By
Bob Cox
The
outspoken and controversial real estate developer, author and
television personality Donald John Trump continues to be one of the
most polarizing figures in our country. While Trump may not be loved
by all, he certainly has earned the respect of millions of Americans
that watched him rise from the ashes a generation ago.
From
a young age, Trump was determined to leapfrog over his father
Frederick’s footsteps by out thinking, outworking and outsmarting
everyone that stood between him and great fortune. Donald joined his
father's real estate development company, the Trump Organization,
after graduating from Wharton School of Finance at the University of
Pennsylvania in 1968.
Trump’s
meteoric rise began shortly thereafter when he became involved in
large profitable building projects in Manhattan. He was able to
finance an expansion of the company's holdings by convincing his
father to be more liberal in the use of loans based on the equity in
the Trump apartment complexes. In 1980, he renovated the Grand Hyatt
Hotel and this became an amazing economic success, making Donald
Trump the city's best known and most controversial developer. Over
the next several years, his empire expanded beyond Manhattan, with
purchases of multi-million dollar properties in Atlantic City, New
Jersey and West Palm Beach, Florida.
In
1990, the real estate market came to a screeching halt as property
values declined precipitously. Trump's net worth fell from an
estimated $1.7 billion to $500 million. The Trump Organization
required a massive infusion of loans to keep it from collapsing; a
situation which raised questions as to whether the corporation could
survive bankruptcy. Two divorces during the 1990s made it look like
Trump would become the symbol of absolute failure from the leveraged
lifestyles of the 1980s.
Yet,
Trump triumphed, climbing back from the abyss, nearly $900 million in
the red. He rebuilt his empire with the same character traits that
helped him amass his fortune the first time; intelligence, hard work,
courage, passion and an unshakable confidence in his ability to
bounce back stronger and more determined than ever.
Today,
according to Forbes Magazine, Donald Trump has
a net worth of $3.2 billion and an annual salary of $60 million.
Trump properties
include Trump Tower, valued at $288 million, Trump World Tower,
valued at $290 million and a variety of Trump resort casinos located
around the United States. In addition, the Trump name is licensed to
properties worldwide, earning Trump an estimated $562 million. Trump
has also earned two Emmy Awards for his role in the hit reality shows
The Apprentice and
Celebrity Apprentice
on which he appears as himself and is reportedly paid $3 million per
episode. Oh yeah, and if you didn't like this article, you’re
fired!
No comments:
Post a Comment