by myron myron on Fri Jan 25, 2008 1:30 pm
The Donald is worth about $3 billion.
His father Fred Trump was in his mid-80's when he bailed out The Donald in 1990-91 (and that was not the only time).
I just looked up Fred Trump. He died in 1999 at age 93.
Fred Trump amassed a fortune of about $200 - $300 million by building and operating vast apartment complexes for working class/middle class (in the U.S. sense of middle class) in the outer boroughs of New York City, mainly in Brooklyn but also in Queens and Staten Island. I know people who grew up in Trump apartment complexes and I've seen them. Each complex consists of 20 to 30 large apartment buildings (about 20 stories each) that all look the same.
Fred Trump was what I would call a "mass retail landlord."
The Donald took the real estate biz upscale by developing high-end cooperative and condominium apartment buildings in ritzy Manhattan neighborhoods. His first big splash was when he bought the Olympic Towers on Fifth Avenue from the Onassis family, redeveloped the property to "ultra-luxury" (really glitzy, and imo tacky) and sold the units to nouveau-riche American multi-millionaires, wealthy Middle Easterners and "Eurotrash" (an unflattering NYC nickname for certain rich Europeans).
The Donald then developed casinos in Atlantic City, New Jersey, when . . first became legal in New Jersey. Despite its proximity to NYC, Atlantic City was a ghetto that never became and will never become Las Vegas. It was those casinos that almost sent The Donald into bankruptcy. They're in the black now, but it's chump change compared to Vegas.
He later branched out by buying a landmark office skyscraper (40 Wall Streets, where I worked for some years before it became "The Trump Building") at a distress price and subseuquently developed other high-end aprtment buildings in Manhattan's wealthy Central Park South and Central Park West.
The big thorn in The Donald's side is that he has been shunned by Las Vegas. The truly big-time Las vegas . developers (e.g., Steve Wynn, Kirk Kerkorian, among others) have always looked down on The Donald as small fry. This eats away at The Donald's abundant ego.