The New York Times cites more than one hundred thousand pages of documents, including confidential tax returns and financial records, that were provided to the Times by secret sources. Based on the personal financial history of Donald Trump, the self-made billionaire and Republican Party presidential candidate.
Donald Trump’s Stunning Inheritance
The documents show that Trump earned $200,000 a year at age 3 from his real estate developer father Fred Trump, measured in today’s dollars.
Trump said he came to real estate because he joined the company as an apprentice in the early 1970s, after a brief stint as a waiter at a restaurant in New York.
Biographers attribute much of Trump’s wealth to gifts and inheritances left to him by his father Fred Trump, who founded a real estate empire in New York City as per Investopedia. As a businessman, Donald Trump has had the opportunity to brand himself and his name on multiple platforms, including “The Apprentice.”
Donald J. Trump is on his way to becoming President of the United States after his successful race for the White House in the 2016 presidential election.
As president, his continued business interests have raised concerns that his policies and profits may violate the Constitution’s remuneration clause.
His Earlier Financial Situation
Trump’s financial situation became so bad that Fred Trump bought more than $3 million in casino chips to help his son pay interest – a move that was later punished as illegal borrowing. Miller Center reported that the lender forced his son to sell assets including his yacht, Trump’s shuttle airline, and he had to agree to live on a budget.
That safety net disappeared after Trump and his siblings officially took over the family business in 1997 and after his father died in 1999.
A 1993 biography of Trump was unflattering, called “The Lost Tycoon,” and said Trump made himself a public laughing stock. Trump’s financial troubles continued: his flagship company filed for bankruptcy in 2008, while he resigned from his post as chief executive of Trump International Hotel and Casino in 2009.
According to the New York Times, bankers went so far as to describe widespread dislike of lending to Trump as “The Donald’s Risk,” describing it as a “widespread dislike” of lending to Trump.
Trump’s Financial Situation Today
Trump has marketed his name in numerous other companies, including an online education company that focuses on real estate investment and entrepreneurship. One banker told The Atlantic in 2013: “Whoever is in Chase or Goldman or a law firm or something, they want to have a building built.”
The Donald was the main beneficiary of those transfers, receiving $413 million in 2018 as per Britannica.
The latter firm, which ceased operations in 2011, was at the center of a lawsuit against Trump over alleged fraud related to the sale of Trump Tower in New York City. After initially denying the allegations, Trump settled the lawsuit in November 2016 for $25 million.
This means that Donald Trump tried to take advantage of Fred Trump to help him get out of trouble. He became his father because he had helped his son with so much money for so many years.