In Donald J. Trump’s version of how he got rich he was the master dealmaker who parlayed an initial $1 million loan from his father into a $10 billion empire.
It was his guts and gumption that overcame setbacks and his father Fred C. Trump was simply a cheerleader.
But an investigation by The New York Times shows that by age 3 Donald Trump was earning $200,000 a year in today’s dollars from his father’s empire.
He was a millionaire by age 8.
By the time he was 17 his father had given him part ownership of a 52-unit apartment building.
Soon after he graduated from college he was receiving the equivalent of $1 million a year from his father.
The money increased with the years to more than $5 million annually in his 40s and 50s.
In all financial records reveal, Mr. Trump received the equivalent today of at least $413 million from his father’s real estate empire.
Here are four ways that Fred Trump made his children rich.
Fred Trump made his son not just his salaried employee but also his property manager – landlord – consultant and banker.
Fred Trump provided money for Donald Trump’s car – money for his employees – money to buy stocks – money for his first Manhattan offices and money to renovate those offices.
He gave him shares in multiple partnerships.
He gave him $10,000 Christmas checks.
He gave him laundry revenue from his buildings.
He also gave him trust funds that were used to transfer a majority of Fred Trump’s empire to Donald Trump and his living siblings.
The biggest payday Donald Trump ever got from his father came long after Fred Trump’s death.
It happened quietly – without the usual Trumpian news conference – on May 4 2004 when Donald Trump and his siblings sold off the empire their father had spent 70 years assembling – with the dream that it would never leave his family.
Donald Trump’s cut: $177.3 million or $236.2 million in today’s dollars.