Recent political activism
Most Americans know Donald Trump as the 45th president of the United States from 2017 to 2021 as well as a convicted felon following a May 2024 trial in New York. Despite his legal troubles, Trump may reclaim the White House with his 2024 presidential bid. In this photo gallery, we explore interesting facts about Trump’s early career in the 80s and 90s before his more recent political activism.
Forbes list
Trump first appeared on the Forbes list of wealthy individuals in 1982, with an estimated share of his family’s $200 million net worth (equivalent to $631 million in 2023). He was dropped from the Forbes list between 1990 and 1995 due to losses incurred during the 1980s.
Plaza Hotel
In 1988, Trump acquired the Plaza Hotel through a loan from a consortium of sixteen banks, but the hotel filed for bankruptcy protection in 1992.
Trump defaulted
Trump defaulted on over $3 billion in bank loans in 1995, resulting in a significant restructuring that allowed him to retain control of some assets while causing banks to seize the Plaza Hotel and most of his other properties.
Trump Building
In 1996, Trump acquired the largely vacant 71-story skyscraper at 40 Wall Street, later known as the Trump Building.
Sole control
Trump opened Harrah’s at Trump Plaza in 1984, later assumed sole control, and went on to acquire the Atlantic City Hilton, renamed Trump Castle. Both casinos faced Chapter 11 bankruptcy in 1992.
Taj Mahal
Trump financed the Trump Taj Mahal with $675 million in junk bonds, which opened in 1990 but led to another Chapter 11 bankruptcy filing in 1991, forcing him to incur personal debt and sell various assets to reduce financial burdens.
Minority stake
In 1995, he founded Trump Hotels & Casino Resorts (THCR), which acquired Trump Plaza, Trump Castle, and the Taj Mahal, but the company went bankrupt in 2004 and 2009, leaving Trump with a minority stake.
Private club
Trump acquired the Mar-a-Lago estate in 1985, converting it into a private club in 1995 and declaring it his primary residence in 2019. The Trump Organization also began developing and acquiring golf courses starting in 1999.
Net worth
Forbes estimated that Trump’s net worth decreased by $1.4 billion from 2015 to 2018, ultimately ranking him at $2.3 billion (1,438th in the world) on the 2024 billionaires list. Trump’s tax returns from 1985 to 1994 revealed accumulated losses of $1.17 billion.
Later deemed inaccurate
In 1984, Trump allegedly impersonated a Trump Organization official to inflate his wealth for the Forbes 400 list, claiming ownership of over 90% of his father’s business, which was later deemed inaccurate.
Repaying the loans
Trump claimed he started with “a small loan of a million dollars” from his father, but he was reported to have received larger financial support totaling up to $473 million (adjusted for inflation) without fully repaying the loans.