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See the former president’s financial milestones
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Donald Trump’s career has been quite a journey. After inheriting a real estate company from his father, the former president’s path to where he is today was anything but predictable.
Discover: How rich is Donald Trump?
Find out more: 4 genius things all rich people do with their money
From his early Manhattan real estate deals to casino bankruptcies, GOBankingRates is diving into the former president’s financial milestones.
Also see what a second Trump presidency could mean for inflation.
19th century: The Trump family heritage
Donald Trump’s grandfather, Frederick Trump, reportedly owned an inn and restaurant that served miners during Canada’s Klondike Gold Rush. When Frederick died, he left an estate worth about $500,000 (in today’s dollars) to his heirs, including his son Fred Trump, Donald’s father. This early inheritance helped establish the Trump family’s position in real estate and hospitality.
To know more: Trump-era tax cuts are expiring — how the changes will affect retirees
1920s: Fred Trump’s real estate success
Using his inheritance as start-up capital, Fred Trump became a very successful developer in the outer boroughs of New York City. He built single-family homes in Queens in the 1920s and helped create the supermarket concept with Trump Market during the Great Depression.
Fred’s biggest payday came in 1949, when he secured a government loan to build the Shore Haven Apartments in Brooklyn, which he was able to build at a significantly lower cost.
1970s: Donald Trump joins family business
Born in Queens in 1946, Donald Trump joined his father’s real estate business early in his career. Envisioning the Trump brand as synonymous with luxury around the world, Donald borrowed $1 million from his father’s business connections and creditworthiness to venture into Manhattan real estate in the mid-1970s. launch your buildings and ventures.
1976: Hotel Commodore Agreement
In 1976, Donald Trump partnered with his father and Hyatt to buy the dilapidated Commodore Hotel near New York’s Grand Central Station for $79 million. Trump negotiated with banks and the city to finance renovations that turned it into the Grand Hyatt Hotel. He reportedly sold his stake in the blockbuster property for $142 million in 1996.
1982: First appearance on Forbes 400
In 1982, Donald Trump made his debut on the inaugural Forbes 400 ranking of the richest Americans, alongside his father, Fred. The father-son duo had an estimated combined net worth of $200 million at the time, according to Forbes.
1991: Bankruptcy #1
In 1991, Trump’s corporate entity, which owned his Atlantic City casinos, filed for Chapter 11 bankruptcy protection. This was spurred by the $3 billion in debt accumulated by the newly opened Taj Mahal casino, as well as for the 900 million dollars in personal debts. To emerge from bankruptcy, Trump had to give up valuable personal assets, including his Trump Shuttle airline, his Trump Princess mega-yacht and more than half his stake in his casino company.
The story continues
1996: 40 Wall Street Takeover
Another triumph was Trump’s acquisition of 40 Wall Street, once the tallest building in the world. This prominent Financial District real estate property was recently estimated to be worth more than $500 million, making it one of Trump’s most lucrative real estate deals — although he doesn’t own the building, just lease it.
Early 2000s: Alleged Billionaire Status
According to claims made during Trump’s presidential campaign, he has a net worth of more than $10 billion, although Forbes and Bloomberg have published much lower estimates of his wealth. Regardless of different assessments, Trump may have achieved billionaire status in the early 2000s due to the significant appreciation in value of his global real estate holdings and other business ventures at that time.
2004: Bankruptcy #2
Trump Hotels & Casino Resorts, the corporate entity that owns Trump’s casinos in Atlantic City, entered its second Chapter 11 bankruptcy in 2004. This resulted from the company accumulating around $1.8 billion in debt through casinos’ ongoing struggles. This bankruptcy further reduced Trump’s ownership stake in the business.
2004-17: Success of ‘The Apprentice’
As host and executive producer of the hit reality show “The Apprentice,” Trump raked in $1 million per episode in payments. Over the course of its 185 episodes from 2004 to 2017, “The Apprentice” earned Trump an impressive $197 million thanks to his roles on the show, according to The New York Times.
2009: Bankruptcy #3
The third and final bankruptcy involving Trump’s Atlantic City casinos occurred in 2009, when Trump Entertainment Resorts missed interest payments on $53 million on its debt during the fallout from the financial crisis. This bankruptcy eliminated Trump’s remaining minority stake in the casinos he began acquiring in 1988.
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This article originally appeared on GOBankingRates. with: Donald Trump’s money timeline: see the former president’s financial milestones