The 45th President of the United States of America, Donald J. Trump, has always been quite open about his finances. While on certain occasions, he has taken things too far, we are all aware of the truth of the matter. Thanks to top sources like Forbes, everyone can now keep track of the world’s wealthiest individuals. But to get the clear picture in a nutshell, one needs to know all about the top facts that revolve around Donald Trump’s finances. So if you’re interested to know more, then go ahead and read them all out.
1. Fred Trump
Frederick Christ Trump or Fred Trump was an American businessman who was well-known as a top real estate developer. His net worth back in June 1999 was estimated to be around $250-300 million. When he died in the same year, Donald Trump received a large portion of the same as an inheritance that is estimated to be about $40 million to $200 million. These figures tend to depict the nature of his work and how he managed to build an empire even bigger than his father’s.
2. The Milestone
One of the biggest milestones in his financial career came in 1980 when Trump teamed up with Holiday Inn, Corporation. It was the parent company of Harrah’s casino resorts, and the deal was to develop a $250 million hotel and casino complex in the city of Atlantic. Although it was initially named Harrah’s, things changed when Trump bought out his partners. He later renamed the property as Trump Plaza Hotel and Casino, which was the beginning of his success. He also purchased a second property in Atlantic City from Hilton Hotels for a sum of $320 million.
3. A Significant Setback
While business tycoons have managed to reap success, they are also known to face a lot of setbacks. The same goes out for Donald Trump as his setback came in 1988 when he purchased the Plaza Hotel for $400 million. Apart from the initial cost, he also spent an additional $50 million on renovating and redecorating. But his plans for a large condominium tower came to a halt thanks to the city’s rent control programs. As a result, community opposition and the lengthy process of approval stood as roadblocks to his plans.
Due to that, he eventually dropped his vision for the project. But that did not signal an end because he managed to rise back through a couple of other projects. As a result, that made him a lot more popular and also earned him a spot on the Forbes list of wealthiest individuals. Hence that sums up the top facts about Donald J. Trump’s finances.