Trump – The Self-made Billionaire?
It is now clear, that, his self-made billionaire’ guise, is just that – another fiction.
His paternal grandfather- born Friedrich Drumpf, in Kallstadt, Germany, in 1869, emigrated to the USA and his naturalisation papers bear his new anglicised name – Fredrick Trump – which I know – a practice that was then common.
It was he who started the construction and real estate business in New York. When he died in 1918 at age 49, he left Trumps mum – Scottish woman called Mary Anne MacLeod Trump and his three sons a modest estate of about $500,000 at current dollar value and the company which was a viable concern.
The oldest brother known as Freddy – had no interest in business and in fact went off to a career as a pilot – dying from alcohol related illness at the age of 43.
Donald – the middle one – was taken under the wing of his father in the business, where he, apparently learnt a number of his business strategies – from a man who was known as domineering, and self-opinionated was quick to litigate and to always looked to save a cent.
After his death – Donald did continue to manage the business with mixed results – but it was well established with long term contacts with local government – useful for planning permission! And into the post war 1950s – urban re-construction was a rapidly growing sector.
He looked to expand into other projects, of course. Again, with mixed results.
– Including -a number of major setbacks. –
Following his Trump Tower project in Manhattan –he turned his attention to Atlantic City and its hotels and casinos
He built the Trump Plaza & Casino and took over the Taj Mahal Hotel & Casino in Atlantic City – and, became, probably, the only man in USA history to own two casinos – and put them both out of business in less than a decade.
The Plaza – in such disrepair that it had to be blown up – to cheering crowds – followed by legal actions from unpaid contractors – normal for Trump.
The Taj Mahal – declared bankrupt – with debt of $900 m
Trump’s resources so limited by then, that he had to sell his private plane and yacht.
Which didn’t much bother the, 5,00 plus employees – in total – which he had laid off. Failing to pay any severance monies at all – which was another of his habits – followed by –‘ So sue me’.
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