As the President-Elect starts measuring the Oval Office for carpets and curtains, we ask where did it all start and what's in his business portfolio.
Donald John Trump, born June 14, 1946 is an American businessman, real estate mogul and President-elect of the United States. Since 1971, he has chaired The Trump Organisation, the principal holding company for his real estate ventures and other business interests. During his business career, Mr.Trump has built office towers, hotels, casinos, golf courses, and other branded facilities worldwide. He was elected as the 45th U.S. president in the 2016 election on the Republican ticket, defeating Democratic nominee Hillary Clinton, and is scheduled to take office on January 20, 2017.
The Man - Early Beginnings
Trump was born and raised in New York City and received a bachelor's degree in economics from the Wharton School of the University of Pennsylvania in 1968. In 1971, he took control of his father Fred Trump's real estate and construction firm. Trump has appeared at the Miss USA pageants, which he owned from 1996 to 2015, and has made cameo appearances in films and television series.
He sought the Reform Party presidential nomination in 2000, but withdrew before voting began. He hosted and co-produced The Apprentice, a reality television series on NBC, from 2004 to 2015. As of 2016, he was listed by Forbes as the 324th wealthiest person in the world, and 113th in the United States, with a net worth of $4.5 billion.
( Early Design Logo For the Trump Organisation )
The Trump Organization
Elizabeth Christ Trump, grandmother of Donald Trump, founded Elizabeth Trump & Son in 1923 with her son Fred Trump who was 18 at the time. Elizabeth and her husband Frederick Trump had moved to the borough of Queens in 1906 where her husband began developing real estate. In 1918, however, he died of influenza leaving an estate valued at $31,359 ($492,016 in 2016 dollars).
(Elizabeth Christ Trump and Husband - Circa 1910)
Elizabeth had a "remarkable talent" for keeping the real estate business going 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, wanted to start earlier. She founded the company "Elizabeth Trump & Son" to give him his start.
Donald Trump worked for Elizabeth Trump & Son while attending the University of Pennsylvania, and in 1968 officially joined the company. He was given control of the company in 1971 and, in one of his first acts, renamed the company The Trump Organization.
The organisation currently encompasses:
Sentient Jets LLC (Now/Known/As Trump Jets LLC)
T International Realty LLC (dba Trump International Realty)
The Donald J. Trump Foundation, Inc.
The Trump Corporation
The Trump Follies Member Inc.
The Trump Equitable Fifth Avenue Company
Trump 106 CPS LLC
Trump 55 Wall Corp
Trump 767 Management LLC
Trump 845 LP LLC
Trump 845 UN GP LLC
Trump 846 UN MGR Corp
Trump 846 UN MGR LLC fka 845 UN LLC
Trump AC Casino Marks LLC
Trump AC Casino Marks Member Corp
Trump Acquisition Corp.
Trump Acquisition, LLC
Trump Books LLC
Trump Books Manager Corp
Trump Brazil LLC
Trump Briarcliff Manor Development LLC formerly Briar Hall Development LLC
Trump Canadian Services Inc
Trump Canouan Estate LLC
Trump Canouan Estate Member Corp
Trump Caribbean LLC
Trump Carousel LLC
These are just a few we could fit on the entire list is viewable here The highlights however are:
situated on Trump Vineyard Estates in Charlottesville, Virginia. It is valued between $5 million to $25 million.
Skating rink / 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.
Trump earned at least $176.4 million from 15 golf courses in Scotland, Ireland and across the Eastern Seaboard – about 41 percent of the low-end estimate of his income since 2015
Trump and Bankruptcy
Trump has never filed for personal bankruptcy, but hotel and casino businesses of his have been declared bankrupt six times between 1991 and 2009 to re-negotiate debt with banks and owners of stock and bonds. Because the businesses used Chapter 11 bankruptcy, they were allowed to operate while negotiations proceeded. Trump was quoted by Newsweek in 2011 saying, "I do play with the bankruptcy laws – they’re very good for me" as a tool for trimming debt.
The six bankruptcies were the result of over-leveraged hotel and casino businesses in Atlantic City and New York: Trump Taj Mahal (1991), Trump Plaza Hotel and Casino (1992), Plaza Hotel(1992), Trump Castle Hotel and Casino (1992), Trump Hotels and Casino Resorts (2004), and Trump Entertainment Resorts (2009).
Trump said, "I've used the laws of this country to pare debt ... We'll have the company. We'll throw it into a chapter. We'll negotiate with the banks. We'll make a fantastic deal. You know, it's like on The Apprentice. It's not personal. It's just business."
In 2016, Forbes estimated Trump's net worth at $3.7 billion, and Bloomberg at $3 billion, making him one of the richest politicians in American history. Trump himself claimed his net worth was over $10 billion, with the discrepancy essentially stemming from the uncertain value of appraised property and of his personal brand. As of 2016, Forbes ranked him the 156th wealthiest person in the U.S. and the 324th wealthiest in the world.
On June 16, 2015, when announcing his candidacy, Trump released a one-page financial summary stating a net worth of $8,737,540,000. "I'm really rich", he said.
At time of writing, we are still speculating heavily as to the direction of the new president. So we will hold off comment and simply send best wishes to the President-Elect his team and all our friends in the U.S of A.