This list of the 10 wealthiest people is a list of the world's 10 wealthiest people as of February 11, 2008, based on each person's total net worth. The total net worth is an estimate measured in United States dollars, based on the closing stock prices of the stock exchanges on which each person's company is listed, and exchange rates on February 11, 2008. Stock prices are defined as shares of ownership in a corporation, and exchange rates are defined as how much one currency is worth in terms of another. This list only represents each person's valuation on a single day due to daily fluctuations among exchange rates and stock valuations. The list does not include heads of state whose wealth is tied to their position (see list of heads of government and state by net worth).
Wednesday, October 22, 2008
Saturday, October 18, 2008
Ivanka Trump
Ivanka Marie Trump (born October 30, 1981 in New York City, New York) is an American businesswoman and one-time fashion model. She is the daughter of Ivana and Donald Trump, and is currently Vice President of Real Estate Development and Acquisitions at the Trump Organization. Before working for her father, she worked for Forest City Enterprises.[1] Trump joined forces with Dynamic Diamond Corp., a diamond trading company sightholder, to design and introduce a line of jewelry at the brand's first flagship retail store called 'Ivanka Trump' on Madison Avenue. Ivanka Trump was reported in December 2007 to be in a relationship with Jared Kushner, owner of The New York Observer.[2] However, it was reported that the couple split in April 2008.
Education
Trump attended Choate Rosemary Hall in Wallingford, Connecticut, as well as Chapin in New York City. After graduation, she spent two years at Georgetown University, then transferred to and graduated[4][5][6] from the Wharton School at the University of Pennsylvania with a bachelor of science in economics in 2004.
Modeling
Trump's first cover was a 1997 issue of Seventeen. Since then, she has made her way down fashion runways for Versace, Marc Bouwer and Thierry Mugler. She has done ad campaigns for Tommy Hilfiger and Sassoon Jeans and was featured on the cover of Stuff in August 2006 and again in September 2007. She was also recently featured on the covers of Forbes, Golf Magazine, Avenue Magazine, Elle Mexico and in the October 2007 issue of Harper's Bazaar.[7] She placed #83 in the 2007 Maxim Hot 100. She has also placed #99 in the Top 99 Women of 2007 and then #84 in the 2008 edition on AskMen.com.
TV appearances
In 1997, she hosted the Miss Teen USA Pageant, which is partially owned by her father.In 2003, she was featured in Born Rich, a documentary about the experience of growing up as a child in one of the world's most affluent families.
During an April 2006 appearance on The Tonight Show with Jay Leno, Trump said that she and former boyfriend Bingo Gubelmann had broken up, yet they remain good friends. Leno commented that he could hear her father's influence and inflections in her. David Letterman also made a similar comment when she appeared on Late Show with David Letterman on April 24, 2007.
Trump was a featured guest-judge on Project Runway Season 3.
She was also at a Milwaukee, Wisconsin, event in April 2007 called the Creating Wealth Summit in which she spoke for about 30 minutes about making money and her latest projects.
She has been offered to appear on The Bachelorette, but she declined.
The Apprentice
In 2006, she filled in for Carolyn Kepcher on five episodes of her father's television program The Apprentice 5, first appearing to help judge the Gillette task in week 2.[9] Like Kepcher, Trump visited the site of the tasks and spoke to the teams, asking them pointed questions. She also evaluated contestants in the boardroom, pointing out critical errors and rebutting excuses they offered for losing the tasks. Though initially unsympathetic to the contestants, Trump later said,
- “Whenever I see their breakdowns, I understand. They go virtually 24 hours a day, and each task takes about three days. Unless they win, they don’t get a day off... It’s an incredible amount of work...”
Ivanka now collaborates with season 5 winner Sean Yazbeck on his winner's project of choice, Trump Soho Hotel-Condominium.
Trump replaced Carolyn Kepcher as a primary boardroom judge during the Apprentice 6 and The Celebrity Apprentice.
Personal life
Ivanka Trump was reported in December 2007 to be in a relationship with Jared Kushner, owner of The New York Observer.[11] However, it was reported that the couple split in April 2008.
Comparisons to Paris Hilton
While the media have often compared Trump to Paris Hilton, heiress to the Hilton Hotel fortune, Trump has objected to the comparison, explaining, “I work 13-hour days for my money,” in an interview with the London Express in 2007, and “I bought my house from my father — I have a mortgage, you know.” Trump asserted, “I think we are totally different individuals... If I were to go off the rails and become this party kid, I would not be able to afford my lifestyle. I’ve never had a sense of entitlement. I saw how hard my father worked for his money and it was always made very clear to me that things wouldn’t just be given to me.”[13]
Donald Trump, Jr.
Donald John "Don" Trump, Jr., (born December 31, 1977, in New York City, New York) is the eldest child and son of famed real estate developer Donald Trump and his first wife Ivana Trump. He currently works along with his sister and brother from the same marriage, Ivanka and Eric, as an executive vice president in the Trump Organization.
Personal life
He attended The Hill School in Pottstown, Pennsylvania and graduated in 1996. Trump, Jr. attended the University of Pennsylvania as an undergraduate. He had a double concentration in finance and marketing. In addition to younger sister Ivanka, he has one brother, Eric, a half-sister, Tiffany, and a half-brother, Barron. He married model Vanessa Haydon on November 12, 2005 at Mar-A-Lago estate in Palm Beach, Florida.[1] Haydon graduated from the Dwight School[2] and was an undergraduate studying psychology at New York's Marymount Manhattan College. In November 2006, Trump, Jr. and his wife revealed to People that she was pregnant with the couple's first child.[3] Vanessa gave birth to a baby girl, Kai Madison Trump, on May 12, 2007 in New York City, New York.[4] Kai is named after Haydon's grandfather, who was of Danish descent.
Trump and his wife are expecting their second child, due in February of 2009.
Career
Trump, Jr., began work for the Trump Organization on projects such as the West Side Yards and Trump Place on Riverside Drive. Recently, he has focused on the redevelopment of the old Delmonico Hotel and the Trump International Hotel and Tower Chicago project seen on The Apprentice. He is expected to oversee the Trump International Hotel and Tower SoHo project along with his sister and Sean Yazbeck, The Apprentice Season 5 winner. He served as an observer in two episodes of The Apprentice 5, and was a full-time observer during The Apprentice 6 and The Apprentice 7, with himself and Ivanka largely replacing George Ross and Carolyn Kepcher.
The Apprentice
The Apprentice is an American reality television show hosted by Donald Trump, created by Mark Burnett and broadcast on NBC. Billed as "The Ultimate Job Interview," the show stars sixteen to eighteen businesspeople competing in an elimination-style competition for a one-year, $250,000 starting contract of running one of business magnate Trump's companies.
On May 14, 2007, the series was left off of NBC's schedule but NBC Entertainment president Kevin Reilly said he was still in discussions with Mark Burnett and Trump.[2] However, on May 19, 2007, Trump announced that he was "moving on from The Apprentice to a major new TV venture", effectively ending the series in the United States.[3][dead link] But on May 22, 2007, NBC announced The Apprentice might return next season even though Trump had said he quit.[4]
On May 29, 2007, Trump said that NBC wanted a seventh season and he would be returning as the host.[5]On July 6, 2007, it was announced that The Apprentice has been officially renewed for a seventh season with a possibility of an eighth season.[6] On July 16, 2007, NBC confirmed that the show is renewed for a seventh season to run mid-season. In an effort to revitalize interest in the series, the seventh season will feature celebrities playing the game to raise money for charities.[7] On January 28, 2008, NBC confirmed that the show is renewed for an eighth season to start in January 2009 and will feature high profile celebrities playing the game to raise money for charity.[8]
Premise
Each season begins with a group of contestants with backgrounds in various enterprises, typically including real estate, restaurant management, political consulting, sales, and marketing. During the show, these contestants live in a communal penthouse, allowing their relationships to build. In Season 6, however, the teams were separated, with the winning team living in the LA mansion and the losing team taking up residence in tents located in the mansion's backyard. They are placed into teams, and each week are assigned a task and required to select a project manager for the task. The winning team receives a reward, while the losing team faces a boardroom showdown in order to determine which team member should be fired (eliminated from the show).
Elimination proceeds in two stages. In the first stage, all of the losing team's members are confronted. The project manager is asked to select up to three (one, two, or three) of the team members who are believed to be most responsible for the loss. In the second stage, the rest of the team is dismissed, and the project manager and the selected members face a final confrontation in which at least one of the two-to-four is fired.
Trump reserves the right at times to do the following: not allowing the project manager to choose who goes to the boardroom for a final hearing, fire/eliminate any candidate without a final boardroom session if there's enough information to warrant so, and fire multiple people if two or more people are found liable for the weak performance. Trump also reserved the right to fire all candidates inside the boardroom if all candidates performed badly. In season 6, the project manager of the winning team got the opportunity, and was mandated, to sit with Donald in the board room and help make the decision of who from the losing team gets fired. The winning project manager was expected to ask questions and give opinions in the board room during this process.
When the final candidates are left, an interview process begins, involving executives from various companies who interview each of the finalists and report their assessments of them to the host. After that, a firing takes place. In the event four are left, a double firing occurs. Seasons 4-6 were the exception to this rule as Seasons 4-5 foresaw Trump jettisoning the remaining members of a losing team (eliminating the need for interviews), and Trump utilized three pairs of two and a final four for Season 6.
Save Season 6, the final two are then assigned different tasks, along with support teams composed of previously fired candidates. After the tasks are done, a final boardroom occurs, with testimonials from the team members and a last chance for the final two candidates to prove themselves to the target CEO. Finally, Trump hires one of the two candidates to become the apprentice for the season (save Season 6, in which Trump fired two people from the final six to decide the final four, and hires one of the four candidates to be the apprentice).
The opening theme music used on the show is "For the Love of Money" by The O'Jays.[1]
History
The first season aired during the winter and the spring of 2004. The Apprentice is produced and created by Mark Burnett and is hosted by real estate magnate, Donald Trump, who also serves as co-producer of the show. The premise of the show, which bills itself as the "ultimate job interview" in the "ultimate jungle," is to conduct a job talent search for a person to head one of Trump's companies. The position starts with an introductory 1-year contract with a starting yearly salary at six figures ($250,000 USD to be exact, roughly about $4807.70 USD per week assuming a 52-week work-year). The show led Trump to become known for his fateful catch phrase, "You're fired!" The contestants live communally in a suite at Trump Tower in Manhattan and the boardroom showdown is with Trump and two of his associates (originally Carolyn Kepcher, Former Chief Operating Officer and General Manager for the Trump National Golf Club, and George H. Ross, Executive Vice President and Senior Counsel, The Trump Organization). Season 6 saw the show move to Los Angeles.
In late August, 2006, Donald Trump released Carolyn Kepcher from her duties at the Trump organization saying only that he "wishes her the best." No official reason has been given for her being fired from the company, but Kepcher was quoted as saying "After 11 years with the Trump Organization, Donald and I had different visions for my future role in the company." Her future role on the Apprentice TV show has not been confirmed, although Kepcher has appeared on tape for the 6th season one or two times. Ivanka Trump appeared in a similar role on the show as Kepcher's, but was not an official replacement.[1]
Known for his tendency to surround himself with beautiful women, Trump's on-screen (and real-life) assistants have each grown in personal fame. Two assistants appeared jointly for the first five seasons: Rhona Graff and Robin Himmler. In the sixth season, Trump elected to have his newest executive assistant, Andi Rowntree, star in the LA-based show.
A spin-off, The Apprentice: Martha Stewart followed the same concept, with Martha Stewart as the host and eventual employer. It debuted in September 21, 2005, following Stewart's release from prison and home detention. The last episode aired December 21, 2005, but due to dismal ratings, it was not renewed for a second season.
U.S. television ratings
Seasonal rankings (based on average total viewers per episode) of The Apprentice on NBC.
Note: Each U.S. network television season starts in late September and ends in late May, which coincides with the completion of May sweeps.
| Season | Winner | Winner's Project | Timeslot | Season Premiere | Season Finale | TV Season | Ranking | Viewers (in millions) | Finale Viewers (in millions) |
|---|---|---|---|---|---|---|---|---|---|
| 1st | Bill Rancic | Trump Tower Chicago | Thursday 9:00PM | January 8, 2004 | April 15, 2004 | 2003–04 | #7 | 20.70 [9] | 28.05 [10] |
| 2nd | Kelly Perdew | Trump Ice | September 9, 2004 | December 16, 2004 | 2004–05 | #11 | 16.14 [11] | 16.93 [12] | |
| 3rd | Kendra Todd | Palm Beach Mansion | January 20, 2005 | May 19, 2005 | #15 | 13.96 [11] | 14.02 [13] | ||
| 4th | Randal Pinkett | Trump Entertainment | September 22, 2005 | December 15, 2005 | 2005–06 | #38 | 11.01 [14] | 12.81[15] | |
| 5th | Sean Yazbeck | Trump Soho | Monday 9:00PM | February 27, 2006 | June 5, 2006 | #51 | 9.73 [14] | 11.25 [16] | |
| 6th | Stefani Schaeffer | Cap Cana | Sunday 10:00PM | January 7, 2007 | April 22, 2007 | 2006–07 | #75 | 7.5[17] | 7.94[18] |
| 7th | Piers Morgan | N/A | Thursday 9:00PM | January 3, 2008 | March 27, 2008 | 2007–08 | #48 | 11[19] | 12.1 |
| 8th | 2008–09 |
The Apprentice was the breakout rookie hit of the 2003-2004 U.S. television season and helped NBC at a time when the network's two long-running successful comedies, Friends and Frasier, were ending their series' runs. The Apprentice filled the void on Thursday nights as NBC held on to the tagline Must See TV, even though CBS was quickly becoming the most-watched network on Thursday night. An example of its cultural influence at the time was a spike in popularity of Tasti D-Lite frozen dessert as a result of its appearance in Season 2, Episode 18.
Although the series is still one of the most-watched programs on NBC in the advertiser-friendly 18–49 age demographic, the franchise's total audience gradually dissolved, starting in late 2004, when it aired its second season that culminated in, what most Apprentice fans deem, an "overextended"[20] 3-hour season finale on December 16, 2004.
The audience numbers (11.25 million viewers)[21] for the June 5, 2006 fifth season finale were not factored in the fifth season average because it aired after the official television season ended.
The audience numbers for the show have still remained on the decline since its first season. Originally, NBC aired the sixth season of The Apprentice, competing against both immensely-popular series, Desperate Housewives and Cold Case, just a few weeks before competing against Brothers & Sisters and Cold Case.
Criticism
The chief criticism of the U.S. version of The Apprentice is that the challenges often amount to nothing more than commercials and product placements. This became more evident starting from the second season. The companies that have supplied challenges to the show include Planet Hollywood, Lamborghini, Domino's Pizza, Staples, Burger King, Yahoo!, Nestle, Visa, Sony, Home Depot, Walmart, Microsoft, Lexus, and many others. These companies pay NBC to showcase their brands on the show, and usually the challenges revolve around the teams marketing existing or new products for the sponsors[22]. The show also, of course, provides massive publicity for Donald Trump and the Trump Organization, and the carefully-edited portrayal of Trump is flattering. The second half of the show is usually set entirely in the boardroom, which typically degenerates into finger-pointing and name calling amongst the contestants.
There is also controversy regarding the jobs given to the hired Apprentices. Instead of becoming the CEO of one of Trump's companies, the winners of the show are hired as PR spokesmen for Trump and his brand. For example, Kelly Perdew, winner of the second season and Bill Rancic, the first season's winner, were given the title of 'owner's representative', and were also named executive vice presidents. On Perdew's first day, his boss introduced him to Florida developers working on a Trump-branded condo in Tampa. "Mr. Trump said, 'OK, Kelly, you're going to go help promote sales of the building'," Perdew recalls.[2]
Another controversy revolves around age discrimination. In January 2007, a class action lawsuit was filed against Trump on behalf of those who did not make the cut for the show due to what they contend was their age.
Sir Alan Sugar, the star of the British version of The Apprentice has criticised it because "they’ve made the fatal error of trying to change things just for the sake of it and it backfired"[23]
Video game
Legacy Interactive created a video game version of The Apprentice for the PC. It features Donald Trump and his advisors, as well as past candidates, and is currently available on Yahoo! Games. The player selects either a male or a female character to play and must control the character through a number of tasks including puzzles. The character must create a billboard; sell ice cream, Italian food, or hamburgers; help create toys, chocolates and lamps; and sell items in different neighborhoods.
Trump Entertainment Resorts
Trump Entertainment Resorts, Inc. is a holding company which owns, operates and manages casinos/hotels in the United States The company was formed in 2005 as a result of the restructuring of its predecessor Trump Hotels & Casino Resorts. Donald J. Trump is Chairman of the Board and Mark Juliano is President and Chief Executive Officer.
History
In 2004 Trump Hotels & Casino Resorts explored various options for restructuring its debt, amid speculation that it might file for bankruptcy. A possible arrangement with Credit Suisse First Boston was not completed because the bondholders rejected it.
On October 21, 2004 the company announced a preliminary agreement with its investors. Trump, who has been the majority owner, would reduce his stock ownership from 56 percent to 27 percent. Bondholders would surrender some of their debt in exchange for stock. On October 27, the company announced that Morgan Stanley would be the joint lead arranger for a financing of $500 million financing as part of the restructuring plan. On November 21, the company filed for bankruptcy. Trump said the filing was "really just a technical thing" as the best way to implement the restructuring plan.[1] The plan was submitted to the Bankruptcy Court on December 16, 2004. The company could exit bankruptcy in March, 2005.
The company has changed its name to Trump Entertainment Resorts. THCR also announced that former New Jersey governor James Florio has been appointed a member of the new Board of Directors.
Trump Entertainment managed the Trump 29 Casino for the Twenty-Nine Palms Band of Mission Indians but disagreements plagued Trump's relationship with the tribal council. On December 22, 2004, the company entered into a memorandum of understanding with the tribe to end the management agreement.
On April 30, 2005 The Company announced that it would not proceed with its plans to build a casino in the Orange County, Indiana town of French Lick. The Indiana Gaming Commission held new bidding and they are expected to vote on June 23, 2005 on the approval of Blue Sky Casino who was the sole bidder for the gaming license that was abandoned by Trump due to the fact that the company was insolvent and facing bankruptcy with over $1.3 billion of 11.25% First Mortgage notes secured by the Taj Mahal and Trump Plaza coming due in April 2006.
On May 18, 2007 the company announced that it was in the preliminary stages of negotiating a buyout with several public and private firms. On July 2, 2007 Trump Entertainment Resorts announced that they could not make a deal with any company that they were in talks with and decided to take itself off the market. The Company will layoff employees in order to cut cost. Report from MarketWatch
On May 29, 2008 it was announced Trump Marina will be sold to Coastal Marina for $ 316 million and be re-branded to a Margaritaville Resort.
Casinos
The company owns and operates three casinos in Atlantic City: Trump Taj Mahal Casino Resort, Trump Plaza both of which are located on the Boardwalk, and Trump Marina in Atlantic City's Marina District. The company recently[1] sold the Trump Casino Hotel - a riverboat casino in Gary, Indiana.
The Trump Taj Mahal Casino Resort, which the company owns is currently undergoing a $240 million renovation and addition of a new hotel tower.[2]
The company recently sold Trump Marina to Coastal Marina which will re-theme the property to a Margaritaville resort.
Donald Trump's role
Trump's well-known name and image are used extensively by the company in its marketing. He conducts his business interests in real estate and other non-casino ventures via the Trump Organization which is a separate entity from Trump Entertainment Resorts.
Trump Organization
The Trump Organization is the primary company of Donald Trump, a prominent American real estate developer. Trump is the current CEO of the company. The company oversees nearly all of the business development interests of Donald Trump, such as real estate, hotels, golf clubs, etc. (but excluding the casinos). Trump is also the Chairman of the Board of Trump Entertainment Resorts. His three oldest children, Donald, Jr., Ivanka, and Eric, are currently executive vice presidents within the organization. The Trump Organization is based at Trump Tower in Manhattan, New York.
Bibliography
Trump has authored many books including:
- Trump: The Art of the Deal (1987)
- Trump: Surviving at the Top (1990)
- Trump: The Art of Survival (1991)
- Trump: The Art of the Comeback (1997)
- Trump: How to Get Rich (2004)
- The Way to the Top: The Best Business Advice I Ever Received (2004)
- Trump: Think Like a Billionaire: Everything You Need to Know About Success, Real Estate, and Life (2004)
- Trump: The Best Golf Advice I Ever Received (2005)
- Why We Want You to be Rich: Two Men - One Message (2006), co-written with Robert Kiyosaki.
- Think Big and Kick Ass in Business and Life (2007), co-written with Bill Zanker. (ISBN 978-0061547836)
- The America We Deserve (2000) (with Dave Shiflett, ISBN 1580631312)
- Trump: The Best Real Estate Advice I Ever Received: 100 Top Experts Share Their Strategies (2007)
- Trump 101: The Way to Success (2007)
- Trump Never Give Up: How I Turned My Biggest Challenges into Success (2008)
Personal life
Donald Trump is popularly known as The Donald, a nickname given to him by the media after his ex-wife Ivana Trump, a native of the Czech Republic and only marginally fluent in English, mistakenly referred to him as such in an interview.[27] He is also known for his catchphrase, "You're Fired", made popular by his television series The Apprentice. Trump is known for his distinctive hairstyle, which he has refused to change throughout his career.
Family
Trump's mother Mary Anne was born on the Isle of Lewis. She left Tong, Scotland in 1930 aged 18 for a holiday in New York, met a local builder, and stayed. Born in Queens, New York, United States, Trump has four siblings - two brothers (Fred Jr., who is deceased, and Robert) and two sisters (Maryanne and Elizabeth). His older sister, Maryanne Trump Barry, is a federal appeals court judge and the mother of David Desmond, who is a neuropsychologist and writer.
In 1977, Trump married Ivana Zelničkova (later Ivana Trump) and together they have three children: Donald, Jr. (born December 31, 1977), Ivanka, (born October 30, 1981), and Eric (born January 11, 1984. They were divorced in 1992. In 1993, he married Marla Maples and together they had one child, Tiffany, (born October 13, 1993). They divorced on June 8, 1999. In a February 2008 interview on ABC's Nightline Trump commented on his ex-wives by saying, "I just know it's very hard for them (Ivana and Marla) to compete because I do love what I do. I really love it."
On April 26, 2004, he proposed to Melania Knauss (Melanija Knavs in Slovenian, later Melania Knauss-Trump) from Slovenia. Trump and Knauss (who is 24 years Trump's junior) married on January 22, 2005, at Bethesda by the Sea Episcopal Church on the island of Palm Beach, Florida, followed by a reception at Trump's Mar-A-Lago estate. Neither Melania nor Trump is an Episcopalian.[28] Melania gave birth to a boy named Barron William Trump, Trump's fifth child, on March 20, 2006. He was christened at the same church as his parents were married.
Hobbies
Trump is an enthusiastic and highly skilled golfer, with a low single-figure handicap. He is a member of the Winged Foot Golf Club in Mamaroneck, New York, and also plays regularly at the other courses he owns and operates.[29]
Other ventures
The Miss Universe Organization is owned by Donald Trump and the National Broadcasting Company (NBC). The organization produces the Miss Universe, Miss USA, and Miss Teen USA pageants.
Other investments include a 17.2% stake in Parker Adnan, Inc. (formerly AdnanCo Group), a Bermuda-based financial services holdings company. In late 2003, Trump, along with his siblings, sold their late father's real estate empire to a group of investors that included Bain Capital, KKR, and LamboNuni Bank reportedly for $600 million. Donald Trump's 1/3 share was $200 million, which he later used to finance Trump Casino & Resorts.
With his success in real estate and television, Trump has succeeded in marketing the Trump name on a large number of products. These products include Trump Financial (a mortgage firm), Trump Sales and Leasing (residential sales), Trump University (a business education company), Trump Restaurants (Located in Trump Tower and consisting of Trump Buffet, Trump Catering, Trump Ice Cream Parlor, and Trump Bar), GoTrump (an online travel website), Donald J. Trump Signature Collection (a line of menswear, men's accessories, and watches), Donald Trump The Fragrance (2004), Trump Ice bottled water, Trump Magazine, Trump Golf, Trump Institute, Trump The Game (1989 Board Game), Trump Vodka, and Trump Steaks. In addition, Trump reportedly receives $1.5 million for each one hour presentation he does for the The Learning Annex. [24]
Trump is a known World Wrestling Entertainment (WWE) fan. He has hosted two WrestleMania events in the Trump Plaza and has been an active participant in several of the shows. Trump's Trump Taj Mahal in Atlantic City was host to the 1991 WBF Championship (which was owned by WWE, known at the time as the "World Wrestling Federation"). He also appeared at WrestleMania 23 in the corner of Bobby Lashley who competed against Umaga with Vince McMahon in his corner, in a hair versus hair match, with either Trump or McMahon having their head shaved if their competitor lost. Lashley won the match, and he and Trump both proceeded to shave McMahon bald. Trump was also involved with the old USFL, a competitor to the NFL, as owner of the New Jersey Generals. In addition, Trump at one time acted as a financial advisor for Mike Tyson and hosted Tyson's fight against Michael Spinks in Atlantic City.
In the 2000 election, Donald Trump considered running for president as a member of the Reform party.
Instituted by Ronna Mee Brand, the Donald J. Trump Award honors and recognizes individuals who make a significant impact on the evolution, development and perpetuation of real estate throughout Greater Los Angeles.
The second annual Donald J. Trump Award was presented December 6, 2007 at the Beverly Hilton, International Ballroom. Tom Gilmore, the first recipient, presented the award to Michael Koss. Donald Trump congratulated Mr. Koss via video broadcast.
£1billion "world's greatest golf course"
Trump testified in June 2008, as first witness at the Aberdeen Exhibition and Conference Centre (AECC) inquiry (ordered by Scottish ministers) after an Aberdeenshire Council committee denied his plans to build a £1billion golf resort north of Aberdeen, the "world's greatest golf course" at the Menie Estate. Environmental groups and local campaigners opposed the bid in which part of the course would be built on sand dunes that are a Site of Special Scientific Interest (SSSI), though business leaders supported the would-be golf course. [25] Trump stated the site "had the potential to be the greatest golf course in the world."[26]
In the media
Donald Trump, a two-time Emmy Award-nominated personality, has made appearances as a caricatured version of himself in television series and films (e.g. Home Alone 2: Lost in New York, The Nanny, The Fresh Prince of Bel-Air, Days of our Lives), and as a character (The Little Rascals). He has been the subject of comedians, flash cartoon artists, and online caricature artists. In addition to the aforementioned forms of media he has appeared on, he has been a guest on various talk shows and other media.
In 2003, Trump became the executive producer and host of the NBC reality show, The Apprentice, in which a group of competitors battled for a high-level management job in one of Trump's commercial enterprises. The other contestants were "fired," or eliminated, from the game. At the end of each episode, Trump eliminates at least one contestant while uttering the catchphrase "You're fired." For the first year of the show Trump was paid $50,000 per episode (roughly $700,000 for the first season), but following the show's initial success, he is now paid a reported $3 million per episode, making him one of the highest paid TV personalities. In 2004, Donald Trump filed a trademark application for the phrase "You're fired," which he had popularized on the show.
In December 2006, talk show host Rosie O'Donnell criticized Trump on The View for "acting as a moral compass for 20-year-olds" after giving a second chance to Miss USA, Tara Conner, who had violated pageant guidelines by partying and drinking. Trump, who owns the rights to the pageant, decided to let Conner retain the Miss USA crown while she pursued rehabilitation. A tabloid war raged for several weeks thereafter between the two celebrities.[21]
In 2007, Trump received an honor for his contribution of The Apprentice to television by receiving a star on the Hollywood Walk of Fame.
In October 2007, Trump appeared on Larry King Live and delivered a strong criticism of George W. Bush, particularly concerning the Iraq War. He also predicted that Rudy Giuliani and Hillary Clinton would win the Republican and Democratic Presidential nominations, respectively, and said that he would be very supportive of either of them being elected President. He made further statements about the issue on the The Situation Room, in which he said "anybody who wants more troops in Iraq, I don't feel can win an election" as Rudy Giuliani supports that position. On the same show, he was also critical of the public perception of Angelina Jolie as a grand beauty.[22]
On Sept 17, 2008 Trump officially endorsed John McCain for U.S. Presidency on Larry King Live show.
Real Estate Licensing
Many developers pay Donald Trump to market their properties and be the public face for their projects. For that reason, Trump does not own many of the buildings that display his name. According to Forbes, this portion of Trump's empire, actually run by his children, is by far his most valuable with a valuation of $562 million. According to Forbes, there are 33 licensing projects under development including seven "condo hotels" (i.e. The seven Trump International Hotel and Tower developments). Some examples are:
- 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 ( 39-story, Y-shaped plan condominium building on the Upper East Side)
- 610 Park Avenue (The old Mayfair Hotel): Trump is helping with the construction and development of this property for Colony Capital.
- Trump Soho Hotel Condeminium: A partnership with Bayrock Group to build a 42 story building in Soho.
- New York City Suburbs:
- Trump Plaza: Jersey City, NJ. The project includes New Jersey's two tallest residential towers and costs about $450 million. The 55-story tower will have 445 condos, and the 50-story tower will have 417. [20]
- Trump Plaza (New Rochelle) is a 39-story luxury residence and hotel with retail space that is currently under construction in Westchester County, NY with developer Louis R. Cappelli.
- Trump Tower at City Center is a 35-story condominium apartment building built in Westchester County, New York with developer Louis R. Cappelli.
- Trump Parc Stamford is a development in Stamford, Connecticut with F. D. Rich Company and Louis R. Cappelli.
- Florida:
- Trump International Hotel and Tower, Fort Lauderdale (Anticipated completion is 2007)
- Trump Towers (Sunny Isles Beach, Florida): will have over 270 residential condominiums
- Trump Grande Ocean Resort and Residences: A hotel condominium (Trump International Sonesta Beach) and two residential condominium towers (Trump Palace and Trump Royale) located in Sunny Isles Beach, Florida with fellow Forbes 400 member Jorge Perez.
- Trump Hollywood: A 40-story building on Hollywood Beach, Florida with fellow Forbes 400 member Jorge Perez.
- Trump Tower (Palm Beach) will be a 23-story residential condominium development.
- Domestic:
- Trump Towers (Atlanta): Tower I will be 48 stories and include 370 units while Tower II is still under design.
- Trump Tower (Philadelphia): This 45-story building will offer 263 luxurious condominiums on the Delaware River.
- Trump International Hotel and Tower, Honolulu (Anticipated completion is 2009)
- Trump International Hotel and Tower, New Orleans (Project slated to begin construction during the first quarter of 2007)
- International:
- Trump World: Seoul, Korea for which Trump received a licensing fee of $5 million to lend his name.
- Trump International Hotel and Tower, Toronto (Anticipated completion is 2010)
- The Palm Trump International Hotel and Tower, Dubai, United Arab Emirates
- Trump Ocean Club International Hotel and Tower, Panama City (Anticipated completion is 2009)
- Trump Ocean Club Baja Mexico is a planned 3 tower, 25 story, 526 unit hotel condominium 30 minutes south of downtown San Diego.
- Trump at Cap Cana will be located in Punta Cana, Dominican Republic.
Properties
In its October 7, 2007 Forbes 400 issue, "Acreage Aces," Forbes valued Trump's wealth to $3.0 billion. Trump is known for his many properties.
Selected completed properties
- Trump World Tower: 845 United Nations Plaza, New York, NY. It is valued at $290 million.
- Trump Tower: 725 Fifth Ave, New York, NY 10022 Trump owns the retail and office space on the lower half of this building. It is valued at $288 million.
- Personal Residence: Trump Tower: top 3 floors of Trump Tower with approximately 30,000 square feet (3,000 m²) of space; detailed in bronze, gold, and marble. Worth as much as $50 million, it is one of the most valuable apartments in New York City.
- AXA Financial Center, 1290 Avenue of the Americas, New York, NY
- 555 California Street, formerly the Bank of America Center, in San Francisco: When Trump was forced to sell a stake in the railyards on Manhattan's West Side, the Asian group to which he sold then sold much of the site for $1.76 billion. They then reinvested the rest of the money, via a tax-free exchange, into two office buildings: 1290 Avenue of the Americas in Manhattan and 555 California Street in San Francisco (The Group has since sold their stake to Vornado Realty Trust). Trump ended up owning 30% of the two buildings. Based on the recent sales price, Trump's stake is valued at $540 million.
- The Trump Building at 40 Wall Street: Trump bought and renovated this building for about $35 million in 1996. Although Trump claims it is worth $400 million, New York tax assessors value it at only $90 million. Mr. Trump has taken out a $145 million mortgage on this property to use for other investments. Forbes values the property at $260 million.
- Trump Entertainment Resorts: This company owns the Trump branded casino resorts. After a long period of financial trouble, the company entered bankruptcy protection in 2004. Trump agreed to invest $55 million cash in the new company and pay $16.4 million to the company's debtors. In return he holds a 29.16% stake in the new public company. This stake was worth approximately $171 million in October 2006. The following are the Trump branded casino resorts:
- Trump Taj Mahal (Official Site)
- Trump Plaza (Official Site)
- Trump Marina (Official Site)
- Riverside South/Trump Place When completed, Riverside South will be the largest single private development in New York City's history. It was built by the Trump Organization, although financed by investors from Hong Kong and owned by the Hudson Waterfront Company. During his financial difficulties in the mid 90's, Trump was forced to sell this site, the former west side rail-yards. The new owners continued Trump's involvement with the property and sought to use his name to seek higher sales prices. Trump was paid $2 million annually for his oversight of the project, and he was offered an estimated 30% of the net profits upon completion of this 10 year project. The investors sold off the uncompleted project in 2005 for $1.8 billion and offered Mr. Trump $500 million. Trump contends that the property should have been sold for more than $3 billion and in 2006 sued the owners for selling without his consent, and sought $1 billion in damages. Forbes values his stake in the property at $170 million.
- Trump International Hotel and Tower, Chicago (under construction, anticipated completion is 2009) The entire project is valued at $1.2 billion ($112 million state for Trump).
- Trump International Hotel and Tower, Las Vegas (Anticipated completion of Tower I is 2007). This is a joint development with fellow Forbes 400 member, Phillip Ruffin. Trump's stake is valued at $162 million.
- 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.
- Trump Park Avenue: Park Avenue & 59th Street. It is valued at $142 million.
- Golf Courses (valued at $127 million):
- Trump currently owns four golf courses in the United States including Trump National Golf Club in Briarcliff Manor, New York, Trump National Golf Club in Bedminster, New Jersey, Trump International Golf Club in West Palm Beach, Florida, and Trump National Golf Club in Los Angeles, CA.
- In 2006, Donald Trump purchased a 1,400-acre (5.7 km2) plot just north of Aberdeen at Menie, Scotland, Trump International Golf Links, with the intention of turning it into a £1 billion golf resort and "the world's best golf course". The development plan included two courses, a 5-star hotel, holiday homes, and a golf academy. Trump wishes the site, once finished, to hold the British Open. There has been opposition from some locals and negative reaction from environmental groups interested in preserving the 4,000-year-old dunes that are designated as an SSSI (Site of Special Scientific Interest). The development was rejected by the local council's planning subcommitee and is currently going through a planning inquiry with the Scottish Parliament.
- Trump is also building Trump International Golf Club in the Caribbean island of Canouan Island, The Grenadines. The development will include Trump Club Privee, a Monte Carlo inspired casino.
- Trump also builds residential housing developments near these golf clubs. Examples include: The Estates at Trump National in Rancho Palos Verdes, CA, Trump Island Villas on Canouan Island, The Grenadines, and The Residences at Trump National in Westchester County, NY.
- Nike Store: The Niketown store is located in Trump Tower. It is valued at $120 million
- Palm Beach estate: 43,000 square feet (4,000 m²) on a large oceanfront lot in Palm Beach. Trump purchased this property for $40 million at a bankruptcy auction in 2004. Renovations to the property were led by the Season 3 Apprentice Kendra Todd, and Trump sold the property for $100 million in June 2008, making it the most expensive house ever sold in the United States. (The preivous record is $70 million for Ron Perelman's Palm Beach estate in 2004.). Forbes values his stake in the property for $43 million.
- Mar-A-Lago, Palm Beach, Florida. Most of this estate has been converted into a private club. This landmark property, according to Trump, has received bids near $200,000,000. However, Forbes magazine does not take into account either of Trump's large vacation residences (Mar-a-Largo or his 213-acre (0.86 km2) spread near Bedford, NY in Westchester County, NY) for its valuation of his wealth.
Resurgence (1997–)
has been quite controversial because the initial sales were so successful that all deposits were returned to charge a higher price. Three years after construction of this controversial development began, construction has delayed and lawsuits have been filed. In Trump has several projects under way. The level of success of the progress of the projects varies. The Trump International Hotel and Tower - Honolulu seems to be a success. According to Trump, buyers paid non-refundable deposits to commit to purchase every unit on the first day they were made available. Construction of the Trump International Hotel and Tower - Chicago seems to be proceeding as planned although 30% of the units remain unsold. The Trump International Hotel and Tower - Toronto has had a series of delays and a height reduction. The Trump Tower - TampaFort Lauderdale, Florida one Trump construction project was put on hold in favor of another (Trump International Hotel and Tower - Fort Lauderdale). Meanwhile, Trump Towers - Atlanta is being developed in a housing market which has the nation's second-highest inventory of unsold homes.[19]
Financial problems (1989–1997)
By 1989, the effects of recession left Trump unable to meet loan payments. Trump financed the construction of his third casino, the $1 billion Taj Mahal, primarily with high-interest junk bonds. Although he shored up his businesses with additional loans and postponed interest payments, by 1991 increasing debt brought Trump to business bankruptcy[4] and the brink of personal bankruptcy. Banks and bond holders had lost hundreds of millions of dollars, but opted to restructure his debt to avoid the risk of losing more money in court. The Taj Mahal re-emerged from bankruptcy on October 5, 1991, with Trump ceding 50% ownership in the casino to the original bondholders in exchange for lowered interest rates on the debt and more time to pay it off.[12]
On November 2, 1992, the Trump Plaza Hotel was forced to file a prepackaged Chapter 11 Bankruptcy protection plan after being unable to make its debt payments. Under the plan, Trump agreed to give up a 49% stake in the luxury hotel to Citibank and five other lenders. In return Trump would receive more favorable terms on the remaining $550+ million owed to the lenders and retain his position as chief executive, though he would not be paid and would not have a role in day-to-day operations.[13]
By 1994, Trump had eliminated a large portion of his $900 million personal debt[14] and reduced significantly his nearly $3.5 billion in business debt. While he was forced to relinquish the Trump Shuttle (which he had bought in 1989), he managed to retain Trump Tower in New York City and control of his three casinos in Atlantic City. Chase Manhattan Bank, which lent Trump the money to buy the West Side yards, his biggest Manhattan parcel, forced the sale of a parcel to Asian developers. According to former members of the Trump Organization, Trump did not retain any ownership of the site's real estate - the owners merely promised to give him about 30 percent of the profits once the site was completely developed or sold. Until that time, the owners wanted to keep Trump on to do what he did best: build things. They gave him a modest construction fee and a management fee to oversee the development. The new owners also allowed him to put his name on the buildings that eventually rose on the yards because his well-known moniker allowed them to charge a premium for their condos.[15]
In 1995, he combined his casino holdings into the publicly held Trump Hotels & Casino Resorts. Wall Street drove its stock above $35 in 1996, but by 1998 it had fallen into single digits as the company remained profitless and struggled to pay just the interest on its nearly $3 billion in debt. Under such financial pressure, the properties were unable to make the improvements necessary for keeping up with their flashier competitors.
Finally, on October 21, 2004, Trump Hotels & Casino Resorts announced a restructuring of its debt.[16] The plan called for Trump's individual ownership to be reduced from 56 percent to 27 percent, with bondholders receiving stock in exchange for surrendering part of the debt. Since then, Trump Hotels has been forced to seek voluntary bankruptcy protection to stay afloat. After the company applied for Chapter 11 Protection in November 2004, Trump relinquished his CEO position but retained a role as Chairman of the Board. In May 2005[17] the company re-emerged from bankruptcy as Trump Entertainment Resorts Holdings.[18]
Career
Early success (1968–1989)
Trump began his career at his father's company, the Trump Organization, and initially concentrated on his father's preferred field of middle-class rental housing in Brooklyn, Queens and Staten Island. One of Donald's first projects, while he was still in college, was the revitalization of the foreclosed Swifton Village apartment complex in Cincinnati, Ohio--turning a 1200-unit complex with a 66% vacancy rate to 100% occupancy within a year. When the Trump Organization sold Swifton Village for $12 million, they cleared $6 million in profit.
In 1971 Trump moved his residence to Manhattan, where he became convinced of the economic opportunity in the city, specifically large building projects in Manhattan that would offer opportunities for earning high profits, utilizing attractive architectural design, and winning public recognition.[2] Trump began by landing the rights to develop the old Penn Central yards on the West Side, then--with the help of a 40-year tax abatement by the financially strained New York City government, which was eager to give tax concession in exchange for investments at a time of financial crisis--turned the bankrupt Commodore Hotel into a new Grand Hyatt. [9]
He was also instrumental in steering the development of the Javits Convention Center on property he had an option on. The development saga of the Javits Convention Center brought Donald Trump into contact with the New York City government when a project he'd estimated could have been completed by his company for $110 million ended up costing the city between $750 million to $1 billion. He offered to take over the project at cost but the offer was not accepted.[10]
A similar opportunity would arise in the city's attempt to restore the Wollman Rink in Central Park--a project started in 1980 with an expected 2½-year construction schedule that was still, with $12 million spent, nowhere near completion in 1986. Trump offered to take over the job at no charge to the city, an offer that was initially rebuffed until it received much local media attention. Trump was given the job which he completed in six months and with $750,000 of the $3 million budgeted for the project left over.[11]
Background and Education
He was the son of Fred Christ Trump (Woodhaven, New York, 11 October 1905 – 25 June 1999) and wife, married in 1936, Mary A. MacLeod (Stornoway, Scotland, 10 May 1912 – 7 August 2000). His paternal grandparents were German immigrants Frederick Trump (Kallstadt, Rheinland-Pfalz, 14 March 1869 – 30 March 1918), who immigrated to the United States in 1885 and naturalized US Citizen in 1892, and wife, married at Kallstadt, Rheinland-Pfalz, in 1902, Elisabeth Christ (10 October 1880 – 6 June 1966).[7]
He attended The Kew-Forest School in Forest Hills, Queens, but after trouble there when he was thirteen, his parents sent him to the New York Military Academy hoping to direct his energy and assertiveness in a positive manner.[8] It worked reasonably well: while at NYMA, in upstate NY, Trump earned academic honors, played varsity football in 1962, varsity soccer in 1963, and varsity baseball from '62-64 (baseball captain '64). The baseball coach, Ted Dobias, a local celebrity for his unselfish work with area youth, awarded him the Coach's Award in '64. Promoted to Cadet Captain-S4 (Cadet Battalion Logistics Officer) his Senior Year, Trump, and Cadet First Sergeant Jeff Donaldson, '65, (West Point '69) formed a composite company of cadets, taught them advanced close-order drill, and marched them all down Fifth Avenue on Memorial Day, 1964.
Trump attended Fordham University for two years before transferring to the Wharton School at the University of Pennsylvania. After graduating in 1968 with a Bachelor of Science in economics and concentration in finance, he joined his father's real estate company.
In his book, Trump: The Art of the Deal, Trump discusses his undergraduate career:
- "After I graduated from the New York Military Academy in 1964, I flirted briefly with the idea of attending film school...but in the end I decided real estate was a much better business. I began by attending Fordham University...but after two years, I decided that as long as I had to be in college, I might as well test myself against the best. I applied to the Wharton School at the University of Pennsylvania and I got in...I was also very glad to get finished. I immediately moved back home and went to work full time with my father."
Donald Trump
Donald John Trump (born June 14, 1946) is an American business magnate, socialite, television personality, and author. He is the Chairman and CEO of the Trump Organization, a US-based real-estate developer. Trump is also the founder of Trump Entertainment Resorts, which operates numerous casinos and hotels across the world. Trump's extravagant lifestyle and outspoken manner have made him a celebrity for years, a status which was only amplified by the success of his NBC reality show, The Apprentice (of which he serves as host and executive producer).
Donald was the fourth of five children of Fred Trump, a wealthy real estate developer based in New York City. Donald was strongly influenced by his father in his eventual goals to make a career in real estate development.[2], and upon his graduation from Wharton School at the University of Pennsylvania in 1968, Donald Trump joined his father's company, The Trump Organization.
Starting with the renovation of the Commodore Hotel into the Grand Hyatt with the Pritzker family, he continued with Trump Tower in New York City and several other residential projects. Trump would later expand into the airline industry (buying the Eastern Shuttle routes),[3] and Atlantic City casino business, including buying the Taj Mahal Casino from the Crosby family, then taking it into bankruptcy. This expansion, both personal and business, led to mounting debt.[4] Much of the news about him in the early 1990s involved his much publicized financial problems, creditor-led bailout, extramarital affair with Marla Maples, and the resulting divorce from his first wife, Ivana Trump.
The late 1990s saw a resurgence in his financial situation and fame. In 2001, he completed Trump World Tower, a 72-story residential tower across from the United Nations Headquarters.[5] Also, he began construction on Trump Place, a multi-building development along the Hudson River. Trump owns commercial space in Trump International Hotel and Tower, a 44-story mixed-use (hotel and condominium) tower on Columbus Circle. Trump currently owns several million square feet of prime Manhattan real estate,[6] and remains a major figure in the field of real estate in the United States and a celebrity for his prominent media exposures.
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