Tag: Trump SoHo

Part III: Behind The Curtain

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Part III: Behind The Curtain

D. S. Mitchell

One thing we have learned over the years is that Donald Trump is very aware of perception, most notably, the size of his fortune. In a 2006 lawsuit Trump sued Timothy L. O’Brien, author of TrumpNation: The Art of Being The Donald, for $5 million in damages because O’Brien asserted that Trump was actually “worth somewhere between $150 million and $250 million.” This was after Trump had stated in the book that he was worth $6 billion.

Trump claimed that “low ball estimates of his wealth came from guys who have four hundred pound wives and were jealous of his success.” ***(“four hundred pound wives’ sounds eerily familiar. Remember that imaginary “four hundred pound hacker siting on his bed” Trump described during the debates? So, my first twisted thought is that if I hear the “400 pound” line come out of his mouth I will assume it is an outright lie.)

So, what is Trump really worth? We are now entering murky waters. In the O’Brien lawsuit Trump claimed that an unfavorable news story, article, comment, or book in this case, could “psychologically hurt me. I am a billionaire, not a perceived billionaire.”

Court records from that case, based on a Trump Organization financial statement placed his net worth at $3.5 billion, far less than the $6 billion Trump claimed to O’Brien during interviews for TrumpNation. That same year there were many other efforts to assess the size of Trump’s fortune.  North Fork Bank, now Capital One Bank, estimated his total worth to be $1.2 billion, while Deutsche Bank put the estimate at closer to $788 million in 2005.

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Part II: Behind The Curtain

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Part II: Behind The Curtain

D. S. Mitchell

I have talked about Donald Trump and his struggle to overcome his boyhood wealth in the dismal back water of Queens, N.Y. and his four decade effort to impress the only world that mattered at the time., the glittery world of Manhattan real estate. It was only later that he set his sights on the White House. Come with me while we continue that tumultuous journey.

In 1988, Donald bought a profitable shuttle line from the failing Eastern Airlines.  He had assembled a $380,000,000 loan from a consortium of twenty-two banks. Trump decided to go “high-end,” turning the shuttle service  into a very pricey hour trip. By 1992 the Trump Shuttle was in receivership and had ceased operations.

Trump has learned the art of spin.  He tells anyone that will listen, that every major bank in the country is begging him to borrow their bank’s money.  What a crock of crap.  In fact, according to many financial sources, Trump had no choice but to morph his real estate business in to a “licensing, branding company, where other people own the assets, because he couldn’t get bank loans, he had no choice.”

Mike Burnett, a transplanted Brit, was riding high in 2002 with the biggest hit on reality television, Survivor. Burnett wanted to spend more time with his children in New York and Survivor was filmed in far off jungle islands.  Burnett came  up with an idea for a show set in New York and he  needed a bigger than life central character to pull it off.

After seeing Trump’s picture plastered everywhere he looked around New York he decided to pitch the project to Donald Trump.

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