Corante

Just Released the 2008 Tribalization of Business study - an in-depth look at how 140+ organizations are managing and measuring online communities

Corante New York

« Mayor Bloomberg wonders: where are the liberal attack blogs? | Main | The best darn Jets sports blogs, period »

October 24, 2005

Donald Trump and his "verbal billions"

Email This Entry

Posted by Dominic Basulto

TrumpNation.jpg

On the surface, Donald Trump would appear to be worth several billion dollars - or at least, that's what he'd have you believe. In reality, his net worth may be significantly lower. Forbes recently pegged his net worth at $2.7 billion, making The Donald one of the 100 richest people in America, but a sure-to-be controversial book due out on Wednesday says that there's a big difference between "verbal billions" and real, tangible wealth. On Sunday, The New York Times published an extended, seven-page excerpt from the book (TrumpNation: The Art of Being the Donald) that dug deep into Donald's finances and found a lot of "funny money":

"Forbes, in bestowing a $2.6 billion fortune on Donald in its 2004 rich list, credited him with owning 18 million square feet of Manhattan property, which certainly is an impossibility... Between 2000 and 2004, Forbes allowed Donald's verbal billions to grow by $1 billion. The jump came during a period when the stock market bubble burst, Donald's stake in his casinos - one of his most valuable assets until "The Apprentice" came along - had fallen in value to $7 million and, despite Manhattan's red-hot real estate market, he owned much less real estate there than he let on. Donald said his casinos' myriad problems - no profits, suffocating debt, disappearing cash - did not mean that he had failed in Atlantic City. Instead, he described his management of the casinos as an "entrepreneurial" success, defining "entrepreneurial" as his ability to take cash out of the casino company and use it for other things."

Comments (0) + TrackBacks (0) | Category: Big Thinkers


TrackBack URL:
http://www.corante.com/cgi-bin/mt/external.cgi/31867

POST A COMMENT




Remember Me?



EMAIL THIS ENTRY TO A FRIEND

Email this entry to:

Your email address:

Message (optional):




RELATED ENTRIES
East Village bar up for sale on eBay
Eliot Spitzer takes on the national cinema chains
California winemakers to sell wine to New Yorkers via the Internet
A blogger could become "Media Person of the Year"
A la carte cable TV pricing
NYSIA Incubator launch party tonight
Why the mathematics of congestion pricing don't work
Enjoy the holiday shopping bargains at Century 21 while you can