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	<title>Observer &#187; The Trump Family</title>
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		<title>Observer &#187; The Trump Family</title>
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		<title>The Trump Family</title>

		<comments>http://observer.com/2006/12/the-trump-family/#comments</comments>
		<pubDate>Mon, 18 Dec 2006 00:00:00 -0400</pubDate>
					<link>http://observer.com/2006/12/the-trump-family/</link>
			<dc:creator>Tom Acitelli</dc:creator>
				
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		<description><![CDATA[<p><img class="alignleft" src="http://nyoobserver.files.wordpress.com/2011/06/121806_article_trump.jpg?w=225&h=300" />It&rsquo;s with a certain contempt that Manhattan&rsquo;s developer class admits that among its most prominent family names&mdash;Rudin, Rose, Stern, Tisch, Durst&mdash;only one is a household word today: Trump.</p>
<p>Of course, Donald Trump&rsquo;s real-estate empire is full of the kinds of dramatic reversals of fortune that have always attracted ink in this town.</p>
<p>And then, no matter how many deals the other guys make, there&rsquo;s a certain television show &hellip;.</p>
<p>&ldquo;It&rsquo;s the jobs,&rdquo; Mr. Trump told <i>The Observer</i>. &ldquo;We&rsquo;re building buildings all over the world &hellip; and you get into the public eye that way. There&rsquo;s no conscious effort.&rdquo;</p>
<p>Anyone who&rsquo;s seen <i>The Apprentice</i> might well scoff. But, to be fair, what started decades ago when the son of a barber from the outer boroughs began to play the real-estate game has now turned into a firm whose name will be plastered onto projects from Hawaii to Dubai.</p>
<p>And the Donald had certainly crawled out of the bottom of the loser pit well before he met <i>Survivor</i> producer Mark Burnett.</p>
<p>Donald Trump basically went bankrupt in the early 1990&rsquo;s, and, according to several accounts, including Timothy L. O&rsquo;Brien&rsquo;s in <i>The New York Times</i>, his three living siblings&mdash;brother Robert and sisters Elizabeth Grau and Maryanne Barry (a Clinton-appointed federal appeals judge in New Jersey)&mdash;bailed him out with money from the trusts bequeathed to them by father Fred Trump.</p>
<p>In 2003, Mr. Burnett presented him with the idea of a reality-show competition based on the premise that to work at Mr. Trump&rsquo;s firm was to participate in the very top rung of the Manhattan real-estate game.</p>
<p>Millions of viewers later, the Trumps have changed the real-estate game in Manhattan forever.</p>
<p>&ldquo;Everyone is pushing to get the Trump name on their building,&rdquo; said Barbara Corcoran, founder of the real-estate brokerage giant the Corcoran Group. (She now does TV production and consulting.) &ldquo;He&rsquo;s got a very smart and very easy business proposition; he takes far less risks than if you&rsquo;re developing. He comes in for the slice of the top, and it&rsquo;s ingenious, it&rsquo;s really ingenious&mdash;and I really hate saying that. And now his kids are in on the game, too.&rdquo;</p>
<p>See, there&rsquo;s Donald, Donald Jr. and daughter Ivanka staring out from the inaugural New York issue of high-end real-estate magazine <i>Haute Living</i> (deliberately pronounced incorrectly by the magazine&rsquo;s marketers as &ldquo;Hot Living&rdquo;), which is strewn about the 26th-floor foyer of Trump Tower. There&rsquo;s the three eldest children (Eric, 22, now in tow) in a flashy, splashy <i>New York</i> magazine spread in late 2004. And, oh yes (you know you do), there&rsquo;s millions of people watching them on <i>The Apprentice</i>, season five, and ready to watch them again on season six this winter.</p>
<p>There&rsquo;s Ivanka, 25, by herself, barely dressed on the cover of <i>Stuff</i>&mdash;and then smartly dressed on the covers of <i>Golf for Women</i> and <i>Forbes</i>. (In perhaps an unprecedented dynastic synergy, there&rsquo;s Ivanka on the cover of <i>Trump Magazine</i>, which also carried an interview with Donald Jr.)</p>
<p>And it&rsquo;s Donald Jr. giving the keynote address at the international Cityscape Conference 2006 in the chic sheikdom of Dubai three weeks after the <i>Times</i> style section ga-ga&rsquo;d over him and his pregnant wife, Vanessa, stepping smartly onto the Manhattan Scene before jetting back to the family estate in Palm Beach, Fla.</p>
<p>From there, he told <i>The Observer</i> this past Saturday morning that, yes, he&rsquo;s tired from the travels, but that, no, he doesn&rsquo;t mind. In fact, later that Saturday, he, his father and his sister would be beamed into a panel at a real-estate conference in Israel.</p>
<p>&ldquo;I always avoided the public eye until I got into the business,&rdquo; Donald Jr., 29 this month, said matter-of-factly. He&rsquo;s now executive vice president of development and acquisitions at the Trump Organization. &ldquo;If I can create free value for the product when I&rsquo;m in it, if I don&rsquo;t take advantage of that, it&rsquo;s pretty stupid.&rdquo;</p>
<p>His younger brother remembers a sit-down with his father.</p>
<p>&ldquo;He certainly sat us down and said, &lsquo;Yes, you&rsquo;re going to take over this name,&rsquo;&rdquo; said Eric Trump on Monday morning, seated in a 26th-floor conference room of Trump Tower on Fifth Avenue, surrounded by Brand Trump: seven of his father&rsquo;s books, one <i>Newsweek</i> cover of his father and two giant posters of Mr. Trump. &ldquo;But what he&rsquo;s really tried to get through when raising us is to try to instill values in us, give us the best educations, all the instruments we would need to carry a brand.</p>
<p>&ldquo;The power of any brand,&rdquo; Eric says, &ldquo;is&mdash;especially in this day and age&mdash;the most powerful instrument for selling real estate or really any other product.&rdquo;</p>
<p>But that was hardly a new lesson for the Trumps. Fred Trump, whose father was a barber from Germany, built his real-estate fortune in apartment blocks in Brooklyn and Queens.</p>
<p>Backslap-happy and well-connected, Fred earned a reputation both as a frugal businessman and a bit of a blowhard. According to author Wayne Barrett, Fred would boast of building more homes than he actually had and would talk up projects before shovels even hit the dirt.</p>
<p>This brew of bravado and self-promotion served Fred well, and he was able to leave a comfortable fortune in the low nine figures to the next Trump generation.</p>
<p>Now more than ever, and perhaps forever, partners slip in line for the chance to slap the Trump name on a project, regardless of the family&rsquo;s actual clock-punching efforts on the project&rsquo;s behalf. In Soho, where a condo hotel is expected to rise off Spring Street 45 stories, Mr. Trump partnered with both the Bayrock Group and the Sapir Organization. In Toronto, Mr. Trump has a minority stake in what&rsquo;s slated to be the tallest residential building in Canada, but it will still bear the brand as the Trump International Hotel &amp; Tower. (At least 11 towers worldwide already bear or will bear the name Trump International Hotel &amp; Tower, including the original on Columbus Circle.)</p>
<p>And, in the summer of 2005, in what was the priciest land deal in New York City history, Mr. Trump sold dozens of prime acres on the far West Side for $1.76 billion&mdash;with several partners from Hong Kong. Mr. Trump had a 30 percent stake in the 77 acres, so it&rsquo;s unlikely he truly cleaned up on the deal.</p>
<p>But so what? So what if the money now comes in from TV shows, vodka and bottled water rather than from bricks and mortar?</p>
<p>&ldquo;Once you&rsquo;re out there,&rdquo; Donald Jr. said (and he meant in the public eye, though we think &ldquo;out there&rdquo; is a fair description of the whole Trump dynasty), &ldquo;it&rsquo;s never easy to go back.&rdquo;</p>
]]></description>
		<content:encoded><![CDATA[<p><img class="alignleft" src="http://nyoobserver.files.wordpress.com/2011/06/121806_article_trump.jpg?w=225&h=300" />It&rsquo;s with a certain contempt that Manhattan&rsquo;s developer class admits that among its most prominent family names&mdash;Rudin, Rose, Stern, Tisch, Durst&mdash;only one is a household word today: Trump.</p>
<p>Of course, Donald Trump&rsquo;s real-estate empire is full of the kinds of dramatic reversals of fortune that have always attracted ink in this town.</p>
<p>And then, no matter how many deals the other guys make, there&rsquo;s a certain television show &hellip;.</p>
<p>&ldquo;It&rsquo;s the jobs,&rdquo; Mr. Trump told <i>The Observer</i>. &ldquo;We&rsquo;re building buildings all over the world &hellip; and you get into the public eye that way. There&rsquo;s no conscious effort.&rdquo;</p>
<p>Anyone who&rsquo;s seen <i>The Apprentice</i> might well scoff. But, to be fair, what started decades ago when the son of a barber from the outer boroughs began to play the real-estate game has now turned into a firm whose name will be plastered onto projects from Hawaii to Dubai.</p>
<p>And the Donald had certainly crawled out of the bottom of the loser pit well before he met <i>Survivor</i> producer Mark Burnett.</p>
<p>Donald Trump basically went bankrupt in the early 1990&rsquo;s, and, according to several accounts, including Timothy L. O&rsquo;Brien&rsquo;s in <i>The New York Times</i>, his three living siblings&mdash;brother Robert and sisters Elizabeth Grau and Maryanne Barry (a Clinton-appointed federal appeals judge in New Jersey)&mdash;bailed him out with money from the trusts bequeathed to them by father Fred Trump.</p>
<p>In 2003, Mr. Burnett presented him with the idea of a reality-show competition based on the premise that to work at Mr. Trump&rsquo;s firm was to participate in the very top rung of the Manhattan real-estate game.</p>
<p>Millions of viewers later, the Trumps have changed the real-estate game in Manhattan forever.</p>
<p>&ldquo;Everyone is pushing to get the Trump name on their building,&rdquo; said Barbara Corcoran, founder of the real-estate brokerage giant the Corcoran Group. (She now does TV production and consulting.) &ldquo;He&rsquo;s got a very smart and very easy business proposition; he takes far less risks than if you&rsquo;re developing. He comes in for the slice of the top, and it&rsquo;s ingenious, it&rsquo;s really ingenious&mdash;and I really hate saying that. And now his kids are in on the game, too.&rdquo;</p>
<p>See, there&rsquo;s Donald, Donald Jr. and daughter Ivanka staring out from the inaugural New York issue of high-end real-estate magazine <i>Haute Living</i> (deliberately pronounced incorrectly by the magazine&rsquo;s marketers as &ldquo;Hot Living&rdquo;), which is strewn about the 26th-floor foyer of Trump Tower. There&rsquo;s the three eldest children (Eric, 22, now in tow) in a flashy, splashy <i>New York</i> magazine spread in late 2004. And, oh yes (you know you do), there&rsquo;s millions of people watching them on <i>The Apprentice</i>, season five, and ready to watch them again on season six this winter.</p>
<p>There&rsquo;s Ivanka, 25, by herself, barely dressed on the cover of <i>Stuff</i>&mdash;and then smartly dressed on the covers of <i>Golf for Women</i> and <i>Forbes</i>. (In perhaps an unprecedented dynastic synergy, there&rsquo;s Ivanka on the cover of <i>Trump Magazine</i>, which also carried an interview with Donald Jr.)</p>
<p>And it&rsquo;s Donald Jr. giving the keynote address at the international Cityscape Conference 2006 in the chic sheikdom of Dubai three weeks after the <i>Times</i> style section ga-ga&rsquo;d over him and his pregnant wife, Vanessa, stepping smartly onto the Manhattan Scene before jetting back to the family estate in Palm Beach, Fla.</p>
<p>From there, he told <i>The Observer</i> this past Saturday morning that, yes, he&rsquo;s tired from the travels, but that, no, he doesn&rsquo;t mind. In fact, later that Saturday, he, his father and his sister would be beamed into a panel at a real-estate conference in Israel.</p>
<p>&ldquo;I always avoided the public eye until I got into the business,&rdquo; Donald Jr., 29 this month, said matter-of-factly. He&rsquo;s now executive vice president of development and acquisitions at the Trump Organization. &ldquo;If I can create free value for the product when I&rsquo;m in it, if I don&rsquo;t take advantage of that, it&rsquo;s pretty stupid.&rdquo;</p>
<p>His younger brother remembers a sit-down with his father.</p>
<p>&ldquo;He certainly sat us down and said, &lsquo;Yes, you&rsquo;re going to take over this name,&rsquo;&rdquo; said Eric Trump on Monday morning, seated in a 26th-floor conference room of Trump Tower on Fifth Avenue, surrounded by Brand Trump: seven of his father&rsquo;s books, one <i>Newsweek</i> cover of his father and two giant posters of Mr. Trump. &ldquo;But what he&rsquo;s really tried to get through when raising us is to try to instill values in us, give us the best educations, all the instruments we would need to carry a brand.</p>
<p>&ldquo;The power of any brand,&rdquo; Eric says, &ldquo;is&mdash;especially in this day and age&mdash;the most powerful instrument for selling real estate or really any other product.&rdquo;</p>
<p>But that was hardly a new lesson for the Trumps. Fred Trump, whose father was a barber from Germany, built his real-estate fortune in apartment blocks in Brooklyn and Queens.</p>
<p>Backslap-happy and well-connected, Fred earned a reputation both as a frugal businessman and a bit of a blowhard. According to author Wayne Barrett, Fred would boast of building more homes than he actually had and would talk up projects before shovels even hit the dirt.</p>
<p>This brew of bravado and self-promotion served Fred well, and he was able to leave a comfortable fortune in the low nine figures to the next Trump generation.</p>
<p>Now more than ever, and perhaps forever, partners slip in line for the chance to slap the Trump name on a project, regardless of the family&rsquo;s actual clock-punching efforts on the project&rsquo;s behalf. In Soho, where a condo hotel is expected to rise off Spring Street 45 stories, Mr. Trump partnered with both the Bayrock Group and the Sapir Organization. In Toronto, Mr. Trump has a minority stake in what&rsquo;s slated to be the tallest residential building in Canada, but it will still bear the brand as the Trump International Hotel &amp; Tower. (At least 11 towers worldwide already bear or will bear the name Trump International Hotel &amp; Tower, including the original on Columbus Circle.)</p>
<p>And, in the summer of 2005, in what was the priciest land deal in New York City history, Mr. Trump sold dozens of prime acres on the far West Side for $1.76 billion&mdash;with several partners from Hong Kong. Mr. Trump had a 30 percent stake in the 77 acres, so it&rsquo;s unlikely he truly cleaned up on the deal.</p>
<p>But so what? So what if the money now comes in from TV shows, vodka and bottled water rather than from bricks and mortar?</p>
<p>&ldquo;Once you&rsquo;re out there,&rdquo; Donald Jr. said (and he meant in the public eye, though we think &ldquo;out there&rdquo; is a fair description of the whole Trump dynasty), &ldquo;it&rsquo;s never easy to go back.&rdquo;</p>
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