Here’s how much money Donald Trump started with, since Eric thinks he started with “just about nothing”
In defense of his father during an interview with Fox News on Friday, Eric Trump claimed his dad started from nothing, which is factually far from the truth. The statement was made by Trump in response to criticism of his father, after Donald Trump claimed he humbly built his real estate empire off a “small loan,” when in reality, it was a $1 million dollar loan.
During the interview with Fox, the younger Trump not only neglected to address the loan itself, but went so far as to claim his father started from nearly nothing: “He’s built an amazing company. He’s become the epitome of the American dream. He’s gone from just about nothing into, you know…”
Before he could finish, the co-host of Outnumbered, Julie Roginsky, interrupted Eric to correct his statement about his father. “Nothing? He got a million bucks. Come on, Eric,” she said. Seemingly unruffled by the correction, perhaps because his father’s current $4.5 billion net worth makes $1 million seem like nothing, the young Trump continued stating his convictions about his father’s relatability and embodiment of the American Dream. He said: “Listen, he’s built an unbelievable empire. He’s epitomized what America is all about: opportunity and working hard and being able to achieve your dreams and what you want to succeed, right?”
In his defense, starting from immense privilege, denying the validity of your privilege, and then holding others to your standards of success is pretty American.
As for the specifics of the older Trump’s “small loan,” during the time the presidential candidate was working to build his real estate empire, his father, Fred Trump, was worth roughly $200 million, which translates to $1 billion by today’s standards, according to a report from CNN. It was in 1975, at the young age of 25, that Donald was lent $1 million by his father to assist with his first grand project of replacing the Commodore Hotel in the Grand Central Terminal with an ostentatious Hyatt Hotel.
Aside from the notable $1 million loan, a report at The Week reveals Fred also guaranteed Donald $70 million in bank loans, not to mention the privilege of growing up wealthy and having the Trump name as an asset for lending possibilities. This clarification is to say, not only were the young Trump’s comments on Fox badly worded, they were wildly misleading. A $1 million loan is certainly more than “just about nothing,” and the accompanying privilege to take out loans only amplifies that fact.