.[18]
Resurgence (1997-)
Trump has several projects under way. The level of success of the progress of the projects varies. The Trump International Hotel and Tower - Honolulu seems to be a success. According to Trump, buyers paid non-refundable deposits to commit to purchase every unit on the first day they were made available. Construction of the Trump International Hotel and Tower - Chicago seems to be proceeding as planned although 30% of the units remain unsold. The Trump International Hotel and Tower - Toronto has had a series of delays and a height reduction. The Trump Tower - Tampa has been quite controversial because the initial sales were so successful that all deposits were returned to charge a higher price. Three years after construction of this controversial development began, construction has delayed and lawsuits have been filed. In Fort Lauderdale, Florida one Trump construction project was put on hold in favor of another (Trump International Hotel and Tower - Fort Lauderdale). Meanwhile, Trump Towers - Atlanta is being developed in a housing market which has the nation's second-highest inventory of unsold homes.[19]
Properties
In its October 7, 2007 Forbes 400 issue, "Acreage Aces," Forbes valued Trump's wealth to $3.0 billion. Trump is known for his many properties.
Selected completed properties
- Trump World Tower: 845 United Nations Plaza, New York, NY. It is valued at $290 million.
- Trump Tower: 725 Fifth Ave, New York, NY 10022 Trump owns the retail and office space on the lower half of this building. It is valued at $288 million.
- Personal Residence: Trump Tower: top 3 floors of Trump Tower with approximately 30,000 square feet (3,000 m²) of space; detailed in bronze, gold, and marble. Worth as much as $50 million, it is one of the most valuable apartments in New York City.
- AXA Financial Center, 1290 Avenue of the Americas, New York, NY
- 555 California Street, formerly the Bank of America Center, in San Francisco: When Trump was forced to sell a stake in the railyards on Manhattan's West Side, the Asian group to which he sold then sold much of the site for $1.76 billion. They then reinvested the rest of the money, via a tax-free exchange, into two office buildings: 1290 Avenue of the Americas in Manhattan and 555 California Street in San Francisco (The Group has since sold their stake to Vornado Realty Trust). Trump ended up owning 30% of the two buildings. Based on the recent sales price, Trump's stake is valued at $540 million.
- The Trump Building at 40 Wall Street: Trump bought and renovated this building for about $35 million in 1996. Although Trump claims it is worth $400 million, New York tax assessors value it at only $90 million. Mr. Trump has taken out a $145 million mortgage on this property to use for other investments. Forbes values the property at $260 million.
- Trump Entertainment Resorts: This company owns the Trump branded casino resorts. After a long period of financial trouble, the company entered bankruptcy protection in 2004. Trump agreed to invest $55 million cash in the new company and pay $16.4 million to the company's debtors. In return he holds a 29.16% stake in the new public company. This stake was worth approximately $171 million in October 2006. The following are the Trump branded casino resorts:
- Riverside South/Trump Place When completed, Riverside South will be the largest single private development in New York City's history. It was built by the Trump Organization, although financed by investors from Hong Kong and owned by the Hudson Waterfront Company. During his financial difficulties in the mid 90's, Trump was forced to sell this site, the former west side rail-yards. The new owners continued Trump's involvement with the property and sought to use his name to seek higher sales prices. Trump was paid $2 million annually for his oversight of the project, and he was offered an estimated 30% of the net profits upon completion of this 10 year project. The investors sold off the uncompleted project in 2005 for $1.8 billion and offered Mr. Trump $500 million. Trump contends that the property should have been sold for more than $3 billion and in 2006 sued the owners for selling without his consent, and sought $1 billion in damages. Forbes values his stake in the property at $170 million.
- Trump International Hotel and Tower, Chicago (under construction, anticipated completion is 2009) The entire project is valued at $1.2 billion ($112 million state for Trump).
- Trump International Hotel and Tower, Las Vegas (Anticipated completion of Tower I is 2007). This is a joint development with fellow Forbes 400 member, Phillip Ruffin. Trump's stake is valued at $162 million.
- Trump International Hotel and Tower, New York: Trump provided his name and expertise to the building's owner (GE) during the building's re-development in 1994 for a fee totaling $40 million ($25 million for project management and $15 million in incentives deriving from the condo sales). Forbes values Trump's stake at $12 million.
- Trump Park Avenue: Park Avenue & 59th Street. It is valued at $142 million.
- Golf Courses (valued at $127 million):
- Trump currently owns four golf courses in the United States including Trump National Golf Club in Briarcliff Manor, New York, Trump National Golf Club in Bedminster, New Jersey, Trump International Golf Club in West Palm Beach, Florida, and Trump National Golf Club in Los Angeles, CA.
- In 2006, Donald Trump purchased a 1,400-acre (5.7 km²) plot just north of Aberdeen at Menie, Scotland, Trump International Golf Links, with the intention of turning it into a £1 billion golf resort and "the world's best golf course". The development plan included two courses, a 5-star hotel, holiday homes, and a golf academy. Trump wishes the site, once finished, to hold the British Open. There has been opposition from some locals and negative reaction from environmental groups interested in preserving the 4,000-year-old dunes that are designated as an SSSI (Site of Special Scientific Interest). The development is supported by the local authority and is currently going through a planning inquiry.
- Trump is also building Trump International Golf Club in the Caribbean island of Canouan Island, The Grenadines. The development will include Trump Club Privee, a Monte Carlo inspired casino.
- Trump also builds residential housing developments near these golf clubs. Examples include: The Estates at Trump National in Rancho Palos Verdes, CA, Trump Island Villas on Canouan Island, The Grenadines, and The Residences at Trump National in Westchester County, NY.
- Nike Store: The Niketown store is located in Trump Tower. It is valued at $120 million
- Palm Beach estate: 43,000 square feet (4,000 m²) on a large oceanfront lot in Palm Beach. Trump purchased this property for $40 million at a bankruptcy auction in 2004. Renovations to the property were led by the Season 3 Apprentice Kendra Todd, and Trump sold the property for $100 million in June 2008, making it the most expensive house ever sold in the United States. (The preivous record is $70 million for Ron Perelman's Palm Beach estate in 2004.). Forbes values his stake in the property for $43 million.
- Mar-A-Lago, Palm Beach, Florida. Most of this estate has been converted into a private club. This landmark property, according to Trump, has received bids near $200,000,000. However, Forbes magazine does not take into account either of Trump's large vacation residences (Mar-a-Largo or his 213-acre (0.86 km²) spread near Bedford, NY in Westchester County, NY) for its valuation of his wealth.
Real Estate Licensing
Many developers pay Donald Trump to market their properties and be the public face for their projects. For that reason, Trump does not own many of the buildings that display his name. According to Forbes, this portion of Trump's empire, actually run by his children, is by far his most valuable with a valuation of $562 million. According to Forbes, there are 33 licensing projects under development including seven "condo hotels" (i.e. The seven Trump International Hotel and Tower developments). Some examples are:
- Manhattan:
- Trump Palace: 200 East 69th Street, New York, NY
- Trump Parc and Trump Parc East: Two adjoining buildings on Central Park South on the southwest corner of The Avenue of the Americas. Trump Parc East is a 14-story apartment building and Trump Parc (the former Barbizon Plaza Hotel) is a 38-story condominium building.
- Trump Plaza: 167 East 61st Street, New York, NY ( 39-story, Y-shaped plan condominium building on the Upper East Side)
- 610 Park Avenue (The old Mayfair Hotel): Trump is helping with the construction and development of this property for Colony Capital.
- Trump Soho Hotel Condeminium: A partnership with Bayrock Group to build a 42 story building in Soho.
- New York City Suburbs:
- Trump Plaza: Jersey City, NJ. The project includes New Jersey's two tallest residential towers and costs about $450 million. The 55-story tower will have 445 condos, and the 50-story tower will have 417. [20]
- Trump Plaza (New Rochelle) is a 39-story luxury residence and hotel with retail space that is currently under construction in Westchester County, NY with developer Louis R. Cappelli.
- Trump Tower at City Center is a 35-story condominium apartment building built in Westchester County, New York with developer Louis R. Cappelli.
- Trump Parc Stamford is a development in Stamford, Connecticut with F. D. Rich Company and Louis R. Cappelli.
- Florida:
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