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Rantings of a Sandmonkey

Be forewarned: The writer of this blog is an extremely cynical, snarky, pro-US, secular, libertarian, disgruntled sandmonkey. If this is your cup of tea, please enjoy your stay here. If not, please sod off

Monday, October 24, 2005

Donald Trump is not really rich

If this story is true, then watching the apperantice will not get you anywhere in life, unless you have inherited an estate from Daddy who was a multi-millionare. Just saying.


At 10/24/2005 10:28:00 AM, Blogger thewiz said...

Didn't feel like registering so I didn't read the article but from what I know of Trump, he is not a self made millionaire but inherited about ten/twelve million from his father. I have heard that he was instruemental in getting his father, who was a residential contractor, to expand into commercial work where he made much more money so Trump gets some credit for helping his father to be so successful.

But what took Trump from your basic millionaire to billionaire/icon was a major deal he made in the late seventies. VCRs were making a big splash and movie theaters across the country were lossing money and nearing bankruptcy. Trump bought out a large chain of theaters for pennies on the dollar. Most financial experts thought Trump was nuts to buy movie theaters as they were losing out to the VCR competition. But what they didn't realize is that Trump bought them not as theaters but for the valuable downtown real estate that they sat on. He systematically began to tear them down and build office buildings in their place. And he made himself a billionaire in the process. At least that how I understand his history.

He since was near bankruptcy at least once in the late eighties, came back, and has also had problems with various sections of his Empire.

He seems to be more of a deal maker and front man as many of the properties with his name on them are financed by others that wish to stay out of the limelight. His true wealth is really unknown.

At 10/24/2005 07:23:00 PM, Blogger Ron Larson said...

I've written my thoughts on "The Trump". His recent bankruptcy of his Atlantic City casinos struck me as such a weazel move. I have no respect for the scumbag.



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