There are big dreams; Then there are dreams the size of Trump's, which demand to be written in capital letters and rise above the cities.
They are the ones who pushed Donald's grandfather, Friedrich, from Germany to New York, during Klondike's "gold rush"; those who urged the president’s father, Fred, to build an apartment empire in Brooklyn and Queens; and those who pushed Donald to the skyscrapers of Manhattan and, finally, to the White House.RELATED
When Donald Trump took office and gave the reins to the fourth generation, his children, Eric and Don Jr, also had great ambitions. But his plan (breaking into the heart of the United States with two new licensed hotel brands) died earlier this year, after not achieving the necessary momentum.
That forced the "children", hampered by their father's promise (not to expand internationally while in office), to follow a very little "trumpian" strategy.
"If we have to curb our growth for now, we are happy to do so," Eric Trump said in a statement, when they ruled out plans to build the hotel, in February. Don Jr added: "When the (incursion into) politics ends, we will do what we do best, which is to build the most luxurious properties in the world."
Somehow, Trump's fortune could make a risky bet or two: the president has a net worth of $ 3.1 billion (mdd), very good for number 275 on the Forbes 400 list; It is the same as a year ago, but it has dropped $ 400 million since he took office, although Don Jr and Eric are playing conservatively, taking care of their property, paying debts and accumulating a cash treasure.
Since the inauguration of his father, they have sold $ 110 million of the president's real estate, through more than 100 small transactions that, for the most part, have gone unnoticed.
In the Dominican Republic, the youngest Trump sold a plot of land, in January 2018, for 3.2 million dollars. It was the clearest violation of his father's promise not to make new foreign agreements while in office. (The Trump Organization did not comment for this report.)
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In other cases, they have done business with aspiring influential people who apparently recognized the opportunity to fill the president's pockets. They sold the Trump mansion in Beverly Hills, for $ 13.5 million, to a company linked to Indonesian billionaire (and Trump's business partner) Hary Tanoesoedibjo.
In addition, a woman who runs a business selling access to Chinese officials transferred a Manhattan penthouse. Other agreements would not attract attention, if the seller were someone else and not the president of the United States.
However, with Trump in the Oval Office, things can get strange, for example, regarding the sale of approximately $ 900 million dollars from Spring Creek Towers, the main federally subsidized housing complex in the United States.
Trump owned a 4% stake, a remnant of his father's foreign empire. The Secretary of Housing and Urban Development, Ben Carson, had to give his approval for the agreement to be made, according to property records.
That put Trump's subordinate in the awkward position of having to give the green light to a transaction that redeemed his boss $ 33 million.
Despite all these sales, Trump's children have invested very little. Trump Tower received minor updates; a five-story office building in San Francisco received other
touch ups; and the Trump continue to put cash in their European golf complexes, which lose money.
But, in reality, they only made one new purchase: that of a mansion of 18.5 million dollars next to MaraLago, of his aunt, Maryanne Trump Barry. They are not buying new golf courses or hotels, and other real estate titans in New York City have noticed the president's absence in the Big Apple.
"He's not really a real estate developer anymore," Brooklyn billionaire David Walentas told Forbes earlier this year. Instead, the Trump "children" have been reducing the debt that helped build their father's empire, paying "silently" about $ 60 million, since the
In New York, they will eliminate some $ 19 million of liabilities at 40 Wall Street, 6 East 57th Street and 502 Park Avenue. In San Francisco, where Trump owns 30% of the skyscrapers, together with Steven Roth's Vornado Realty Trust (a real estate investment trust), the children have erased $ 8 million of their debt.
In late 2016, Trump obtained a $ 30 million loan for a Las Vegas tower he owns with billionaire Phil Ruffin, perhaps releasing some cash for the $ 12 million in last-minute donations for the campaign.
After selling dozens of condos in the building, the Trumps paid that loan.