Atlanta One, Atlanta – 273465". 
  107. ^ "Trump Philadelphia to Avoid Foreclosure". Archived from the original on April 16, 2015. Retrieved May 31, 2014. 
  108. ^ "The official Trump encyclopedia". The Surprising, Subtle Messages in Trump's SCOTUS Shortlist. Devland Mccullough. June 12, 2015. Archived from the original on November 11, 2016. Retrieved May 26, 2016. 
  109. ^ "בלעדי ל"כלכליסט" - שנה אחרי ההקפאה: אזורים מפשירה את תוכנית מגדל עלית". כלכליסט. 
  110. ^[permanent dead link] "Parting with Ramat Gan's Elite landmark is sweet sorrow", Jerusalem Post.[dead link]
  111. ^ Krawitz, Ari, "Donald Trump plans Ramat Gan luxury tower", Jerusalem Post, March 9, 2006.
  112. ^ Kumar, Anita. "Despite pledge, Trump company works with a foreign entity. Again". McClatchy. Retrieved 22 March 2018. 
  113. ^ "Trump International Hotel & Tower Lido". 
  114. ^ Avery Anapol (May 15, 2018). "Obama ethics chief accuses Trump of violating emoluments clause: 'See you in court Mr. Trump'". Retrieved May 17, 2018. 
  115. ^ Alexandra Stevenson and Richard C. Paddock (May 15, 2018). "Trump Indonesia Real Estate Project Gets Chinese Government Ally". NYT. Retrieved May 17, 2018. 
  116. ^ "Trump Istanbul". Retrieved May 31, 2014. 
  117. ^ a b "Trump Trump's India Ventures". Retrieved August 19, 2014. 
  118. ^ a b c d e "Realty Projects in India with Trump Organization". Economic Times. 
  119. ^ a b Carless, Will, "What happened to all the South American Trump Tower plans?", GlobalPost via USA Today, February 8, 2017. Retrieved February 18, 2017.
  120. ^ Grabar, Henry (November 21, 2016). "Did Trump Ask the President of Argentina for a Building Permit? Either Way, There's a Problem". Slate. Retrieved August 6, 2017. 
  121. ^ "Trump owns half of Empire State Building". Los Angeles Times. AP. July 8, 1994. Retrieved May 21, 2018. 
  122. ^ Elstein, Aaron (April 17, 2016). "Trump's lost Empire: The deal that marked the Donald's turn from New York real estate". Crain's New York. Retrieved May 21, 2018. 
  123. ^ Ward, Vicky (2014). The Liar's Ball: The Extraordinary Saga of How One Building Broke the World's Toughest Tycoons. John Wiley & Sons. pp. 3–4. 
  124. ^ Blair, Gwenda (2007). Donald Trump: The Candidate. Simon & Schuster. p. 208. 
  125. ^ Bagli, Charles V. (October 8, 1996). "Trump sells Hyatt share to Pritzkers". New York Times. Retrieved May 21, 2018. 
  126. ^ Segal, David (January 16, 2016). "What Donald Trump's Plaza deal reveals about his White House bid". New York Times. Retrieved May 21, 2018. 
  127. ^ "Trump's Plaza Hotel bankruptcy plan approved". New York Times. Reuters. December 12, 1992. Retrieved May 21, 2018. 
  128. ^ Bagli, Charles V. (November 8, 1999). "Buyer plans for St. Moritz to be Ritz-Carlton flagship". New York Times. Retrieved May 21, 2018. 
  129. ^ Garvin, Glenn (March 7, 2017). "Donald Trump, the unwanted Palm Beach mansion and the Russian fertilizer king". Chicago Tribune. Retrieved May 14, 2018. 
  130. ^ "What does Donald Trump really own". The Real Deal. July 1, 2013. Retrieved January 16, 2016. 
  131. ^ Balogh, Brian (November 3, 2015). "Trump the brand, not the candidate". Miller Center. Retrieved January 17, 2016. 
  132. ^ Diamond, Jeremy (July 22, 2015). "Donald Trump's 92-page financial disclosure released". CNN. Retrieved January 17, 2016. 
  133. ^ a b Holodny, Elena (October 10, 2014). "12 Donald Trump businesses that no longer exist". Yahoo Finance. Retrieved January 17, 2016. 
  134. ^ a b c Koffler, Jacob (August 7, 2015). "Donald Trump's 16 Biggest Business Failures and Successes". Time. Retrieved August 29, 2015. 
  135. ^ "Select By Trump". Archived from the original on January 24, 2016. Retrieved January 17, 2016. 
  136. ^ Levine, Matt (September 3, 2015). "Should Trump Have Indexed?". Bloomberg View. Retrieved January 17, 2016. 
  137. ^ Kelly, Keith J. (May 20, 2009). "Trump's Magazine Closed". New York Post. Retrieved February 18, 2015. 
  138. ^ Snyder, Benjamin (July 6, 2015). "Donald Trump's business fumbles". Fortune. Retrieved January 17, 2016. 
  139. ^ "Trump Steakhouse hit with 51 violations after officials find month-old caviar, expired yogurt". Daily News. Associated Press. November 17, 2012. Retrieved January 17, 2016. 
  140. ^ "Donald Trump's net worth at least $1.4 billion, election filing shows". July 23, 2015. Retrieved January 17, 2016. 
  141. ^ "That's rich! The Donald cash advice costs 1.5m". Daily News. New York. October 23, 2005. Archived from the original on October 29, 2008. Retrieved July 4, 2008. 
  142. ^ "Donald J. Trump on ACN's Home Based Business". Archived from the original on March 3, 2011. Retrieved July 20, 2012. 
  143. ^ Grimaldi, James V. & Mark Maremont (August 13, 2015). "Donald Trump Made Millions From Multilevel Marketing Firm". The Wall Street Journal. Retrieved January 17, 2016. 
  144. ^ Epstein, Chuck (November 9, 2015). "Which presidential candidate earns the most per speech". Las Vegas Review Journal. Retrieved January 17, 2016. 
  145. ^ "Ivanka Trump Collections". Archived from the original on December 24, 2008. Retrieved June 28, 2014. 
  146. ^ Lane, Randall. "Inside The Epic Fantasy That's Driven Donald Trump For 33 Years". Forbes. Retrieved 2018-04-20. 
  147. ^ Barrett, Wayne; Campbell, Jon (July 20, 2015). "How a young Donald Trump forced his way from Avenue Z to Manhattan". Village Voice. Retrieved September 11, 2015.
  148. ^ "Hundreds Claim Donald Trump Doesn't Pay His Bills". NBC News. Retrieved September 30, 2016.
  149. ^ "Inside a Donald Trump audit: Missing books and unusual accounting". Retrieved January 12, 2017. 
  150. ^ "MK-Kliniken AG – Presse – Pressemitteilungen". Archived from the original on October 29, 2016. Retrieved October 29, 2016. 
  151. ^ "Donald Trump's German Flop". Handelsblatt Global Edition. April 5, 2016. Retrieved October 29, 2016. 
  152. ^ "App iTrump wins trademark fight against Trump Organization". August 16, 2017. Retrieved March 5, 2018. 
  153. ^ "Donald Trump Lost a 6-Year Legal Battle to a Trumpet Player". August 16, 2017. Retrieved March 5, 2018. 
  154. ^ "Trump; Trumpet". Retrieved March 5, 2018. 
  155. ^ Schmidt, Michael; Haberman, Maggie. "Mueller Subpoenas Trump Organization, Demanding Documents About Russia". New York Times. Retrieved 21 March 2018. 
  156. ^ "Manhattan D.A. Eyes Criminal Charges Against Trump Organization". Retrieved August 24, 2018. 

Further reading[edit]

External links[edit]