Donald Trump

=== Real estate ===
[[File:Trump Tower - lower part.jpg|thumb|upright|Trump Tower in [[Midtown Manhattan]]|alt=Exterior ground view of Trump tower, a contemporary skyscraper with a glass curtain and stepped façade]]
Starting in 1968, Trump was employed at his father's real estate company, Trump Management, which owned racially segregated middle-class rental housing in New York City's outer boroughs.<ref name=Mahler>{{cite web|url=https://www.nytimes.com/2016/08/28/us/politics/donald-trump-housing-race.html|title='No Vacancies' for Blacks: How Donald Trump Got His Start, and Was First Accused of Bias|work=[[The New York Times]]|date=August 27, 2016|access-date=January 13, 2018|last1=Mahler|first1=Jonathan|last2=Eder|first2=Steve}}</ref><ref name="Rich NYMag">{{cite web|first=Frank|last=Rich|author-link=Frank Rich|title=The Original Donald Trump|url=https://nymag.com/daily/intelligencer/2018/04/frank-rich-roy-cohn-the-original-donald-trump.html|work=[[New York (magazine)|New York]]|date=April 30, 2018|access-date=May 8, 2018}}</ref> In 1971, he became president of the company and began using the [[Trump Organization]] as an [[umbrella brand]].{{sfn|Blair|2015|p=[https://books.google.com/books?id=uJifCgAAQBAJ&pg=PA250 250]}} Between 1991 and 2009, he filed for [[Chapter 11]] bankruptcy protection for six of his businesses, the [[Plaza Hotel]] in Manhattan, the casinos in [[Atlantic City, New Jersey]], and the [[Trump Hotels & Casino Resorts]] company.<ref>{{cite web|last=Qiu|first=Linda|url=https://www.politifact.com/factchecks/2016/jun/21/hillary-clinton/yep-donald-trumps-companies-have-declared-bankrupt/|title=Yep, Donald Trump's companies have declared bankruptcy...more than four times|work=[[PolitiFact]]|date=June 21, 2016|access-date=May 25, 2023}}</ref>

==== Manhattan developments ====
Trump attracted public attention in 1978 with the launch of his family's first Manhattan venture, the renovation of the derelict [[Grand Hyatt New York|Commodore Hotel]], adjacent to Grand Central Terminal.<ref>{{cite web|url=https://ny.curbed.com/2019/4/3/18290394/trump-grand-hyatt-nyc-commodore-hotel|work=[[Curbed]]|first=James|last=Nevius|date=April 3, 2019|title=The winding history of Donald Trump's first major Manhattan real estate project}}</ref> The financing was facilitated by a $400&nbsp;million city property tax abatement arranged for Trump by his father who also, jointly with [[Hyatt]], guaranteed a $70&nbsp;million bank construction loan.<ref name="Rich NYMag"/><ref>{{cite news|first=Glenn|last=Kessler|author-link=Glenn Kessler (journalist)|title=Trump's false claim he built his empire with a 'small loan' from his father|date=March 3, 2016|access-date=September 29, 2021|newspaper=[[The Washington Post]]|url=https://www.washingtonpost.com/news/fact-checker/wp/2016/03/03/trumps-false-claim-he-built-his-empire-with-a-small-loan-from-his-father}}</ref> The hotel reopened in 1980 as the [[Grand Hyatt New York|Grand Hyatt Hotel]],{{sfn|Kranish|Fisher|2017|p=[https://books.google.com/books?id=x2jUDQAAQBAJ&pg=PA84 84]}} and that same year, Trump obtained rights to develop [[Trump Tower]], a mixed-use skyscraper in Midtown Manhattan.<ref>{{cite web|title=The Expanding Empire of Donald Trump|date=April 8, 1984|access-date=September 29, 2021|first=William E.|last=Geist|author-link=Bill Geist|work=[[The New York Times]]|url=https://www.nytimes.com/1984/04/08/magazine/the-expanding-empire-of-donald-trump.html}}</ref> The building houses the headquarters of the Trump Corporation and Trump's [[Political action committee|PAC]] and was Trump's primary residence until 2019.<ref>{{cite news|last1=Jacobs|first1=Shayna|last2=Fahrenthold|first2=David A.|last3=O'Connell|first3=Jonathan|last4=Dawsey|first4=Josh|url=https://www.washingtonpost.com/politics/trump-tower-pac-rent-campaign-finance/2021/09/02/dfeae19e-0b2f-11ec-9781-07796ffb56fe_story.html|title=Trump Tower's key tenants have fallen behind on rent and moved out. But Trump has one reliable customer: His own PAC.|newspaper=[[The Washington Post]]|date=September 3, 2021 |access-date=February 15, 2022}}</ref><ref name=moved>{{cite web|url=https://www.nytimes.com/2019/10/31/us/politics/trump-new-york-florida-primary-residence.html|title=Trump, Lifelong New Yorker, Declares Himself a Resident of Florida|work=[[The New York Times]]|last=Haberman|first=Maggie|author-link=Maggie Haberman|date=October 31, 2019|access-date=January 24, 2020}}</ref>

In 1988, Trump acquired the Plaza Hotel with a loan from a consortium of sixteen banks.<ref>{{cite web|url=https://www.nytimes.com/1992/11/04/business/company-news-trump-revises-plaza-loan.html|title=Trump Revises Plaza Loan|work=[[The New York Times]]|date=November 4, 1992|access-date=May 23, 2023}}</ref> The hotel filed for bankruptcy protection in 1992, and a reorganization plan was approved a month later, with the banks taking control of the property.<ref>{{cite web|title=Trump's Plaza Hotel Bankruptcy Plan Approved|work=[[The New York Times]]|date=December 12, 1992|url=https://www.nytimes.com/1992/12/12/business/company-news-trump-s-plaza-hotel-bankruptcy-plan-approved.html|agency=[[Reuters]]|access-date=May 24, 2023}}</ref> In 1995, Trump defaulted on over $3&nbsp;billion of bank loans, and the lenders seized the Plaza Hotel along with most of his other properties in a humiliating restructuring that allowed Trump to avoid personal bankruptcy.<ref>{{cite web|url=https://www.nytimes.com/1995/04/12/business/trump-is-selling-plaza-hotel-to-saudi-and-asian-investors.html|title=Trump Is Selling Plaza Hotel To Saudi and Asian Investors|work=[[The New York Times]]|first1=David|last1=Stout|author-link1=David Stout|first2=Kenneth N.|last2=Gilpin|date=April 12, 1995|access-date=July 18, 2019}}</ref><ref name="plaza">{{cite web|last=Segal|first=David|title=What Donald Trump's Plaza Deal Reveals About His White House Bid|url=https://www.nytimes.com/2016/01/17/business/what-donald-trumps-plaza-deal-reveals-about-his-white-house-bid.html|work=[[The New York Times]]|date=January 16, 2016|access-date=May 3, 2022}}</ref> The lead bank's attorney said of the banks' decision that they "all agreed that he'd be better alive than dead."<ref name="plaza"/>

In 1996, Trump acquired and renovated the mostly vacant 71-story skyscraper at [[40 Wall Street]], later rebranded as the Trump Building.{{sfn|Kranish|Fisher|2017|p=[https://books.google.com/books?id=Lqf0CwAAQBAJ&pg=PA298 298]}} In the early 1990s, Trump won the right to develop a {{convert|70|acre|ha|adj=on}} tract in the [[Lincoln Square, Manhattan|Lincoln Square]] neighborhood near the Hudson River. Struggling with debt from other ventures in 1994, Trump sold most of his interest in the project to Asian investors, who financed the project's completion, [[Riverside South, Manhattan|Riverside South]].<ref>{{cite web|url=https://www.nytimes.com/2005/06/01/nyregion/trump-group-selling-west-side-parcel-for-18-billion.html|title=Trump Group Selling West Side Parcel for $1.8 billion|last=Bagli|first=Charles V.|work=[[The New York Times]]|date=June 1, 2005|access-date=May 17, 2016}}</ref>

==== Atlantic City casinos ====
[[File:Trump Taj Mahal, 2007.jpg|thumb|alt=The entrance of the Trump Taj Mahal, a casino in Atlantic City. It has motifs evocative of the Taj Mahal in India.|Entrance of the [[Trump Taj Mahal]] in [[Atlantic City]]]]
In 1984, Trump opened [[Harrah's at Trump Plaza]], a hotel and casino, with financing and management help from the [[Holiday Corporation]].<ref name="fall"/> It was unprofitable, and Trump paid Holiday $70&nbsp;million in May 1986 to take sole control.{{sfn|Kranish|Fisher|2017|p=[https://books.google.com/books?id=x2jUDQAAQBAJ&pg=PA128 128]}} In 1985, Trump bought the unopened Atlantic City Hilton Hotel and renamed it [[Golden Nugget Atlantic City|Trump Castle]].<ref>{{cite web|last=Saxon|first=Wolfgang|url=https://www.nytimes.com/1985/04/28/nyregion/trump-buys-hilton-s-hotel-in-atlantic-city.html|title=Trump Buys Hilton's Hotel in Atlantic City|work=[[The New York Times]]|date=April 28, 1986|access-date=May 25, 2023}}</ref> His wife Ivana managed it until 1988.{{sfn|Kranish|Fisher|2017|p=[https://books.google.com/books?id=x2jUDQAAQBAJ&pg=PA137 137]}} Both casinos filed for [[Chapter 11]] bankruptcy protection in 1992.<ref>{{cite web|url=https://www.upi.com/Archives/1992/03/09/Trumps-Castle-and-Plaza-file-for-bankruptcy/3105700117200/|title=Trump's Castle and Plaza file for bankruptcy|work=[[UPI]]|date=March 9, 1992|access-date=May 25, 2023}}</ref>

Trump bought a third Atlantic City venue in 1988, the [[Hard Rock Hotel & Casino Atlantic City|Trump Taj Mahal]]. It was financed with $675&nbsp;million in [[junk bonds]] and completed for $1.1&nbsp;billion, opening in April 1990.<ref>{{cite web|url=https://www.nytimes.com/1990/04/08/business/trump-s-taj-open-at-last-with-a-scary-appetite.html|title=Trump's Taj – Open at Last, With a Scary Appetite|date=April 8, 1990|last=Glynn|first=Lenny|work=[[The New York Times]]|access-date=August 14, 2016}}</ref>{{sfn|Kranish|Fisher|2017|p=[https://books.google.com/books?id=x2jUDQAAQBAJ&pg=PA135 135]}} Trump filed for Chapter 11 bankruptcy protection in 1991. Under the provisions of the restructuring agreement, Trump gave up half his initial stake and personally guaranteed future performance.<ref>{{cite web|work=[[The New York Times]]|url=https://www.nytimes.com/1991/10/05/business/company-news-taj-mahal-is-out-of-bankruptcy.html|title=Company News; Taj Mahal is out of Bankruptcy|access-date=May 22, 2008|date=October 5, 1991}}</ref> To reduce his $900&nbsp;million of personal debt, he sold the [[Trump Shuttle]] airline; his megayacht, the ''[[Trump Princess]]'', which had been leased to his casinos and kept docked; and other businesses.<ref>{{cite web|url=https://www.forbes.com/sites/clareoconnor/2011/04/29/fourth-times-a-charm-how-donald-trump-made-bankruptcy-work-for-him/|title=Fourth Time's A Charm: How Donald Trump Made Bankruptcy Work For Him|work=[[Forbes]]|date=May 29, 2011|access-date=January 27, 2022|last=O'Connor|first=Claire}}</ref>

In 1995, Trump founded Trump Hotels & Casino Resorts (THCR), which assumed ownership of the Trump Plaza.<ref>{{cite web|title=Trump Plaza casino stock trades today on Big Board|work=[[The New York Times]]|first=Floyd|last=Norris|author-link=Floyd Norris|date=June 7, 1995|url=https://www.nytimes.com/1995/06/07/business/trump-plaza-casino-stock-trades-today-on-big-board.html|access-date=December 14, 2014}}</ref> THCR purchased the Taj Mahal and the Trump Castle in 1996 and went bankrupt in 2004 and 2009, leaving Trump with 10 percent ownership.<ref name="fall">{{cite web|url=https://www.phillymag.com/news/2015/08/16/donald-trump-atlantic-city-empire/|title=The Truth About the Rise and Fall of Donald Trump's Atlantic City Empire|work=[[Philadelphia (magazine)|Philadelphia]]|date=August 16, 2015|access-date=March 21, 2016|first=Dan|last=McQuade}}</ref> He remained chairman until 2009.<ref>{{cite web|url=https://fortune.com/2016/03/10/trump-hotel-casinos-pay-failure/|title=How Donald Trump Made Millions Off His Biggest Business Failure|last=Tully|first=Shawn|date=March 10, 2016|work=[[Fortune (magazine)|Fortune]]|access-date=May 6, 2018}}</ref>

==== Clubs ====

In 1985, Trump acquired the [[Mar-a-Lago]] estate in Palm Beach, Florida.<ref>{{cite web|last=Peterson-Withorn|first=Chase|url=https://www.forbes.com/sites/chasewithorn/2018/04/23/donald-trump-has-gained-more-than-100-million-on-mar-a-lago/|title=Donald Trump Has Gained More Than $100 Million On Mar-a-Lago 
|work=[[Forbes]]|date=April 23, 2018|access-date=July 4, 2018}}</ref> In 1995, he converted the estate into a private club with an initiation fee and annual dues. He continued to use a wing of the house as a private residence.<ref>{{cite web|url=https://www.townandcountrymag.com/style/home-decor/a7144/mar-a-lago-history/|title=A History of Mar-a-Lago, Donald Trump's American Castle|last1=Dangremond|first1=Sam|last2=Kim|first2=Leena|date=December 22, 2017|work=[[Town & Country (magazine)|Town & Country]]|access-date=July 3, 2018}}</ref> Trump declared the club his primary residence in 2019,<ref name=moved /> and the town determined in 2021 that he was [[Mar-a-Lago#Use as a Trump residence|legally entitled to live there]] as an employee of the club.<ref name=moved /><ref>{{cite news|last=Durkee|first=Allison|url=https://www.forbes.com/sites/alisondurkee/2021/05/07/trump-can-legally-live-at-mar-a-lago-palm-beach-says/|title=Trump Can Legally Live At Mar-A-Lago, Palm Beach Says|work=[[Forbes]]|date=May 7, 2021|access-date=March 7, 2024}}</ref>{{importance inline|date=February 2024}} The Trump Organization began [[Donald Trump and golf|building and buying golf courses]] in 1999.<ref name="CNN">{{cite web|last=Garcia|first=Ahiza|title=Trump's 17 golf courses teed up: Everything you need to know|url=https://money.cnn.com/2016/12/29/news/donald-trump-golf-courses/|access-date=January 21, 2018|work=[[CNN Money]]|date=December 29, 2016}}</ref> It owns fourteen and manages another three Trump-branded courses worldwide.<ref name="CNN"/><ref>{{cite web|url=https://golfweek.usatoday.com/lists/take-a-look-at-the-golf-courses-owned-by-donald-trump/|title=Take a look at the golf courses owned by Donald Trump|work=[[Golfweek]]|date=July 24, 2020 |access-date=July 7, 2021}}</ref>