Donald
John Trump was the 45th president of the US. He was a real-estate developer,
investor, and businessman who owned various properties in New York City. From
the 1980s to the 21st century, Donald Trump lent his name to hundreds of retail
ventures, including his namesake clothing line and Trump University. His
private company also owns various other businesses. Trump is the third
president in US history to be impeached twice. He was the only one to be
removed from office twice due to his misconduct. The first time was in 2019 due
to his obstruction of Congress in response to the Ukraine scandal, while the
second time was due to his incitement of insurrection during the 2017 US
Capitol storming. Both
of Trump's impeachments ended when the US Senate voted to acquit him. He lost
the 2020 presidential election.
Early
Life of Donald Trump
Donald
Trump was the second youngest in the family of Frederick Trump and Mary
MacLeod. His sister, Maryanne Trump Barry, became a U.S. district court judge
in 1983.
In the
1920s and 1940s, Fred Trump built thousands of single-family homes &
rowhouses in New York. He also used federal loan guarantees to build
thousands of apartment units in Brooklyn and Queens. In 1954, Fred admitted
that he built a Brooklyn apartment complex for $3.7 million less than he was
supposed to pay. Despite being charged with a crime, he was not able to secure
federal loan guarantees. Donald
Trump was born in New York City. He attended various schools before graduating
from the University of Pennsylvania in 1966 with a bachelor’s in economics. In
1968, he was diagnosed with bone spurs, which prevented him from serving in the
military draft.
During
the 1960s and early 1970s, several Trump-owned housing developments in several
cities were the target of racial discrimination complaints. In 1973, the US
Justice Department sued the Trumps for allegedly violating the Fair housing Act
in New York. The case was settled two years later.
Donald
Trump grew up with an extensive real estate empire that spanned both Manhattan
and New Jersey. He expanded his operation by acquiring properties in both
regions. In 1976, he purchased the Commodore Hotel from the city for $10
million. He then renovated it and reopened it in 1980. The Grand Hyatt Hotel
became his first major project in New York. During the 1980s, Trump developed
several high-rise buildings in Manhattan, including the Trump Tower on Fifth
Avenue and 56th Street. Other notable buildings include the Trump Plaza Hotel
and the Trump Parc.
In the
1980s, Trump heavily invested in Atlantic City’s casino industry, which
eventually included the Trump Plaza, Trump Castle, and Trump Taj Mahal. Other
properties he owned include the Mar-a-Lago mansion, which he named the Trump
Princess.
In 1977,
Donald Trump married Ivana Zelnkov Winklmayr, who he had three children with.
Their marriage was regularly covered by the tabloid press in New York City.
When the
US economy went into recession in 1990, Trump’s businesses suffered. He was
unable to pay off his debts, which included almost $1 billion worth of his
personally guaranteed loan. To avoid getting into trouble, he agreed to various
restructuring measures with his creditors.
His
fortunes improved during the later 1990s after Deutsche Bank AG decided to
establish a presence in the US commercial real estate market. Through its
partnership with Trump, the bank was able to secure several loans for various
projects, including the Trump World Tower.
In 1996,
Trump purchased the Miss Universe Organization from NBC. The pageants were
produced by the network. However, due to Trump’s financial difficulties, his
companies went bankrupt again in 2009.
From the
mid-to-late 2000s, Trump enjoyed tremendous financial success due to the
success of The Apprentice, which he developed and starred in for 16 years. The
show became known as one of the most successful reality television programs
ever.
Trump
used his name to endorse various ventures, such as Trump Financial, a
real-estate investment firm, and the Trump University, which was later known as
Trump College. It was sued by former students and the state attorney general of
New York.
In 2018,
The New York Times published a report detailing how Fred Trump regularly
transferred large sums of money to his children. The report noted that Donald
Trump was the main beneficiary of these transfers, which were made through
various means. By claiming massive losses on his various businesses, Trump was
able to lower his tax obligation to levels that were significantly below the
average American. He also received a refund from the IRS that was more than he
paid in federal taxes.
Donald
Trump was an entrepreneur and businessman who authored a number of books.
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