TRUMP, DONALD J.

born 1946, New York, N.Y., U.S. in full Donald John Trump American real-estate developer who amassed vast hotel, casino, and other real-estate properties in the New York City area. The son of a wealthy apartment-building developer in the Queens borough of New York, Trump graduated from the University of Pennsylvania's Wharton School of Finance in 1968. He went to work in his father's company, the Trump Organization, and worked to expand its holdings of rental housing. In the 1970s he made a series of shrewd property purchases in Manhattan, obtaining generous tax concessions on his land and building purchases from New York's city government, which was eager for new investment at a time when it confronted a severe fiscal crisis. Trump bought and renovated several aging hotel complexes and apartment towers in Manhattan and built new ones there as well. By the 1990s Trump's business empire encompassed a number of high-rises (including the Empire State Building), hotels, and condominiums, including Trump Tower (opened 1983); more than 25,000 rental and co-op apartment units in Queens and Brooklyn; and several hotel-casino complexes in the nearby gambling centre of Atlantic City, New Jersey. Trump was caught in the real-estate downturn at the end of the 1980s, and in June 1990 he missed payments to banks and bondholders. He was, however, able to secure additional loans and thereby avoid bankruptcy; estimates of his personal fortune during this period ranged from $2 billion to zero. His fortunes rebounded with the strong economy of the 1990s. In 1989 Trump had bought an East Coast air shuttle service from American Airlines. During his period of financial difficulties in 1991 it was taken over by USAir. In 1996 he purchased the Miss America, Miss USA, and Miss Teen USA beauty pageants. His books on success and financial perseverance include Trump: Surviving at the Top (1990), written with Charles Leerhsen, and Trump: The Art of the Comeback (1997), with Kate Bohner. In October 1999, stating that the two major parties had become extremist, he switched his voter registration from the Republican Party to an affiliate of the Reform Party, and he set up a committee to explore the possibility of seeking the Reform nomination for president in 2000. He set forth his political views in The America We Deserve (2000).