Privileged childhood
Donald John Trump was born in 1946 in Queens, New York City, and he was the fourth of five children born to Frederick C. and Mary MacLeod Trump. Frederick Trump was a builder and real estate developer known for his expertise in constructing and managing middle-income apartments in various neighborhoods of New York, including Queens, Staten Island, and Brooklyn. Donald Trump’s childhood was marked by his energy and intelligence, prompting his parents to enroll him in the New York Military Academy when he was just thirteen, with the hope that the structured environment would help harness his potential. At the academy, Trump excelled both academically and socially, eventually becoming a star athlete and a respected student leader by the time he graduated in 1964.
During his summers, Trump gained practical experience by working at his father’s construction sites. Afterward, he began his higher education journey at Fordham University and later transferred to the prestigious Wharton School of Finance at the University of Pennsylvania. He successfully completed his studies in 1968, earning a degree in economics.
While his father’s influence played a significant role in his decision to pursue a career in real estate development, Donald Trump harbored more ambitious personal aspirations. Following his college graduation, he officially joined the family business, known as the Trump Organization. In 1971, he relocated to Manhattan, where he had the opportunity to interact with numerous influential individuals. Convinced of the economic potential that the city offered, Trump immersed himself in large-scale building projects across Manhattan. These projects not only promised substantial financial returns but also allowed him to showcase his flair for striking architectural designs while earning public recognition.
Building an empire
When the Pennsylvania Central Railroad faced financial difficulties and filed for bankruptcy, Donald Trump seized an opportunity to secure an option – a contractual right to purchase something at a predetermined price within a specific timeframe – for the railroad’s yards located on Manhattan’s west side. However, Trump’s initial plans to develop apartments on the property were met with resistance due to unfavorable economic conditions. Undeterred, he pivoted his strategy and proposed the site as an ideal location for a city convention center in 1978. The city government ultimately chose this site over two other options.
In an attempt to sweeten the deal, Trump offered to waive certain fees if the convention center were named after his family. Unfortunately, this proposal was rejected, along with his bid to construct the complex.
In 1974, Trump also secured an option for one of the Penn Central’s hotels, the Commodore, which was struggling financially but boasted a prime location near Grand Central Station. The following year, he entered into a partnership with the Hyatt Hotel Corporation, which lacked a substantial downtown hotel presence. Trump then navigated a complex arrangement with the city to renovate the hotel. Rebranded as the Grand Hyatt, the hotel became immensely popular and a profitable venture, solidifying Trump’s reputation as the city’s most prominent and controversial developer.
In 1977, Trump tied the knot with Ivana Zelnickova Winklmayr, a former New York fashion model and alternate on the 1968 Czech Olympic Ski Team. Following the birth of their first child in 1978, Donald John Trump Jr., Ivana assumed the role of vice president in charge of design within the Trump Organization. She played a significant role in overseeing the refurbishment of the Commodore.
Subsequently, in 1979, Trump secured a lease for a prestigious site on Fifth Avenue, adjacent to the renowned Tiffany & Company. This location was earmarked for an ambitious $200 million mixed-use development project designed by Der Scutt. When the project was completed in 1982, it was unveiled as Trump Tower. This fifty-eight-story skyscraper boasted a striking six-story courtyard adorned with pink marble and featured an impressive eighty-foot waterfall. Trump Tower quickly garnered acclaim, attracting prominent retail tenants and celebrity residents, catapulting Donald Trump into the national spotlight.
Atlantic City
Meanwhile, Donald Trump embarked on an exploration of the lucrative casino gambling industry, a venture that had been given the green light in New Jersey back in 1977. By 1980, he successfully secured a piece of real estate in Atlantic City, New Jersey. To oversee this intricate endeavor, he enlisted the assistance of his younger brother, Robert. Their collective mission involved acquiring the land, securing a gambling license, and navigating the complex process of obtaining permits and financing.
During this time, the Holiday Inns Corporation, which was the parent company of Harrah’s casino hotels, proposed a partnership. This collaboration resulted in the birth of the impressive $250 million complex known as Harrah’s at Trump Plaza in 1982. Subsequently, in 1986, Trump opted to buy out Holiday Inns, leading to the facility’s rebranding as Trump Plaza Hotel and Casino. Trump further expanded his Atlantic City presence by acquiring a Hilton Hotels casino-hotel after the corporation failed to obtain a gambling license. This $320 million establishment was renamed Trump’s Castle.
While these developments were unfolding, Trump seized the opportunity to acquire the world’s largest hotel-casino, the Taj Mahal in Atlantic City, which opened its doors in 1990.
Simultaneously, back in New York City, Trump acquired an apartment building and the Barbizon-Plaza Hotel, a property with prime real estate facing Central Park. His initial vision involved constructing a substantial condominium tower on the site. However, the tenants of the apartment building, who were protected by the city’s rent control and rent stabilization programs, fiercely opposed Trump’s plans and successfully thwarted them. As a result, Trump shifted gears and embarked on a renovation project for the Barbizon, renaming it Trump Parc.
In 1985, Trump made a significant acquisition, purchasing seventy-six acres on Manhattan’s west side for a staggering $88 million. This land was intended to be the future home of a comprehensive development project known as Television City. Envisaged as a complex featuring a dozen skyscrapers, a mall, and a riverfront park, the project emphasized television production and boasted plans for the world’s tallest building. However, it faced substantial opposition from the local community, and an extensive city approval process significantly delayed its construction.
By 1988, Trump expanded his real estate empire by acquiring the iconic Plaza Hotel for a noteworthy sum of $407 million. He subsequently invested $50 million in extensive renovations, with the direction of his then-wife Ivana.
Declining wealth
In 1990, a significant downturn in the real estate market had a profound impact on the value and income generated by Donald Trump’s business empire. During this period, Trump’s personal net worth experienced a substantial decline, plummeting from an estimated $1.7 billion to just $500 million. To prevent his business, the Trump Organization, from collapsing, Trump had to secure substantial loans, leading to concerns about the company’s potential bankruptcy. This financial crisis was seen by many as emblematic of the excesses prevalent in the business, economic, and social landscape of the 1980s.
However, Trump managed to make a remarkable comeback, and by 1997, his reported net worth had rebounded to nearly $2 billion. During this period, Donald Trump faced significant public scrutiny due to his controversial separation and subsequent divorce from his first wife, Ivana. Nonetheless, Trump entered into a second marriage, this time with Marla Maples, who was pursuing a career in acting. The couple welcomed a daughter two months prior to their 1993 marriage. Trump’s high-profile divorce from Maples made headlines once again in 1997, ultimately concluding in June 1999.
On October 7, 1999, Donald Trump declared the formation of an exploratory committee to assess whether he should pursue the Reform Party’s nomination for the 2000 presidential election. However, he later withdrew from consideration due to internal issues within the party.
In a notable legal development on August 3, 2000, a state appeals court ruled that Trump had the legal right to complete the construction of an 856-foot-tall condominium on the east side of New York City. This decision followed a lawsuit filed by the Coalition for Responsible Development, which accused the city of violating zoning laws by permitting a building that exceeded the neighborhood’s height limits. Subsequently, the city took steps to revise its regulations to prevent similar projects. The failure of Trump’s opponents to secure an injunction allowed him to proceed with the construction.
For More Information
Blair, Gwenda authored “The Trumps: Three Generations That Built an Empire,” published by Simon & Schuster in 2000.
Harry Hurt, III, wrote “The Lost Tycoon: The Many Lives of Donald J. Trump,” which was published by W. W. Norton in 1993.
John R. O’Donnell, along with James Rutherford, co-authored “Trumped!: The Inside Story of the Real Donald Trump,” released by Simon & Schuster in 1991.
Jerome Tucille penned “Trump: The Saga of America’s Master Builder,” which was published by D. I. Fine in 1985.
