Trump acquired a third casino in Atlantic City, the Taj Mahal, in 1988 in a highly leveraged transaction. It was financed with $675 million in junk bonds and completed at a cost of $1.1 billion, opening in April 1990. The project went bankrupt the following year, and the reorganization left Trump with only half his initial ownership stake and required him to pledge personal guarantees of future performance. Facing "enormous debt", he gave up control of his money-losing airline, Trump Shuttle, and sold his 282-foot (86 m) mega yacht, the Trump Princess, which had been indefinitely docked in Atlantic City while leased to his casinos for use by wealthy gamblers.
Trump has often said he began his career with "a small loan of one million dollars" from his father, and that he had to pay it back with interest. In October 2018, The New York Times reported that Trump "was a millionaire by age 8", borrowed at least $60 million from his father, largely failed to reimburse him, and had received $413 million (adjusted for inflation) from his father's business empire over his lifetime. According to the report, Trump and his family committed tax fraud, which a lawyer for Trump denied. The tax department of New York said it is "vigorously pursuing all appropriate avenues of investigation" into it. Analyses by The Economist and The Washington Post have concluded that Trump's investments underperformed the stock market. Forbes estimated in October 2018 that the value of Trump's personal brand licensing business had declined by 88% since 2015, to $3 million.
More InfoDuring his presidency, Trump ordered a travel ban on citizens from several Muslim-majority countries, citing security concerns; after legal challenges, the Supreme Court upheld the policy's third revision. He enacted a tax-cut package for individuals and businesses, rescinding the individual health insurance mandate penalty. He appointed Neil Gorsuch and Brett Kavanaugh to the Supreme Court. In foreign policy, Trump has pursued an America First agenda, withdrawing the U.S. from the Trans-Pacific Partnership trade negotiations, the Paris Agreement on climate change, and the Iran nuclear deal. He imposed import tariffs which triggered a trade war with China, recognized Jerusalem as the capital of Israel, and withdrew U.S. troops from northern Syria. Trump met thrice with North Korea's leader Kim Jong-un, but talks on denuclearization broke down in 2019.
More InfoTrump was born on June 14, 1946, at Jamaica Hospital in the borough of Queens, New York City. His father was Frederick Christ Trump, a Bronx-born real estate developer whose parents were German immigrants. His mother was Scottish-born housewife Mary Anne MacLeod Trump. Trump grew up in the Jamaica Estates neighborhood of Queens and attended the Kew-Forest School from kindergarten through seventh grade. At age 13, he was enrolled in the New York Military Academy, a private boarding school.In 1964, he enrolled at Fordham University. Two years later he transferred to the Wharton School of the University of Pennsylvania. While at Wharton, he worked at the family business, Elizabeth Trump & Son. He graduated in May 1968 with a B.S. in economics. Profiles of Trump published in The New York Times in 1973 and 1976 erroneously reported that he had graduated first in his class at Wharton, but he had never made the school's honor roll. In 2015, Trump's lawyer Michael Cohen threatened Fordham University and the New York Military Academy with legal action if they released Trump's academic records.
More InfoDuring his presidency, Trump ordered a travel ban on citizens from several Muslim-majority countries, citing security concerns; after legal challenges, the Supreme Court upheld the policy's third revision. He enacted a tax-cut package for individuals and businesses, rescinding the individual health insurance mandate penalty. He appointed Neil Gorsuch and Brett Kavanaugh to the Supreme Court. In foreign policy, Trump has pursued an America First agenda, withdrawing the U.S. from the Trans-Pacific Partnership trade negotiations, the Paris Agreement on climate change, and the Iran nuclear deal. He imposed import tariffs which triggered a trade war with China, recognized Jerusalem as the capital of Israel, and withdrew U.S. troops from northern Syria. Trump met thrice with North Korea's leader Kim Jong-un, but talks on denuclearization broke down in 2019.
More InfoIn 1977, Trump married Czech model Ivana Zelníčková. They have three children, Donald Jr. (born 1977), Ivanka (born 1981), and Eric (born 1984), and ten grandchildren. Ivana became a naturalized United States citizen in 1988. The couple divorced in 1992, following Trump's affair with actress Marla Maples. Maples and Trump married in 1993 and had one daughter, Tiffany (born 1993). They were divorced in 1999, and Tiffany was raised by Marla in California. In 2005, Trump married Slovenian model Melania Knauss. They have one son, Barron (born 2006). Melania gained U.S. citizenship in 2006.
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