Even Donald Trump has had financial failures
As a top Republican candidate in the polls for president, Donald Trump is back in the news on a daily basis. To be sure, Mr. Trump has seen his fair share of success, or he wouldn’t be where he is today. The now-famous Trump Tower has been a landmark in New York City since 1980 with much-sought-after real estate. And most Americans are familiar with his television show, “The Apprentice,” where he served as both executive producer and host. Additional successful ventures include the Grand Hyatt Hotel, Wollman Rink, Trump Place, 40 Wall Street and Trump International Tower Chicago.
However, Mr. Trump has experienced losses and bankruptcies that might permanently devastate a lesser person. In the department of fascinating but little known facts about him, he had his own vodka line with the slogan “Success Distilled.” Five years later, the company disbanded. Additional losses include a board game similar to Monopoly called Trump: The Game and his own brand of steaks. Other lesser-known, failed ventures include Trump University, Trump Mortgage and a luxury travel site called GoTrump.com that only lasted a year.
In addition, Mr. Trump has had several more highly publicized failures, including the bankruptcy of Trump Airlines. He took over a successful shuttle service, upgraded the planes to luxury status and defaulted on loans within five years. In 2014, Trump Casinos in Atlantic City submitted bankruptcy for the fourth time. However, he claims that he doesn’t have anything to do with the company although he owned more than one-fourth of their stock. Finally, Trump Magazine, started in 2007, attempted to attract wealthy readers, but the publication ended just 18 months after its launch.
While few individuals deal with the amount of money that Mr. Trump possesses, financial woes are a serious reality for many. According to the federal government, over 880,000 people filed for bankruptcy in the fiscal year ending March 31, 2015. If you are struggling to pay your bills, talk to our bankruptcy attorney to see how we can help.