Trump-A-Palooza: The Good. The Bad. The Billionaire President (Part 5) – Hour 1
Audio Transcription
Donald Trump has been able to be super successful as well as have very public failures. How does he keep going? Learn all about his life in this 5 part series.
Too Big to Fail, But Still Failing Over and Over Again…
1995 – Age 48 – Trump buys the 40th Wall Street Tower for $8 million dollars, and according to Bloomberg, this tower is now worth $550 million.
PRESS CLIPPINGS – The real estate developer Donald J. Trump completed his purchase of 40 Wall Street yesterday, buying the distinguished 70-story office building, across the street from the New York Stock Exchange, for a price estimated at less than $8 million.
Mr. Trump in July had disclosed an agreement to buy the building, which contains 1.1 million square feet of space, from Kinson Properties of Hong Kong. Kinson paid $8 million for it in 1993.
While representatives of Mr. Trump declined to disclose the price he had paid, published reports said it was less than $8 million.
In July, representatives of the developer said he planned to spend $100 million converting the building, which is 89 percent vacant, to more modern offices.
1996 – Age 49 – Buys the MIss Universe Organization. In 1996 he partnered with NBC to purchase the Miss Universe Organization, which produces the Miss America, Miss USA, and Miss Teen USA beauty pageants.
NOTABLE QUOTABLE – During a 2005 appearance on Howard Stern’s show, Trump bragged about doing exactly what the women describe. “I’ll go backstage before a show, and everyone’s getting dressed and ready and everything else,” – Donald Trump
1997 – Age 50 – Trump breaks ground on construction of the Trump International Golf Club, a $40 million course just south of Palm Beach International Airport. It is completed in 2000.
NOTABLE QUOTABLE – “The beauty of me is that I’m very rich.” – Donald Trump
FUN FACT: According to a Vanity Fair article, the Club’s initial fee is $100,000, plus the 500 exclusive members must pay $14,000 in annual dues as a member.
1999 – Age 52 – Trump founds Trump Model Management.
2000 – Age 54 – The Simpsons airs “Bart to the Future,” an episode in which Trump becomes president of the United States.
NOTABLE QUOTABLE – “One of they key problems today is that politics is such a disgrace. Good people don’t go into government.” – Donald Trump
2004 – Age 58 – The Apprentice premiers. In 2004, Trump began starring in the hit NBC reality series The Apprentice, which also spawned the offshoot The Celebrity Apprentice.
NOTABLE QUOTABLE – ““All of the women on The Apprentice flirted with me – consciously or unconsciously. That’s to be expected.” – Donald Trump
2004 – Age 58 – FAIL – Bankruptcy #3 – Trump Hotel and Casino Resorts
PRESS CLIPPINGS – “From mid-1995 to early 2009, Trump served as chairman of Trump Hotels and Casino Resorts (renamed Trump Entertainment Resorts in 2004), and held the CEO title for five years (mid-2000 to mid-2005). During Trump’s 13 years as chairman, the casino empire lost a total of $1.1 billion, twice declared bankruptcy, and wrote down or restructured $1.8 billion in debt. Over the same period, the company paid Trump—essentially Trump paying himself—roughly $82 million by Fortune’s estimates, collected from a dizzying variety of sources spelled out in the company’s proxy filings, as varied as payments for use of Trump’s private plane to fees paid directly Trump for access to his name and marketing expertise.
It’s important to recognize the importance of the casino empire’s role in Trump’s vaunted mid-1990s comeback. At that time, Trump was still struggling financially from his missteps of the late ’80s and early ’90s. The IPO of Trump Hotels was what finally fueled Trump’s comeback, and eventually to his current highly disputed claim that he is now worth over $10 billion. That climb got its start with financing through the offering from individual and institutional investors and bond investors, which in large deals like Trump’s were typically pension funds and insurance companies.” – http://fortune.com/2016/03/10/trump-hotel-casinos-pay-failure/
2005 – Age 58 – March 17th, 2005 – Trump begins construction of the Chicago based Trump International Hotel and Tower, 2009 – Grand Opening of Trump International Hotel and Tower in Chicago. Trump International Hotel and Tower Chicago, also called Trump Tower Chicago, commercial and residential skyscraper located at 401 North Wabash Avenue along the Chicago River, offering condominiums, retail space, parking facilities, and hotel services.
The tower is a 98-story structure, which reaches a height of 1,388 feet (423.2 m) including its spire, its roof topping out at 1,171 feet (357 m). It is next to the main branch of the Chicago River, with a view of the entry to Lake Michigan beyond a series of bridges over the river.
Trump announced in 2001 that the skyscraper would become the tallest building in the world, but after the September 11 attacks that same year, he scaled back the building’s plans, and its design underwent several revisions.
When topped out in 2009, it became the fourth-tallest building in the US. It surpassed the city’s John Hancock Center as the building with the highest residence (apartment or condo) in the world, and briefly held this title until the completion of the Burj Khalifa.
The 339-room hotel opened for business with limited accommodations and services on January 30, 2008, then full accommodation and services on April 28. A restaurant on the 16th floor, Sixteen, opened in early 2008 to favorable reviews.
The building topped out in late 2008 and construction was completed in 2009. As of 2015, the hotel is among three in Chicago with an elite five-star Forbes Travel Guide rating. The restaurant is one of three five-star Forbes-rated restaurants in the city and the spa that is one of six that is at least a four-star Forbes-rated in the Chicago area in 2015. Sixteen is one of five restaurants in Chicago with at least a Michelin Guide two-star rating in 2016.
Trump International Tower Chicago – 2nd tallest hotel in Chicago was named best large city hotel in North America in 2010.
2007 – Age 60 – Receives star on the Hollywood Walk of Fame.
2008 – Age 61 – The Trump International Hotel in Las Vegas is opened – The Trump International Hotel Las Vegas is a 64-story luxury hotel, condominium, and timeshare located on Fashion Show Drive near Las Vegas Boulevard, just off the Las Vegas Strip in Paradise, Nevada, named for real estate developer and the 45th and current President of the United States Donald Trump. I
It is located across the street from Wynn Las Vegas, behind Alon Las Vegas on 3.46 acres (14,000 m2), near the Fashion Show Mall, and features both non-residential hotel condominiums and residential condominiums. The exterior glass is infused with gold.[1] The hotel is a member of The Leading Hotels of the World. Although Trump held a Nevada gaming license, he chose not to include a casino on the property
NOTABLE QUOTABLE – “We have no problem getting a gaming license, but we wanted to do something different here. We wanted a true luxury resort experience. It’s hard to have a high-quality product when you walk into ‘ding, ding, ding’ and there are people walking around in Hawaiian shirts with big plastic drink mugs.” – Donald Trump
2009 – Age 63 – FAIL – Bankruptcy #4 – Trump Entertainment Resorts –
2012 – Age 66 – October – Offers Barack Obama $5 million to the charity of his choice in exchange for the president releasing his birth certificate.
PRESS CLIPPINGS – “From mid-1995 to early 2009, Trump served as chairman of Trump Hotels and Casino Resorts (renamed Trump Entertainment Resorts in 2004), and held the CEO title for five years (mid-2000 to mid-2005). During Trump’s 13 years as chairman, the casino empire lost a total of $1.1 billion, twice declared bankruptcy, and wrote down or restructured $1.8 billion in debt. Over the same period, the company paid Trump—essentially Trump paying himself—roughly $82 million by Fortune’s estimates, collected from a dizzying variety of sources spelled out in the company’s proxy filings, as varied as payments for use of Trump’s private plane to fees paid directly Trump for access to his name and marketing expertise.” – http://fortune.com/2016/03/10/trump-hotel-casinos-pay-failure/
