Inheritance and further acquisitions

12 0 0
                                    

Trump acquired an old, vacant office building on Wall Street in Manhattan in 1996. After a complete renovation, it became the seventy-story Trump Building at 40 Wall Street.After his father died in 1999, Trump and his siblings received equal portions of his father's estate valued at $250–300 million.

In 2001, Trump completed , a 72-story residential tower across from the . Trump also began construction on , a multi-building development along the . He continued to own commercial space in , a 44-story mixed-use (hotel and condominium) tower on which he acquired in 1996, and also continued to own millions of square feet of other prime real estate.

Trump acquired the former Hotel Delmonico in Manhattan in 2002. It was re-opened with 35 stories of luxury condominiums in 2004 as the Trump Park Avenue.

By 2014, he retained 10% ownership of Trump Entertainment Resorts, which owns the Trump Taj Mahal and Trump Plaza Hotel and Casino, both in Atlantic City. That same year, Trump Entertainment Resorts entered and closed Trump Plaza in Atlantic City indefinitely. Billionaire purchased the company in 2016, acquiring Trump Taj Mahal; Icahn kept Trump's name on the building even though Trump no longer had any ownership.

Trump has for the development of a number of real estate projects including two Trump-branded real estate projects in Florida that have gone into foreclosure. The Turkish owner of , who pays Trump for the use of his name, was reported in December 2015 to be exploring legal means to dissociate the property after the candidate's call to temporarily ban Muslims from entering the United States.

Trump also licensed his name to son-in-law 's fifty story Trump Bay Street, a luxury development that has raised $50 million of its $200 million capitalization largely from wealthy who, after making an initial down payment of $500,000 in concert with the government's expedited program, can usually obtain United States permanent residency for themselves and their families after two years. Trump is a partner with only in name licensing and not in the building's financing.

You've reached the end of published parts.

⏰ Last updated: Oct 04, 2016 ⏰

Add this story to your Library to get notified about new parts!

Donald TrumpWhere stories live. Discover now