Donald Trump’s Biggest Property Successes and Failures
If you want to kickstart a little mischief into any party, just mention two words: Donald Trump.
There’s plenty of controversy surrounding the President of the United States of America. But before politics, Trump had a long history of property investment and development.
In fact, property helped Trump become one of the richest in town.
He took on a number of ambitious projects, and while some were highly successful there were a number of failures along the way too.
What Trump Got Right
1 – Grand Hyatt Hotel
Formerly the Commodore Hotel, Trump purchased it in 1974, restored it over the next six years, and it’s been a popular place ever since.
2 – Trump Tower
This was the primary residence of Donald Trump before moving into the White House and remains in vogue with high-end shopping venues, eateries and residential apartments. Trump built it from the ground up and it officially opened in 1983.
3 – 40 Wall Street
Purchase price: $1 million USD. Renovated to the tune of $35 million. Value today? $500 million. That’s a very attractive turnover!
4 – Trump International Tower Chicago
Chicago Sun-Times’ old headquarters was bought by Trump in 2005 and it’s currently a hub of upscale condos, restaurants and one of the country’s best large city hotels.
What Trump Probably Regrets
General Motors Building
Trump went in on the purchase in 1998 with a company called Conseco which soon thereafter went bankrupt. This ultimately left Trump backed into a situation where he was forced to sell for relatively minimal profit.
Three casinos in Atlantic City have filed for bankruptcy more than once. Despite owning these facilities, Trump is so disappointed that he wants nothing to do with them.
West Side Yards
Trump had lofty visions of establishing ‘Trump City’ in this area when he purchased it in 1985. But some tax limitations and a feud with the Mayor didn’t let that happen. Instead, Trump was forced to sell the majority of his stake to investors and lost a lot of control over the property.
The Plaza Hotel
Although purchasing the Plaza was a good move loaded with promise, a failed airline venture soon after plunged Donald Trump into debt. He eventually handed over half of his ownership stake in the Plaza in order to reduce his debt and lost some $80 million.
The lesson ...
Even the wildly rich Donald Trump has made many investment mistakes. And we’re certain that experienced advisers were behind his good decisions!
So, leave your finance needs in the hands of the experts. Funding Options is the go-to firm in South Australia for your mortgage and property investment needs, getting you the best possible finance deal.
Get in touch for a free, no obligations discussion about your needs.