Inside United States President Donald Trump’s bizarre business history
WHEN it comes to business, President Trump has tried almost everything - including making a hotel deal in one the world's most corrupt nations.
FROM making a hotel deal in one the most corrupt nations in the world to owning a premium steak line — when it comes to business ventures, Donald Trump has always enjoyed dipping his fingers into many different pies.
Starting out as a real estate mogul, it didn’t take long before the billionaire businessman diversified his assets and amassed a string of other companies.
However, at least 12 have gone belly-up after it became clear his talent in real-estate didn’t translate into some other areas — most notably airlines, vodka and casinos.
Trump still brags on his campaign website that his fortune is “in excess of 10 billion dollars” ( $13 billion AUD), but this has been widely disputed with Forbes pegging his net worth as closer to $3.7 billion ($4.8 billion AUD).
SUCCESSES
GRAND HYATT HOTEL (1974)
After six years of reconstruction, the Commodore Hotel reopened as the Grand Hyatt Hotel. Positioned right in the heart of New York City, the 34-storey hotel is still booming today.
TRUMP TOWER (1979)
The famous 68-storey Trump Tower opened in 1983 and is now one of New York’s most visited attractions. It was originally the tallest all-glass structure in Manhattan and now serves as the headquarters for the Trump Organization.
WOLLMAN RINK (1986)
Trump renovated Wollman Rink for former New York mayor Ed Koch, finishing the project on time and 25 per cent below budget. It remains a Central Park fixture with five million visitors each year.
THE APPRENTICE (2004)
Trump’s hugely successful business game show that he hosted and helped produce raked in about $1 million per episode ($1,319,794 AUD) and inspired a spin-off, The Celebrity Apprentice.
TRUMP PLACE (1974)
The gargantuan housing development along the Hudson River was originally intended to become Television City, but now contains 5700 apartments across 18 residential buildings.
40 WALL STREET (1995)
Trump purchased the 72-storey building for $1 million and renovated it for $35 million ($46,176,002 AUD). Today, 40 Wall Street is worth more than $500 million ($659,694,626 AUD).
TRUMP MODEL MANAGEMENT (1999)
The company, now one of New York’s top modelling agencies, has been embroiled in several lawsuits. A Jamaican fashion model who said she “felt like a slave” had her lawsuit against the agency dismissed last year due to insufficient evidence.
TRUMP INTERNATIONAL TOWER CHICAGO (2005)
Trump bought the former Chicago Sun-Times headquarters for $73 million ($96,289,778 AUD) and converted it into the second highest building in Chicago. In 2010, it was named best large city hotel in North America.
FAILS
TRUMP TOWER BAKU, AZERBAIJAN (2012-2015)
The $35 million project in Azerbaijan, an oil-rich former Soviet republic known as one of the most corrupt nations in the world, was scrapped in December as part of "housecleaning" before Trump's inauguration in January.
It was first launched by Azerbaijani family the Mammadovs, who are widely suspected to be guilty of corruption in the country and have ties to Iran's Revolutionary Guard. A New Yorker investigation revealed the company behind the project, Baku XXI Century, is run by relatives of former Transportation Minister Ziya Mammadov, an oligarch described in US Embassy cables published by WikiLeaks as “notoriously corrupt” and having links to the Iranian Revolutionary Guard.
Ivanka Trump toured the site in October 2014 and has been referred to as a "dear friend" of Ziya Mammadov’s son Anar, a 34-year-old billionaire playboy who has spent almost $US13 million lobbying US officials on behalf of Azerbaijani interests.
TRUMP VODKA (2006-2011)
When Trump unveiled his own vodka line, he predicted the T&T (Trump and Tonic) would become the most ordered drink in the country. The company stopped production after four years reportedly due to a lack of interest.
TRUMP AIRLINES (1988-1992)
Trump bought Eastern Air Shuttle for $365 million ($481,457,804 AUD). He turned the blue-collar airline into a luxury fleet, however the company never turned a profit and forced him to default on his loans.
TRUMP CASINOS (1995-2015)
Trump Entertainment Resorts, composed of three Trump-owned casinos in Atlantic City, filed for bankruptcy four times. Trump claimed he had “nothing to do with it”, despite owning 28 per cent of its stock.
TRUMP: THE GAME (1989-1990, 2005)
Trump’s Monopoly-like board game was discontinued a year after launching due to a lack of interest. His second attempt in 2005 was also unsuccessful when he created an updated version tied to The Apprentice.
TRUMP MAGAZINE (2007-2008)
Trump launched a self-titled magazine that was described as “reflecting the passions of its affluent readership by tapping into a rich cultural tapestry”. It ceased publication after a year and a half.
TRUMP STEAKS (2007-2012)
Trump’s premium steak line is believed to have ended in 2012 after a steakhouse in Las Vegas was closed down for violating 51 health codes, including serving five-month old duck.
TOUR DE TRUMP (1989-1991)
Trump decided he would bring the Tour de France to America when he started his own big-name bike circuit from Albany to Atlantic City. He was forced to sell his race to the DuPont Corporation, who then changed the name and removed every trace of Trump.
GO TRUMP.COM (2006-2007)
Trump’s luxury travel search engine was shut down a year after launching, despite being powered by booking giant, Travelocity.
TRUMP UNIVERSITY (2005-2011)
Trump’s non-accredited, for-profit school was sued by four students in 2010 for “offering classes that amounted to infomercials”. It was also sued for $40 million ($52,787,083 AUD) by the New York Attorney General, who allegedly slammed it as “straight up fraud”.
TRUMP ICE (1995-2010)
First served at his casinos, Trump claimed his ice was “so good that people wanted to buy cases of it”. The venture ended when attempts to distribute the ice failed.
TRUMP MORTGAGE (2006-2007)
Trump’s mortgage company, once predicted by his son to be the top US home-loan lender, shut down amidst the housing crash and discovery the top executive had worked on Wall Street for just six days.
NEW JERSEY GENERALS (1983-1985)
Trump claims he bought the USFL team for $5 million ($6,599,096 AUD), however conflicting media reports suggest he could have paid as much as $9 million. The team folded in 1985 and Trump was blamed for the demise of the entire league.
