Trump Ruffin Tower Llc
- 2019 Revenue: $27,677,448, divided between $4,414,500 in condo sales and $23,262,948 in hotel revenue
- 2018 Revenue: $28,558,298, divided between $6,002,244 in condo sales and $22,556,054 in hotel revenue
- 2019 Asset Value: Over $50,000,000
- Business Type: Hotel and Condominium Complex
Trump Ruffin Tower LLC manages the Trump International Hotel and Tower in Las Vegas. Constructed in 2008, the tower is a combination hotel and condominium development.
It struggled as the Great Recession hit when it opened more than a decade ago, devastating the real estate market. Plans for a second tower were scrapped.
Founding And Early History
The company’s background starts with Frederick Trump and Elizabeth Christ Trump, a German immigrant couple who moved to the borough of Queens in 1906. Frederick began developing real estate there. On May 30, 1918, he died of Spanish flu in the 1918 influenza pandemic, leaving an estate valued at $31,359 .
Elizabeth carried on in the real estate business after her husband’s death. She had contractors build houses on the empty lots Frederick had owned, sold the houses, and earned income off the mortgages she provided to buyers. Her middle child, Fred Trump, entered the carpentry trade after graduating high school in 1923. Fred would later say he completed his first single-family home in 1924, but other sources date his start as a builder to 1927. In that year, Fred reached the age of majority, and “E. Trump & Son,” a name Elizabeth had used in ads since 1921, was formally incorporated.
During World War II, Trump constructed apartments and temporary housing for military personnel in Virginia and Pennsylvania. In 1944, he shifted his focus back to Brooklyn and began planning to develop large apartment buildings. He opened the 1,344-unit Shore Haven complex in 1949, followed by Beach Haven in 1950 and Trump Village in 1964.
Scion And American Idea Hotels
Early in the Trump presidency, Eric Trump and Donald Trump Jr. announced the creation of two new signature hotel brands, Scion and American Idea, as “the next generation of the company”. After initially announcing as many as thirty potential deals in their pipeline, the ventures were scrapped in early 2019, with only one uncompleted hotel in Mississippi.
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One Decade Of Business Dealings
A useful snapshot is Trump’s record during the 10 years before he won the presidency. From 2006â2016, The New York Times went through every business deal that the Trump Organization announced or that was reported.
The 60 deals reflected a highly uneven track record of business success: “One-third of them never got off the ground or soon petered out. Another third delivered a measure of what was promisedâbuildings were built, courses taught, a product introducedâbut they also encountered substantial problems, like lawsuits, government investigations, partnership woes, or market downturns…The remaining third, while sometimes encountering strife, generally met expectations,” according to The New York Times.
Any deeper examination of the former president’s business record would be incomplete without looking at his series of high-profile bankruptcies and other failures. Below is a list of some of the highlights, although it is by no means comprehensive.
Trump Old Post Office Llc
- 2019 Revenue: $40,523,041
- 2019 Asset Value: Over $50,000,000
- Business Type: Hotel
This business is a holding company for the Trump International Hotel in Washington, D.C., which operates in the Old Post Office building, a national landmark. Trump’s company holds a long-term lease on the property, owned by the U.S. government, which could last nearly 100 years with extensions.
The hotel was at the center of a major emoluments case against the former president. A group of hotel and restaurant owners sued Trump for violating the emoluments clause, alleging that he was unconstitutionally profiting from his office because his hotel gets the business of foreign officials staying there to curry his favor. The group argued that this gave the former president’s hotel an unfair competitive advantage against their businesses.
Possibly as a result of lawsuits and public criticism, the Trump Organization planned to sell its lease to the property. They were seeking a purchase price of more than $500 million, one of the highest-priced hotel deals per room ever. The sale process was placed on hold due to the COVID-19 pandemic.
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The Outsized Entrepreneurial World Of Trump Merchandise
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On rally days, the Trump-merchandise sellers work begins before dawn. Ive been awake for twenty-four hours, David, a roadside flag vender, told me cheerfully on Saturday, January 15th. We drove all over, looking for the best spot. The Save America rally in Florence, Arizona, hadnt officially begun, but hed already sold sixty Trump-themed flags, most for $39.95.
David, a first-generation American whose family moved to the Southwest from Mexico when he was a child, has been in the flag business since he was fifteen. Back then, he helped his stepfather sell banners to people who wanted to proclaim their allegiance to the Dallas Cowboys or to the state of New Mexico, among other things. Three years ago, with the market for flags booming, David went into business for himself. Although his stock includes gay-pride, Tupac Shakur, and Antifa flags, the Trump campaign, Presidency, and post-Presidency have been particularly good for business.
Solomon, like many other venders I spoke with, told me that last year was rough, compared with 2020. Trumps election loss, followed by the embarrassment of January 6th, put a damper on sales. Some merchants branched into Stop the Steal gear, but didnt find much success. It was hard to move, Solomon said.
Other Ventures And Investments
Trump owns a wide variety of other enterprises outside real estate . Other investments include a 17.2% stake in Parker Adnan, Inc. , a Bermuda-based financial services holdings company. He took in $1.1 million in men’s wear licensing royalties. Trump earns $15,000 to $100,000 in book royalties and $2.2 million for his involvement with Trump Model Management every year. Until 2015, Trump owned the Miss Universe, Miss USA and Miss Teen USA pageants, collectively worth $15 million.
Trump has marketed his name on a large number of products and services achieving mixed success doing so. Some of his external entrepreneurial and investment ventures include or have included:
- Trump Media & Technology Group , technology company, it runs Trump’s social media app ‘TRUTH social‘
In 2005, Trump reportedly received $1.5 million for a one-hour lecture at The Learning Annex Real Estate World Expo, with another seven events scheduled for a total fee of $12 million. In a court deposition two years later, Trump admitted that he was paid $400,000. The Trump Organization also housed ventures started by Donald Trump’s daughter Ivanka, including Ivanka Trump Fine Jewelry and the Ivanka Trump Lifestyle Collection the ventures were discontinued in 2017 and 2018, respectively.
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What We Don’t Know
There are some caveats to keep in mind when assessing the data in the Trump Organization’s financial disclosure forms.
First, the data is unaudited, self-reported data, meaning that readers have to take the company’s word that it’s accurate.
Second, many of the numbers listed as “income” from certain assets seem, instead, to be the revenue from those businesses. This was confirmed when data from Trump’s tax returns were released by The New York Times showing that many of the businesses have been losing money, including some of the largest revenue producers, such as Trump National Doral golf resort.
That being the case, the financial numbers don’t show the amount of money that the former president actually took home as income. For example, in Trump’s 2017 disclosure, he listed his income for the Trump National Doral golf resort as $75 million, which matches the revenue number reported to Miami-Dade County. Net operating income for the resort for that year was dramatically smaller at $4.3 million.
Getting a clear picture of the former president’s businesses is further complicated by the fact that income and asset values are listed in very wide ranges. For example, Mar-a-Lago Club is listed as having a value of “over $50,000,000.” The Trump National Golf Club in Charlotte is listed as worth between $5 million and $25 million.
Our Response To What Happened In Easton Ma
A car rammed through the front of our Easton, MA location. The driver allegedly committed this act on purpose with the intent to harm others. This incident is still under investigation by the Easton, MA police department. Fortunately, no one was seriously injured or killed in this event. The driver of the vehicle was treated for minor injuries. We appreciate the work of the first responders, and thank you to all who have reached out in support.
As conservatives we believe political differences are NEVER a reason to incite, or commit acts of violence against others. May everyone be safe, and we will recover from this event. In the meantime, we will be operating our Freedom trailer outside the front of our Easton, MA location.
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It Sure Looks Like Melania Trump Spent A Fortune To Buy Her Own Dang Hat
The former first ladys NFT grift marches on, unfazed by allegations of double-dipping and also of being a tacky waste of everyones time.
Youve almost almost gotta respect former first lady Melania Trump, if for nothing else than the sheer obstinate shamelessness embodied in her ongoing stab at digital relevance. Was the world clamoring for a Melania line of NFTs to begin with? Of course not. But here she is, selling them anyway and not only that, but alsoallegedly sampling from her own stash, to the tune of multiple tens of thousands of dollars.
Why? Who can say. Truly, who can ascribe any sense of reason or logic to anything that family does? Whatever the reason for her steadfast commitment to her burgeoning line of beep-boop sales, it seems Trumps first major NFT sale has been tainted by allegations of shady dealings in what is usually such a stable, aboveboard field.
According to analysis from Bloombergs Crypto desk, the winning bid of around $180,000 for last months Head of State collection was the result of a series of transactions originating from a crypto wallet associated with the very company that helped Trump list the offering in the first place. Suspicious, no?
Trump Ice Natural Spring Water
Trump Ice was a bottled water brand. The winner of The Apprentice Season 2, Kelly Perdew, served as executive vice president of the organization.
The company’s website no longer exists, and the product can no longer be found in national grocery chains or stores but some can still be found on eBay and other auction sites.
The company was used as a gimmick in the show’s first season when contestants marketed and sold the product.
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Mixing Business And Politics
Trump’s potential conflicts of interest were a prominent topic throughout his tenure from 2017 through 2020. As president, the enormous power he had at his command made it more important than ever to understand his long list of businesses and how they could intersect with his public role as president.
These conflicts of interest did not pose a legal problem for Trump. The president and vice president are explicitly exempt from ethics regulations concerning conflicts of interest.
There were other issues, though, such as the emoluments clause, which was written into the U.S. Constitution by the nation’s founders. The clause prohibits the president from accepting things of value from foreign governments.
Many critics say the emoluments clause applies to Trump in several respects. But none of the many legal cases alleging violations by the former president have been concluded, nor does it look like they will be in the near future.
The Trump Entrepreneur Initiative
The now-defunct Trump Entrepreneur Initiative was once known as Trump University. The for-profit education company offered courses in real estate, asset management, entrepreneurship, and wealth creation.
The company was not an accredited school and did not offer high school or college credits.
The company was embroiled in an ongoing, high-profile scandal during Trump’s presidential campaign, and it continued into his tenure as president.
The Trump Entrepreneur Initiative faced a lawsuit in 2013alleging illegal business practices. The New York state attorney general filed a $40 million civil suit that alleged the corporation made false promises to its students.
A New York judge found Trump personally responsible. In late March 2017, when Trump was serving as president, a judge approved a $25 million settlement for the defrauded students.
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Donald Trump The Businessman
Donald J. Trump, the nation’s 45th president, is unique among U.S. presidents in his connections to the business world. Certainly, there have been presidents before him who were businessmen: both George H.W. Bush and his son, George W., were in the oil business. Herbert Hoover was in mining and Warren G. Harding was in the newspaper business.
The difference is that every president before Trump had held one or more government positions before taking the office or had served as a general in the military.
This means that Trump’s business record and the performance of his companies were the public’s only basis for measuring his professional performance before he became president.
We know considerably more now, although there is still much to know. Here’s what we know, and don’t know, about Trump’s business dealings, his successes and failures, and his financial health as he left the presidency.
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What About Brooks Brothers
After Trump insisted that they dont even make this stuff here, Stephanopoulos cited Brooks Brothers as one company that does.
Well, they but they dont make here, Trump said. They dont make here, not that I see.
Thats not accurate. Although many of the products sold by Brooks Brothers continue to be made overseas, the company has in recent years been reshoring back to the U.S. some of its manufacturing.
Arthur Wayne, a spokesman for Brooks Brothers, told us via email that currently 100 percent of Brooks Brothers retail ties are made in our factory in Long Island City, NY approximately 85 percent of our suits are made in our factory in Haverhill, Massachusetts. and our Original Button-Down Polo Oxford shirts, made to measure shirts, and some of our luxury shirts are also made in America at our factory in Garland, NC. We also offer some accessories and other furnishings which are Made in America.
David Trumbull, a consultant and expert in textiles and U.S. manufacturing, told us Stephanopoulos was correct about the Brooks Brothers example.
In the case of Brooks Brothers, for example, as its website explains , its collection of mens ties and bow ties are made cut and piled in the U.S. out of silk, cotton and wool woven in Italy or England.
We reached out to the Trump campaign and did not hear back, but in 2011, Trump was asked why he doesnt look at having his Trump products manufactured in the U.S.
Investigations For Fraud And Tax Evasion
In August 2018, the Manhattan district attorney was reported to be considering criminal charges against the organization and two of its senior executives for their accounting of then-Trump personal attorney Michael Cohen‘s hush money payment to Stormy Daniels.
In October 2018, The New York Times published a lengthy exposé concerning Donald Trump’s inheritance from his parents, Fred and . It includes detailed analyses of Trump family financial records. The article describes an alleged tax fraud scheme conducted by Trump and his siblings related to their joint inheritance of their parents’s real estate holdings, effectively evading over $500 million in gift and estate taxes. The alleged schemes involved siphoning money from the companies to the children throughout their lives and understating the value of transferred properties. In mid-2021, elaborated on how the organization used a shell corporation to siphon money, devaluing Fred Trump’s “core business” to $30 million at the time of his death.
|People v. Trump Corporation
|Supreme Court of the State of New York County of New York
|Full case name
|The People of the State of New York v. The Trump Organization, d/b/a The Trump Organization, Trump Payroll Corp., d/b/a The Trump Organization, Allen Weisselberg
|Trump Organization, Trump Payroll Organization, and Allen Weisselberg
Criminal charges and further developments
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