TRUMP TRIUMPHS! TRUMP THE ART OF THE DEAL “THE GAMESMANSHIP OF DEALMAKING IS HIS SPORT.… Like him or hate him—just don’t ignore him … Cary Grant had his accent; Clark Gable his pencil mustache. Donald Trump has his money and power, and like the other romantic heroes, he knows what to do with them … we are swept into the romance.” —Chicago Sun-Times “FASCINATING … WHOLLY ABSORBING … conveys Trump’s larger-than-life demeanor so vibrantly that the reader’s attention is instantly and fully claimed.” —Boston Herald “A CHATTY, GENEROUS, CHUTZPA-FILLED AUTOBIOGRAPHY AND HOW-TO GUIDE.… As Trump defines deal-making—something he clearly loves more than anything else in the world —one of the most important factors is the ability to deliver the goods. And he does in The Art of the Deal.” —New York Post “THE MAN HAS FLAIR.… It should be read because Trump is one of the Great Characters who help define New York’s peculiar urban style.” —The New York Times Book Review “A COMPELLING ACCOUNT of a man who used what he gleaned from his father to become one of the richest and highly visible men in the nation.” —Chattanooga News-Free Press “TRUMP UNVARNISHED—AMBITIOUS AND UNAFRAID. I found it fascinating all the way.” —M W , CBS News IKE ALLACE “ONE OF THE MOST STREETWISE BUSINESS BOOKS I HAVE EVER READ. An unguarded look at the mind of a brilliant entrepreneur. Donald Trump is blunt, brash, surprisingly old- fashioned in spots and always an original.” —Milwaukee Journal “FAST-PACED PROSE ABOUT A NO-NONSENSE COMER. Want to make a deal? Or be a big- time real estate tycoon? If so, here is a handbook by a master wheeler-dealer and consummate real estate entrepreneur that might give you some ideas.” —Virginian-Pilot and Ledger-Star “DONALD TRUMP IS A DEAL MAKER. HE IS A DEAL MAKER THE WAY LIONS ARE CARNIVORES AND WATER IS WET.” —San Diego Union “THE HOW-TO MEMOIRS OF A MODERN MIDAS.” —The Boston Globe “READS LIKE A NO-HOLDS-BARRED ACCOUNT.… The world it reveals—the world of ‘doing deals’ and moving casinos and hotels around like so many pieces on a Monopoly board—is wonderfully glamorous.” —New Woman “IF YOUR GOAL IS TO MAKE A MILLION, READ THIS BOOK.” —Times Picayune, New Orleans “BOASTFUL … BOYISHLY DISARMING … THOROUGHLY ENGAGING … offers an inside look at aspects of financing, development and construction in big-time New York real estate.” —Publishers Weekly “TRUMP WRITES CANDIDLY AND AT TIMES BRASHLY OF HIS WORLD OF HIGH DEALING. The result is a fascinating look at a hustler who credits success to hard work, the art of persuasion and creative imagination.” —Worcester (MA) Sunday Telegram “HIS LIFE STORY IS WORTH WRITING AND WORTH READING.” —Tulsa World “AN ENGAGING ACCOUNT OF LIFE AS A MAJOR-LEAGUE HUSTLER.… Candid (to the point of bluntness), Trump offers insights as well as intelligence on what it takes to succeed in big business.” —Kirkus Reviews “OFFERS A PRIMER FOR THOSE WHO WOULD FOLLOW HIS PATH TO THE TOP.… Trump’s life is dramatic proof that the rewards are there for those who dare.” —The Berkshire Eagle “HE IS THE LATEST OF A BREED UNIQUE TO THIS DECADE—A SUPERSTAR MEMBER OF THE BUSINESS WORLD. Trump: The Art of the Deal may be worthwhile just for the insight it gives on life in the big league.” —Toledo Blade “A CANDID LOOK AT HOW THIS ENFANT WONDERFUL OF REAL-ESTATE DEVELOPMENT DOES IT ALL.” —Cosmopolitan “A SIZZLING READ.… He names names, spells out the zeros and fully reveals the deal- maker’s art.” —South Bend Tribune “TRUMP DEALS A WINNER … WORTH READING.” —Wilmington Evening Journal “AMERICA’S MOST GLAMOROUS YOUNG TYCOON REVEALS HIS SUCCESSFUL GAME PLAN … [and] even those who have little interest in real estate, New York politics or get-rich formulas will have to admit that this book is fun to read.” —San Antonio Express and News “THE MOST DOWN-TO-EARTH … GUIDE TO MAKING A BILLION YOU WILL EVER READ.” —The Washington Times Also by Donald J. Trump Surviving at the Top The Art of the Comeback The America We Deserve How to Get Rich Think Like a Billionaire The Art of the Deal is a commonsense guide to personal finance. In practical-advice books, as in life, there are no guarantees, and readers are cautioned to rely on their own judgment about their individual circumstances and to act accordingly. A Ballantine Book Published by The Random House Publishing Group Copyright © 1987 by Donald J. Trump All rights reserved. Published in the United States by Ballantine Books, an imprint of The Random House Publishing Group, a division of Random House, Inc., New York, and simultaneously in Canada by Random House of Canada Limited, Toronto. Ballantine and colophon are registered trademarks of Random House, Inc. www.ballantinebooks.com eISBN: 978-0-307-57533-3 v3.1_r3 To my parents—Fred and Mary Trump Acknowledgments I owe special thanks to several people who made it possible for me to complete this book in the face of my other responsibilities. Ivana Trump, my wonderful wife, and my three children were understanding about the many weekends that I spent working on the book. Si Newhouse first came to me and convinced me to do a book despite my initial reluctance. Howard Kaminsky, Peter Osnos, and many others at Random House have been enthusiastic, energetic supporters of the book. Tony Schwartz wishes to thank the many people who gave generously of their time, in particular, Robert Trump, Der Scutt, Nick Ribis, Blanche Sprague, Norman Levine, Harvey Freeman, Tony Gliedman, Al Glasgow, John Barry, and Dan Cooper. For typing, photocopying, copyediting, research, and fact checking, thanks to Ruth Mullen, Gail Olsen, Adina Weinstein, Deborah Immergut, and Nancy Palmer. Without Norma Foerderer, sweet Norma, running interference for me, I never could have gotten the time and access I needed. My agent, Kathy Robbins, is the best at what she does, but also much more: editor, cheerleader, confidante. Ed Kosner, the extraordinary editor of New York, has long been a source of ideas, inspiration and sage counsel. My children, Kate and Emily, are a joy, a challenge, and an inspiration. My wife, Deborah, is the most supportive person I’ve ever known, my first editor, my best friend, and—after ten years still the love of my life. Contents Cover Other Books by This Author Title Page Copyright Dedication Acknowledgments 1. Dealing: A Week in the Life 2. Trump Cards: The Elements of the Deal 3. Growing Up 4. The Cincinnati Kid: Prudence Pays 5. The Move to Manhattan 6. Grand Hotel: Reviving 42nd Street 7. Trump Tower: The Tiffany Location Photo Insert 8. Gaming: The Building on the Boardwalk 9. Wynn-Fall: The Battle for Hilton 10. Low Rent, High Stakes: The Showdown on Central Park South 11. Long Shot: The Spring and Fall of the USFL 12. Ice Capades: Rebuilding Wollman Rink 13. Comeback: A West Side Story