The Detroit Post
Monday, 25 October, 2021

Trump Organization

Christina Perez
• Wednesday, 25 November, 2020
• 43 min read

Businesses owned by Donald Trump The TrumpOrganization is a group of about 500 business entities of which Donald Trump is the sole or principal owner.

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Donald Trump began leading it in 1971, renamed it around 1973, and handed off its leadership to his children in 2017. The TrumpOrganization, through its various constituent companies and partnerships, has or has had interests in real estate development, investing, brokerage, sales and marketing, and property management.

TrumpOrganization entities own, operate, invest in, and develop residential real estate, hotels, resorts, residential towers, and golf courses in various countries. They also operate or have operated in construction, hospitality, casinos, entertainment, book and magazine publishing, broadcast media, model management, retail, financial services, food and beverages, business education, online travel, commercial and private aviation and beauty pageants.

TrumpOrganization entities also own the New York television production company that produced the reality television franchise The Apprentice. Retail operations include or have included fashion apparel, jewelry and accessories, books, home furnishings, lighting products, bath textiles and accessories, bedding, home fragrance products, small leather goods, vodka, wine, barware, steaks, chocolate bars, and bottled spring water.

Since the financial statements of the TrumpOrganization's holdings and Donald Trump's personal tax returns are both private, its true value is not publicly known, though a wide range of estimates have been made. Trump has publicly released little definitive financial documentation to confirm his valuation claims.

On several occasions, Trump has been accused of deliberately inflating the valuation of TrumpOrganization properties through aggressive lobbying of the media (in particular the authors of the annual Forbes 400 list) to bolster his perceived net worth. An early logotype of the TrumpOrganization, as it appeared in 1976 correspondence from Donald Trump to the Penn Central Transportation Company Elizabeth carried on in the real estate business after her husband's death.

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She had contractors build houses on the empty lots Frederick had owned, sold the houses, and lived off the mortgage payments. Her vision was to have her three children continue the family business.

Her middle child, Fred Trump, began construction of his first house in 1923, soon after graduating from high school. Elizabeth partially financed Fred's houses, and held the business in her name because Fred had not reached the age of majority.

They did business as “E. Trump & Son”, building hundreds of houses in Queens over the next several years. E. Trump & Son went out of business during the Great Depression.

In 1933, Fred Trump opened a supermarket, known as the Trump Market, but quickly sold it and returned to the real estate business. Around this same time, Fred Trump and a partner acquired the mortgage-servicing subsidiary of Brooklyn's J. Lehrenkrauss & Co., which had gone bankrupt and subsequently been broken up amid charges of fraud.

This gave Trump access to the titles of many properties nearing foreclosure, which he bought at low cost and sold for a profit. Trump was quickly thrust into the limelight as one of New York City's most successful businessmen.

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In 1935, the company moved to Brooklyn, where, in addition to Queens, Trump was a prolific builder of single-family homes. During World Wait, Trump constructed apartments and temporary housing for military personnel in Virginia and Pennsylvania.

In 1944, he shifted his focus back to Brooklyn and began planning to develop large apartment buildings. Elizabeth remained involved in the family business throughout her life.

Even in her 70s, she collected coins from the laundromats in the Trump buildings. Donald Trump worked for his father's business while attending the University of Pennsylvania, and in 1968 officially joined the company.

In the early 1970s, Fred became chairman of the board while Donald was made president of the company. Amid a real estate slump in 1990, the TrumpOrganization approached a financial crisis and was believed to be on the brink of collapse, with Donald Trump and his companies owing 72 banks a total of $4 billion, of which Trump personally guaranteed $800 million.

Trump hired Stephen Hollenbach as the company's first chief financial officer, while Allen Heidelberg continued to serve under him as controller. Trump spent the following years renegotiating his debts, and gave up some properties, including the Trump Shuttle airline and a stake in the Plaza Hotel in Manhattan.

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By 1996, Trump was widely considered to be making a comeback. In 1997, Fred Trump transferred ownership of the bulk of his portfolio of apartment buildings to his four surviving children (Donald, Robert, Maryanne, and Elizabeth).

In 2004, the four siblings sold the apartments for $737.9 million to a group led by Rubin School, marking the family's exit from ownership of their father's business. Donald Trump relinquished his role in the TrumpOrganization after the 2016 election.

On January 11, 2017, he announced that he and his daughter Ivanka would fully resign and his sons Donald Jr. and Eric would take executive charge of the various businesses, along with CFO Allen Heidelberg. Trump retained his financial stake in the business, despite having offered during the campaign to put all his assets in a “blind trust” should he win the presidency.

As the Trumps have wound down some international deals, they continue to push forward with new domestic agreements. Eric Trump, in the Forbes article, discussed the “clear separation of church and state that we maintain” between the business and his father and said that with his father's presidency and related changes “of could look at it either way” in terms of business prospects.

He also said that “he will continue to update his father on the business while he is in the presidency... 'probably quarterly... profitability reports and stuff like that'.” The article quoted Larry Noble, general counsel of the nonpartisan Campaign Legal Center and a former chief ethics officer at the Federal Election Commission, and President George W. Bush's former chief ethics lawyer, Richard Painter, as looking negatively at such multiple planned updates of President Trump per year.

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Noble said in part “if he is now going to get reports from his son about the businesses, then he really isn't separate in any real way.” Painter said in part “at the end of the day, he owns the business.

Map highlights countries with properties that are either owned or licensed by the TrumpOrganization as of December 2016. As of 2019, Trump's net worth (as estimated by Forbes Magazine) is $3.1 billion, with about half of that coming from his New York City real estate holdings, and about a third coming from his national and international properties (including hotels and golf courses). Licensing fees paid by outside owners for using Trump's name on their properties also contribute to his overall net worth.

Trump Tower, 725 Fifth Avenue, Midtown Manhattan: A 58-story mixed-use tower, the headquarters of the Trump Organization, was developed in partnership with The Equitable, and opened in 1983. Trump bought out the Equitable's stake in 1986, and now owns the office and retail components of the tower.

The building also contains the three-story penthouse apartment that was Donald Trump's primary residence until he moved to the White House. The value of the tower was estimated at $450 million in 2017.

Trump took out a $100 million mortgage on the building in 2012. Trump World Tower, 845 United Nations Plaza, also in Midtown Manhattan: In 2006, Forbes magazine estimated “$290 million in profits and unrealized appreciation” going to Trump.

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AXA Financial Center in Manhattan and 555 California Street in San Francisco: Trump owns a 30 percent stake in these two office buildings, resulting from a property swap involving Riverside South. Trump's stake in the two buildings was estimated to be at least $850 million as of 2013 .

Trump took out a $160 million mortgage attached to the property with an interest rate of 5.71% to use for other investments. Forbes valued the property at $260 million in 2006.

Trump International Hotel and Tower Chicago : The entire project is valued at $1.2 billion ($112 million stake for Trump). Trump International Hotel Las Vegas : A joint development with fellow Forbes 400 members, Phil Roughing (“key partner”), and Jack Mishna (“minority partner”).

In 2006, Trump's stake was estimated at $162 million. In Forbes in March 2017, the Trump International Las Vegas was described as a 50-50 partnership between Donald Sr. and Roughing, with Eric as the primary manager for the Trump Organization.

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.

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In March 2010, the penthouse apartment at Trump International Hotel & Tower in New York City sold for $33 million. 6 East 57th Street: Trump has a leasehold interest on this retail building, adjacent to Trump Tower, through the year 2079.

The building was occupied by a Nike town store from 1996 to 2018. The value of Trump's interest was estimated at $470 million as of 2015 .

Mar-A-Lago : A historic estate in Palm Beach, Florida, most of which was converted by Trump into a members-only resort. Seven Springs : A 213-acre (86 ha) estate with a 13-bedroom mansion near Bedford, New York.

Trump paid $7.5 million for the property in 1995. Local brokers put the property's value at around $40 million as of 2013 .

Trump had hoped to develop the land with a golf course or houses, but apparently abandoned those plans in 2015. Beverly Hills house: A 5-bedroom home purchased by Trump in 2007 for $7 million, and valued at $8.5 to $10 million as of 2013 .

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Sold the property in June 2019, off-market, for $13.5 million. Trump International Hotel Washington, D.C. : The Old Post Office Pavilion, historically known as the Old Post Office and Clock Tower, is a property located at 1100 Pennsylvania Avenue NW in Washington, D.C.

The Trump Organization developed the property into a luxury hotel, which opened in September 2016. In 2010, Trump took over the management of the carousel, where he promised to revive the merry-go-round after its previous operator was removed by the city's parks department.

The carousel generates $589,000 from annual admissions. The TrumpOrganization operates the Hollman and Laser rinks, both in Central Park, jointly with Rink Management Services of Mechanicsville, Virginia.

In 1986, Trump rebuilt the deteriorating Hollman Rink two months ahead of schedule and $750,000 under the $2.5 million price ceiling imposed by the city. Trump was given a concession to operate the rink for a year, with the profits to be given to charity.

In 1987, as part of the agreement to keep operating Hollman Rink, the TrumpOrganization agreed to also take a concession for the Laser Rink; they held the concessions until 1995. The Trump name was prominently displayed on the walls of the Hollman Rink as well as on the Zamboni that maintains it until 2019 when the TrumpOrganization replaced it with Hollman Rink logos.

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It generates close to $8.7 million in annual income from rink admissions. The TrumpOrganization has a contract to operate the rinks through 2021.

After purchasing the property, Trump turned over management of the winery to his son. The TrumpOrganization owns or manages seventeen golf courses in the United States, Scotland, Ireland, and the United Arab Emirates.

United States Trump Golf Links at Ferry Point, Bronx, New York (management only) Trump International Golf Club, West Palm Beach, Florida Trump National Doral Miami : An 800-acre (320 ha) resort with five golf courses, 700 hotel rooms, a spa, meeting spaces, and retail outlets. Its value has been estimated at over $1 billion, and there was a $125 million mortgage on the property as of 2013 .

Trump National Golf Club, Bed minster, New Jersey Trump National Golf Club, Charlotte, North Carolina Trump National Golf Club, Colts Neck, New Jersey Trump National Golf Club, Hudson Valley, New York Trump National Golf Club, Jupiter, Florida Trump National Golf Club, Los Angeles Trump National Golf Club, Philadelphia Trump National Golf Club, Washington, D.C. Trump National Golf Club, Westchester, New York International Trump International Golf Club, Dubai: A golf course owned by Dam ac Properties and managed by the Trump Organization.

Located in the Dam ac Hills residential development, it opened in 2017. Trump's involvement with Dam ac head Hussain Hawaii has been cited as a source of possible conflicts of interest for Trump's presidency.

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Trump International Golf Links and Hotel Ireland Trump International Golf Links, Scotland : A links course built in Blamed, Aberdeen shire. The development of the course was controversial because of local concerns about the environmental impact, as well as a legal battle over the construction of a nearby offshore wind farm.

Trump Turn berry : A historic golf resort with three courses and a hotel, located in South Ayrshire, Scotland. Trump purchased the property in 2014, despite having threatened to withdraw any further investment in Scotland amid the wind farm controversy.

Trump World Golf Club, Dubai: A second golf course under construction by Dam ac in its Akola Oxygen housing development. The course, designed by Tiger Woods, is expected to open in 2018.

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, has valuation of $562 million. According to Forbes, there were 33 licensing projects under development including seven “condo hotels” (the seven Trump International Hotel and Tower developments).

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Trump has generated more than $74 million in real estate licensing deals and has $823.3 million worth of real estate in joint ventures. 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 Carbon Plaza Hotel) is a 38-story condominium building.

Trump Plaza : 167 East 61st Street, New York, NY (36-story, Y-shaped plan condominium building on the Upper East Side) 610 Park Avenue (Old Mayfair Hotel): Trump is helping with the construction and development of this property for Colony Northward. Trump Soho: Former name of The Dominick, originally a partnership with Bay rock Group.

The Soho hotel was rebranded following The Trump Organization's exit from the project. “Russian-born” Felix Later was listed as an employee of Bay rock when the partnership was born.

Later had served time in prison for injuries he inflicted in a bar fight before the Soho partnership. New York City suburbs : Florida : Trump International Hotel and Tower Fort Lauderdale : Anticipated completion was 2007.

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Trump “decided to pull his name from the marquee and end his agreement with the developers” in 2009 and the developers defaulted on a $139 million loan in 2010, leaving the building faced with foreclosure. In November 2010, Trump announced he was no longer affiliated with the project.

Trump Towers Sunny Isles Beach (Sunny Isles Beach, Florida): An oceanfront condominium development consisting of three 271-unit towers with developer Deer Properties. Trump Grande Ocean Resort and Residences: A three-building oceanfront enclave consisting of the Trump International Beach Resort and two residential condominium towers, the Trump Palace and Trump Royale, with developer Deer Properties.

Trump Hollywood, a 200-unit, 41-story condominium tower in Hollywood, Florida, developed by Jorge M. Pérez and The Related Companies. Announced in 2006 and began construction a year later.

Trump Tower : Cancelled project in Tampa, Florida. Other domestic : International : Elite Tower, Rama An, Israel was a planned commercial real estate development slated to be the tallest building in Israel.

Called the Trump Plaza Tower, Trump shelved the plans in 2007, when the site was sold on to Azores for Is 306.5 million. Trump purchased the site for $44 million.

Trump International Hotel & Tower Lido Lake, West Java, Indonesia. Trump Hotels will be involved with the 700-hectare Lido Lake development, one hour from Bandung, Indonesia including a six-star luxury resort, 18-hole signature Ernie ELS championship golf course, elite Lifestyle Country Club & Spa as well as a high-end residential offering including luxury villas and condominiums.

One of the Trump Organization's partners in Indonesia is Tanoesoedibjo, who is “building up a following as he mulls a presidential run”, according to Forbes. MNC Lido City is partially funded by the Chinese government.

The 63-story, 188-metre-high (617-foot), mixed-use tower in Downtown Vancouver, British Columbia, Canada, was primarily a project of Donald Trump, Jr., and the CEO of Malaysian company TA Global Broad. The Trump hotel occupies the first 15 floors of the building.

The hotel had reported declining revenue in 2019 and closed in March 2020. Its owner, a subsidiary of TA Global Broad, filed for bankruptcy in August 2020.

Trump World Seoul, Korea : Which Trump received a licensing fee of $5 million to lend his name. The Palm Trump International Hotel and Tower, Dubai Trump Ocean Resort Baa Mexico was a planned 3-tower, 25-story, 526 unit hotel condominia, San Diego.

Trump Tower Manila, Marathi City, Metro Manila, Philippines : The brand name and mark under license. Philippines president Rodrigo Duterte “appointed Trump partner Jose Antonio to serve as a special envoy to the United States just before Trump's November victory”.

“Billionaire Manual ODHA is developing a 75-story, 300-apartment luxury residential project called Trump Towers building while serving as a regional vice president of a major political party.” Trump Towers Pune, India, built in association with Panchshil Realty in Pune's Kalyan Nagar area.

Trump Towers, Guru gram, India, is the largest super-luxury residential development in India with 1.25 million-square-foot project near Golf Course Extension Road, which will be built by Ire alongside a retail complex. Trump Towers, Guru gram, India is the second project in Gurgaon tied up with developer M3M India to build a residential building in Gurgaon.

Trump Towers Kolkata, India, is the result of tie up with Uni mark Group and Trump Organization to build a 38 floor 400,000 sq. Ft. residential project near Eastern Metropolitan Bypass stretch, Kolkata.

As of February 2017 in South America, the Trump Organization had one active project: the Trump Tower Junta del Ester in Junta del Ester, Uruguay. By that time, the company had ended its involvement with two projects in Rio de Janeiro, Brazil: the partially built Trump Hotel Rio de Janeiro and the inbuilt Trump Towers Rio office complex.

The company also dropped plans for another office project, the 35-story Trump Office Buenos Aires, which was to be built in Buenos Aires, Argentina. Paulo Figueiredo Filho partnered with the organization in Brazil and “worked mostly with the children”.

St. Aegis Toronto hotel and condo tower, formerly Trump International Hotel and Tower, was renamed Adelaide Hotel Toronto in 2017 and St. Aegis Toronto in 2018, and management was taken over by Marriott International. Jr Marriott Panama hotel and condo tower, formerly Trump Ocean Club International Hotel and Tower, Panama.

Empire State Building : Trump acquired 50 percent ownership of the iconic skyscraper in 1994. After failed efforts to gain control of the building by evicting the master leaseholder, he and his partner sold the building in 2002.

General Motors Building at Trump International Plaza : Trump partnered with Costco to buy the 50-story Manhattan office building in 1998, and then attached his name to it. Grand Hyatt New York : Trump partnered with Hyatt to purchase and renovate the historic Commodore Hotel.

He gave up half of his ownership in a 1992 bankruptcy case, and sold the rest in 1995. Madison DE L'Artie : A 43,000-square-foot (4,000 m 2) oceanfront mansion in Palm Beach, Florida.

Trump purchased this property for $41 million at a bankruptcy auction in 2004, renovated it, and then sold it for $95 million in 2008, making it, at the time, the most expensive house ever sold in the United States. Early in the Trump presidency, Eric Trump and Donald Trump Jr. announced the creation of two new signature hotel brands, Scion and American Idea, as “the next generation of the company”.

After initially announcing as many as thirty potential deals in their pipeline, the ventures were scrapped in early 2019, with only one uncompleted hotel in Mississippi. Trump owns a wide variety of other enterprises outside real estate (which had an estimated 2013 value of $317.6 million).

Other investments include a 17.2% stake in Parker Adnan, Inc. (formerly Advance Group), a Bermuda-based financial services holdings company. He took in $1.1 million in men's wear licensing royalties.

Trump earns $15,000 to $100,000 in book royalties and $2.2 million for his involvement with Trump Model Management every year. Trump has marketed his name on many products and services achieving mixed success doing so.

In addition, Trump reportedly receives $1.5 million for each one-hour presentation he does for The Learning Annex. Trump also endorsed ACN Inc. a multi-level marketing telecommunications company.

He has spoken at ACN International Training Events at which he has praised the company's founders, business model and video phone. The TrumpOrganization also houses ventures started by Donald Trump's daughter Ivanka, which includes Ivanka Trump Fine Jewelry (a jewelry line) and the Ivanka Trump Lifestyle Collection (a high-end designer-fashion and cosmetics line that includes fragrances, footwear, purses, outerwear and eyewear collections).

Donald Trump has used a number of logos in the style of coats of arms for his businesses. The coat of arms granted to Davies in 1939 bears the motto Integrity “.

Joseph E. Davies, third husband of Marjorie Merriweather Post and a former U.S. ambassador of Welsh origins, was granted a coat of arms by in 1939. After Donald Trump purchased Mar-A-Lago, the Florida estate built by Merriweather Post, in 1985, the TrumpOrganization started using Davies's coat of arms at Trump golf courses and estates across the country.

It was also registered with the U.S. patent and trademark office. In 2008, Trump attempted to establish the American logo at his new Trump International Golf Links in Blamed, Scotland, but was warned by the Lord Lyon King of Arms, the highest authority for Scottish heraldry, that an act of the Scottish Parliament from 1672 disallows people using unregistered arms.

In January 2012, shortly after the inauguration of the golf course, Trump unveiled the new coat of arms that had been granted to “The Trump International Golf Club Scotland Ltd” by the Lord Lyon in 2011. The coat of arms granted to “The Trump International Golf Club Scotland Ltd” in 2011 bears the battle cry: Kumquat Concede re “. Sarah Malone, executive vice-president of “The Trump International Golf Links, Scotland”, said that “the coat of arms brings together visual elements that signify different aspects of the Trump family heritage , the Lion Rampant makes reference to Scotland and the stars to America.

Shield Party per chevron: Azure two Mullets Argent; Vert a double-headed Eagle displayed of the second, beaked, taloned and languid Rules, holding in its talons two Globes of the second; overall three chevrons Or. Crest A Demi Lion rampant Rules, armed and languid Azure, holding in the paws a Pennon Or flowing to the sinister.

Battle cry Kumquat concede re (Latin for “Never Give Up”). When the market entered a slump in 1990 that placed the Organization at risk of collapse, Trump and his lenders acted to restructure his debts, although they disagree on who identified the problem and initiated negotiations.

The resulting restructuring required his banks to forgive some of Trump's debt. Trump's casinos later entered bankruptcies in which his bondholders took deep losses.

After these incidents, Trump had difficulty borrowing new money from most mainstream financial institutions. Deutsche Bank, which did not have a significant presence on Wall Street during the 1980s, expanded rapidly in the United States during the 1990s, and by the end of the decade had become Trump's primary bank lender.

In the process of its rapid expansion, the bank engaged in numerous questionable practices, including manipulating currencies and interest rates, laundering billions of dollars for Russian oligarchs and misleading international bank regulators. The bank was fined $630 million in 2017 for facilitating a $10 billion Russian money laundering scheme.

The bank provided Trump with a variety of services including financial instruments designed to shield him from risks and outside scrutiny, and connected Trump to wealthy Russians who were interested in investing in Western real estate. During the 2000s and 2010s, Trump borrowed $2 billion from the bank, owing it about $360 million in 2016.

Trump's eldest son, Donald Jr., was quoted as saying at a 2008 New York real estate conference, “In terms of high-end product influx into the US, Russians make up a pretty disproportionate cross-section of a lot of our assets... We see a lot of money pouring in from Russia.” James Dodson, a golf magazine writer, said that during a 2014 golf game, he asked Trump's son Eric how the Organization was funding its golf resort acquisitions, to which Trump responded, “Well, we don’t rely on American banks.

Eric Trump later denied making the statement. The financial statements of the TrumpOrganization's holdings are private, as are Donald Trump's personal tax returns, and there exist a wide range of estimates of the TrumpOrganization's true value.

Donald Trump has been accused on several occasions of deliberately inflating the valuation of TrumpOrganization properties through the aggressive lobbying of the media, in particular the authors of the annual Forbes 400 list, in order to bolster his perceived net worth among the public over several decades. He has released little definitive financial documentation to the public confirm his valuation claims.

It is difficult to determine a net value for the TrumpOrganization's real estate holdings independently since each individual property may be encumbered by debt. In October 2015, Forbes published an article titled “Inside The Epic Fantasy That's Driven Donald Trump For 33 Years” detailing its struggle to estimate the true net worth of Trump and the TrumpOrganization.

In 2018 a former Forbes journalist who had worked on the Forbes list claimed in an op-ed to The Washington Post that Trump had lied about his wealth to Forbes to get on the list repeatedly and suggested that Forbes' previous low-end estimates of Trump's net worth were still well above his true net worth. An October 2018 New York Times exposé entitled Trump Engaged in Suspect Tax Schemes as He Reaped Riches From His Father” included detailed analysis of Trump family financial records, which Trump's niece Mary Trump revealed in July 2020 she had provided to the Times.

The article described apparent tax fraud conducted by Trump and his siblings related to their joint inheritance of their father's company. The New York State Department of Taxation and Finance announced on the day of publication that it would review the matter.

Former Trump personal attorney Michael Cohen testified to Congress in February 2019 that the Organization inflated the values of its assets in documents it submitted to banks and insurers. Following Cohen's testimony, the New York State Department of Financial Services issued a subpoena to Aon, the Organization's longtime insurance broker.

In August 2020, the New York State Attorney General disclosed in a court filing that the Organization was under investigation for the asset inflation allegation, asking a court to compel the Organization to provide information it had been withholding; the filing also noted that Eric Trump had resisted a subpoena and abruptly canceled an interview scheduled for the previous month. The Manhattan District Attorney, which had been seeking Trump's tax returns, suggested in an August 2020 federal court filing that the Organization was under investigation for bank and insurance fraud.

The New York Times reported in November 2020 that both investigators had recently issued subpoenas to the Organization regarding tax deductions on millions of dollars in consulting fees, some of which were paid to Ivanka Trump. As of September 2019, the Organization was under federal investigation by the Southern District of New York regarding inflated insurance claims allegations.

Days later, New York State Supreme Court Justice Arthur Enron ordered Trump to provide the deposition by October 7, and Trump was deposed on October 5. In 1973, the U.S. Department of Justice's (DOJ) Civil Rights Division filed a civil rights suit against the TrumpOrganization charging them for violating the 1968 Fair Housing Act by refusing to rent to black people.

The National Urban League had sent black and white testers to apply for apartments in Trump -owned complexes; the white testers got the apartments, whereas the black testers did not. According to court records, four superintendents or rental agents reported that applications sent to the central office for acceptance or rejection were coded by race.

A 1979 Village Voice article quoted a rental agent who said Fred Trump had instructed him not to rent to black people and to encourage existing black tenants to leave. In 1975, a consent decree described by the head of DOJ's housing division as “one of the most far-reaching ever negotiated” required Trump to advertise vacancies in minority papers and list vacancies with the Urban League.

The Justice Department subsequently stated that continuing “racially discriminatory conduct by Trump agents has occurred with such frequency that it has created a substantial impediment to the full enjoyment of equal opportunity.” Also, it is alleged that the TrumpOrganization has a history of not paying for services rendered.

Several hundred contractors or workers for the organization have filed lawsuits or liens saying they were not paid for their work, and others say they had to settle for cents on the dollar. In 1989, New York State officials ordered the Grand Hyatt New York, a hotel owned at the time by the TrumpOrganization and the Hyatt Corporation, to pay New York City $2.9 million in rent that had been withheld by the hotel in 1986 due to “unusual” accounting changes approved by Donald Trump.

An investigation by New York City auditors noted that the hotel was missing basic financial records and found the hotel was using procedures that violated generally accepted accounting principles. From 2000 on, the TrumpOrganization held 50% of TD Trump Deutschland AG, a corporate venture with a German company, planning to build a skyscraper named Trump Tower Europe” in Frankfurt, Berlin or Stuttgart, but allegedly never paid the full amount of their €2 million share.

Resolving a trademark dispute, as of August 2017 , Tom Scarfed owns the trademark of the “trump” mobile app which plays the trumpet. As “the word trump has other meanings”, the court did not rule in favor of the TrumpOrganization.

In October 2018, The New York Times published an exposé arguing that the Trump family evaded over $500 million in gift taxes and estate taxes on the transfer of Fred Trump's wealth to his children. The alleged schemes involved siphoning money from Fred's companies to his children throughout their lives, and understating the value of transferred properties.

In September 2020, it was revealed that Trump's properties had charged the government over $1.1 million since the beginning of his presidency. At the Bed minster club, for example, the Secret Service rented a three-bedroom cottage for $17,000 per month.

The Washington Post arrived at this total amount after it filed a public-records lawsuit and pieced together receipts and invoices from Trump's businesses. ^ Some modern sources, including Donald Trump's The Art of the Deal, refer to the company as “Elizabeth Trump & Son”.

Contemporaneous sources, however, refer to it as “E. Trump & Son”. The company was incorporated in 1927, but the name was in use at least as early as 1926.

^ “21 Unusual Facts About Billionaire Politician Donald Trump ". “A list of everything Donald Trump runs that has his name on it”.

^ Epstein, Reid J.; Had don, Heather (August 11, 2015). “Donald Trump Is Frugal With His Cash in Republican Presidential Race”.

Trump Once Said Some Amazing Things About His Net Worth Under Oath”. “Perspective | Trump lied to me about his wealth to get onto the Forbes 400.

New York City: Simon & Schuster. When was 27 years old he started his first small home building job on his own, but with some financial backing from his mother.

^ “New concerns function with Queens capital”. E. Trump & Son Company, Inc., of Jamaica, has been formed with $50,000 capital to deal in realty.

They also sold for E. Trump & Son a Colonial type dwelling on Wall Street to William Color for occupancy. New York City: St. Martin's Press.

Trump Revealed: An American Journey of Ambition, Ego, Money, and Power. Trump the Builder Plays Mothers as Ace Cards”.

Trump : The Saga of America's Most Powerful Real Estate Baron. Trump : The Greatest Show on Earth: The Deals, the Downfall, the Reinvention.

Trump : The Greatest Show on Earth: The Deals, the Downfall, the Reinvention. “Fred C. Trump, postwar master builder of housing for middle class, dies at 93”.

^ a b “Art of the spin: Trump bankers question his portrayal of financial comeback”. ^ “Financial wizard tries to untangle Trump empire”.

Mr. Hollenbach was brought in by the developer after Mr. Trump's creditors insisted that he hire a chief financial officer, a position that had never existed at the Trump Organization. “Donald Trump's loyal numbers man”.

Mr. Heidelberg started off working for Mr. Trump's father, Fred, and by the late 1980s was controller of the Trump Organization. In this role Mr. Heidelberg worked under CFO Stephen Hollenbach, who was hired in 1990.

^ a b c Better, Russ; Bali, Charles V. (October 3, 2016). “Donald Trump's business decisions in '80s nearly led him to ruin”.

In a top-level management shake-up, Marriott Corp. yesterday named a former executive as its new chief financial officer after one of the company's most senior officers resigned. Bethesda-based Marriott named as its top financial executive Stephen F. Hollenbach, who most recently helped Donald Trump restructure his debt-ridden empire.

^ Better, Russ; Bali, Charles V. (June 11, 2016). “How Donald Trump bankrupted his Atlantic City casinos, but still earned millions”.

Trump and Atlantic City: the lessons behind the demise of his casino empire”. Trump engaged in suspect tax schemes as he reaped riches from his father”.

Trump Engaged in Suspect Tax Schemes as He Reaped Riches From His Father”. Trump family sells properties on island”.

^ Trump hands over business empire to sons”. “Donald Trump Won't Divest From His Business Interests, Opening Door To Years Of Ethics Conflicts”.

“US ethics chief slams Trump 'halfway blind' trust as failing to meet acceptable standard”. Trump won't drop ownership of business”.

^ a b c d e f Alexander, Dan, After Promising Not To Talk Business With Father, Eric Trump Says He'll Give Him Financial Reports” Archived March 24, 2017, at the Payback Machine, Forbes, March 24, 2017. ^ a b c d e Alexander, Dan, “In Trump They Trust: Inside The Global Web Of Partners Cashing In On The President” Archived March 25, 2017, at the Payback Machine, Forbes, March 20, 2017.

Trump Tower, a home for celebrities and charlatans”. Trump's net worth slips to $2.9 billion as towers underperform”.

“Donald Trump's real estate business is losing one of its most important tenants”. “Nike's shrine to itself is a glitzy showcase”.

“Donald Trump's Income and Wealth Are Shown in Filing but Are Hard to Pinpoint”. ^ Abram son, Alana; Struck, Ryan; Good, Chris (July 22, 2015).

“Donald Trump Has 487 Job Titles And Everything Else We Learned About His Finances Today”. Trump has earned $59 million in three years running attractions for New York City”.

“Donald Trump And The Hollman Drinking of American Politics”. Trump to Run Two Ice-Skating Rinks in Central Park”.

Trump golf course in the Bronx lost money last year, city documents show”. ^ Donald Trump gets his key to Doral Archived July 8, 2015, at the Payback Machine The Miami Herald.

“Late wages for migrant workers at a Trump golf course in Dubai”. ' Donald of Dubai': UAE billionaire trading off President Trump's name is raising fresh conflict-of-interest questions”.

Trump on Trump : Testimony Offers Glimpse of How He Values His Empire: Worth Rises, Falls 'With Markets and Attitudes And With Feelings, Even My Own Feeling “. Trump Soho signs come down at newly christened Dominick Hotel”.

Trump condo-hotel on Fort Lauderdale beach faces foreclosure”. Trump says his name is off Fort Lauderdale condo hotel: Real estate mogul's claim of lessened role called 'fraud on the public “.

^ “Parting with Rama An's Elite landmark is sweet sorrow”. ^ Kratz, ARI, “Donald Trump plans Rama An luxury tower” Archived March 25, 2017, at the Payback Machine, Jerusalem Post, March 9, 2006.

Trump Indonesia Real Estate Project Gets Chinese Government Ally”. “Company that owns President Trump's Vancouver hotel files for bankruptcy”.

“Operator of Trump International Hotel in Vancouver files for bankruptcy”. ^ a b c d e “Realty Projects in India with Trump Organization ".

^ a b Careless, Will, “What happened to all the South American Trump Tower plans?” Archived August 9, 2017, at the Payback Machine, Global Post via USA Today, February 8, 2017.

“Did Trump Ask the President of Argentina for a Building Permit? Trump Organization to check out from Toronto hotel, condo tower”.

^ “Invest hotels acquires former Trump Tower in Toronto”. “Owners of former Trump hotel in Panama say president's company evaded taxes”.

^ Trump owns half of Empire State Building”. Trump's lost Empire: The deal that marked the Donald's turn from New York real estate”.

The Liar's Ball: The Extraordinary Saga of How One Building Broke the World's Toughest Tycoons. Trump sells Hyatt share to Pritzker”.

“What Donald Trump's Plaza deal reveals about his White House bid”. ^ Trump's Plaza Hotel bankruptcy plan approved”.

“Donald Trump, the unwanted Palm Beach mansion and the Russian fertilizer king”. ^ Ever, Steve; Process, Ben; Lipton, Eric (February 14, 2019).

“Blaming Political Climate, Trumps Give Up on New Hotels”. “Donald Trump's 92-page financial disclosure released”.

“12 Donald Trump businesses that no longer exist”. “Donald Trump's 16 Biggest Business Failures and Successes”.

^ Trump Steakhouse hit with 51 violations after officials find month-old caviar, expired yogurt”. “Donald Trump's net worth at least $1.4 billion, election filing shows”.

^ Grimaldi, James V. & Marmot, Mark (August 13, 2015). “Donald Trump Made Millions From Multilevel Marketing Firm”.

Trump International Golf Club Scotland Ltd was granted arms in 2011, replacing an assumed design they had previously used”. ^ Court of the Lord Lyon, @LyonCourt (January 21, 2017).

“Deutsche Bank fined for $10 billion Russian money-laundering scheme”. “How Russian Money Helped Save Trump's Business”.

^ “Eric Trump old interview resurfaces: 'We don't rely on banks. “How Donald Trump Exaggerates And Fibs About His $4.5 Billion Net Worth”.

^ Ashram, William K.; Process, Ben (March 5, 2019). “ Trump Organization's Insurance Policies Under Scrutiny in New York”.

“New York attorney general files legal action against Trump Organization, revealing state investigation into the company's financial dealings”. ^ Trump Organization under investigation for 'insurance and bank fraud,' filing suggests”.

^ Kara Scanned and Caroline Kelly. “Eric Trump says he's willing to be interviewed by the New York AG's office but not until after election”.

“New York judge rules Eric Trump must sit for deposition before election”. “Eric Trump sat for deposition as part of investigation by New York attorney general”.

^ Barrett, Wayne; Campbell, Jon (July 20, 2015). “How a young Donald Trump forced his way from Avenue Z to Manhattan” Archived September 5, 2015, at the Payback Machine.

^ “Hundreds Claim Donald Trump Doesn't Pay His Bills” Archived September 27, 2016, at the Payback Machine. ^ “Inside a Donald Trump audit: Missing books and unusual accounting”.

^ “App trump wins trademark fight against Trump Organization ". “Donald Trump Lost a 6-Year Legal Battle to a Trumpet Player”.

Eyes Criminal Charges Against Trump Organization ". ^ “New York Regulators Examine the Trump Family's Tax Schemes”.

^ Parenthood, David A.; Casey, Josh (September 17, 2021). “ Trump's businesses charged Secret Service more than $1.1 million, including for rooms in club shuttered for pandemic”.

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