Personal Finance Games Biography
Trump began his career at his father's company,[48] Elizabeth Trump and Son,[49] which focused on middle-class rental housing in Brooklyn, Queens, and Staten Island. One of Trump's first projects, while he was still in college, was the revitalization of the foreclosed Swifton Village apartment complex in Cincinnati, Ohio, which his father had purchased for $5.7 million in 1962. Trump became intimately involved in the project and with a $500,000 investment, turned the 1200-unit complex with a 66 percent vacancy rate to 100 percent occupancy within two years. In 1972 the Trump Organization sold Swifton Village for $6.75 million.[50]
In 1971 Trump moved to Manhattan and became involved in larger building projects and utilized attractive architectural design to win public recognition.[9] He made plans to acquire and develop the old Penn Central for $60 million with no money down.[51] Later, with the help of a 40-year tax abatement from the New York City government, he turned the bankrupt Commodore Hotel into the Grand Hyatt [52] and created The Trump Organization.[53]
The New York City government had a plan to build the Javits Convention Center on property Trump held a right to buy option. Trump estimated his company could have completed the project for $110 million [54] but the city rejected his offer and Trump received a broker's fee on the sale of the property instead. The Wollman Rink in Central Park, was started in 1980 with an expected 2½-year construction schedule but was nowhere near completion by 1986. Trump took over the management of the project, at no cost to the city, and completed it in six months using $750,000 of the remaining $3 million budget..[55]
Trump renovated the Trump Tower in New York City and Atlantic City casino business, including acquiring the Taj Mahal Casino in a transaction with Merv Griffin and Resorts International.[56]
This expansion, both personal and business, led to mounting debt.[57] Much of the news about him in the early 1990s involved his much publicized financial problems, creditor-led bailout, extramarital affair with Marla Maples (whom he later married), and the resulting divorce from his first wife, Ivana Trump.
Personal Finance Games
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Personal Finance Games
Personal Finance Games
Personal Finance Games
Personal Finance Games
Personal Finance Games
Personal Finance Games
Personal Finance Games
Personal Finance Games
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