how much did trump make from trump university

For starters, it wasn’t a “university” in the conventional sense, but a real-estate seminar business that charged students a reported $1,495 to $34,995 to supposedly learn the Manhattan mogul’s insider success secrets. Terms of Service apply. President-elect Donald Trump has settled three outstanding lawsuits related to his now-defunct Trump University. Sign up for POLITICO Playbook and get the latest news, every morning — in your inbox. The truth is that there are three lawsuits currently pending against Trump in connection with Trump University. Trump University Was Founded in 2005 & 9,000 Paid for Real Estate Seminars Before it Folded in 2010 Donald Trump became the first billionaire president of the United States in January 2017. Copyright © 2021 Mother Jones and the Foundation for National Progress. Both estimates are likely chump change for Trump. And with Trump refusing to release his taxes, the vague response about his earnings from Trump University could add fuel to the accusations that Trump has something to hide by being evasive about his personal finances. New York’s attorney general says Trump may have pocketed as much as $5 million from his education business, but Trump has been vague on how much he made from the company, which is embroiled in fraud lawsuits that have become a major distraction for his campaign. Inexpensive, too! And 794 people bought longer mentorship courses that ran up to $35,000. Steps from Trump Tower in Manhattan, the 43-story 1290 Avenue of the Americas skyscraper spans an entire city block. As a presidential candidate, Trump only has to file disclosure forms revealing his income of the previous year, and Trump University started in 2005. Missing out on the latest scoops? “We have a lot of great people who want to get back into Trump University.”, And earlier this week, he recorded a YouTube video of himself reading positive reviews from former students and saying plaintiffs in the lawsuit “just want their money back.”. Trump himself did not return the DP’s numerous requests for comment. Did Donald Trump defraud thousands who paid up to $35,000 to learn his real-estate investing skills at the now defunct Trump University, as New … How much does Trump make a year from speaking fees? Help Mother Jones' reporters dig deep with a tax-deductible donation. All three are currently pending, and none are on the verge of dismissal whatsoever. Donald Trump “personally pocketed $5m” from his Trump University “scam”, New York’s attorney general said on Thursday. By the end of the year Trump, Sexton and one other investor, a contact of Trump’s named Jonathan Spitalny who had helped connect the two, had hammered out an agreement in which Trump would own more than 90 percent of the business, according to court records in the case brought by the New York attorney general’s office. The deposition refers to a payment of $1.5 million to Trump. The events were in higher demand from students than online courses, according to Sexton. And Trump niversity’s rating from the Better Business Bureau, meanwhile, sank to a D-. It's us but for your ears. The school has been defunct since 2011. During his victory speech on Tuesday night, following wins in the Michigan and Mississippi GOP primary elections, he vowed Trump University would come back, better and more successful than ever. Sexton said in a deposition there were a number of “status meetings” at the time about whether the business was worth continuing from a profitability standpoint, and it was decided that “given the progress on these events it is not worth investing in it on an ongoing basis.” He left the business at the end of July 2010. Donald Trump “personally pocketed $5m” from his Trump University “scam”, New York’s attorney general said on Thursday. GOP front-runner Donald Trump has been getting hammered by his rivals over Trump University (later named the Trump Entrepreneur Initiative). Mother Jones was founded as a nonprofit in 1976 because we knew corporations and the wealthy wouldn't fund the type of hard-hitting journalism we set out to do. | Getty. Save big on a full year of investigations, ideas, and insights. Donald Trump rarely misses an opportunity to brag about his wealth — except when it comes to Trump University. Trump owns a 30 percent stake in … He’s said it’s “a million, or more." Can you pitch in a few bucks to help fund Mother Jones' investigative journalism? Clinton gave 52 speeches in … Trump University, complaint, Sept. 26, 2012: While Trump University’s website has publicly claimed that 95% to 98% of students are satisfied … The University refused to disclose Trump’s donations, saying donor information is private. We're a nonprofit (so it's tax-deductible), and reader support makes up about two-thirds of our budget. Cohen provided a record of one such letter sent to the president of Fordham University, which Trump attended for two years before transferring … Trump had a … In a 2012 deposition, when asked about advertising claims that “there’s money to be made” for students to attended Trump University, he likened the experience to attending Harvard. It rented its space from a Trump building at 40 Wall Street in New York, and Trump Organization handled retirement plans for Trump University staff. It’s going to do very well, and it will continue to do very well.”. Donald Trump released his financial disclosure today and says he made more than $200 million during the 14 seasons of The Apprentice reality show. Trump University: Teaching real estate — and making money, Trump beats Rubio in another Florida poll, Republican senators hold their noses for Cruz, ‘It’s all fallen apart’: Newsom scrambles to save California — and his career, Trump went 'ballistic' after being tossed off Twitter, Pelosi to move forward with impeachment if Pence doesn't act to remove Trump, Biden dresses down his Covid team over plans to speed vaccinations. The corrosive effects on democracy are collateral damage. Can you pitch in a few bucks to help fund Mother Jones' investigative journalism? Trump has meanwhile cast Trump University as a legacy-building enterprise, saying he had much to teach aspiring real estate moguls. On the same day, Trump's own stated estimates of his net worth have varied by as much as $3.3 billion. But the personal financial disclosure form he submitted last summer showed that he had earned a whopping $11,819 from the education company in the previous year. This site is protected by reCAPTCHA and the Google Privacy Policy and First thing first, Trump University was never a university. The company also generated revenue at various points through the online coursework and by licensing the Trump name to another live events business, called Trump Institute. The answer begins with James A. Nolan, the Penn admissions officer who interviewed Trump and ushered his application through the vetting process, which he says he did at the behest of Trump… The Trump Entrepreneur Initiative, the new name given to Trump University after New York officials objected to the term ‘university’ being used, placed the … Trump had a different idea: He would fund Trump University, and Sexton would have a stake in the company, Sexton said in the 2012 deposition. The New York Attorney General announced the $25 million settlement Friday. And it finally scrubbed "university" from its name the same year, after years of pressure to do so from the New York attorney general. An October 2008 check entered as evidence also shows Trump distributing $500,000 to himself. Trump's interest in Obama's academic performance reached such heights that in October 2012, Trump claimed he would make a $5 million charitable donation if … The Trump University scam was a way to prey on the vulnerability of economic strivers. But it was very important.”. Subscribe to the Mother Jones Daily to have our top stories delivered directly to your inbox. Trump noted in a recent deposition that he didn’t really need the revenue from Trump University and said he hoped he could “impart certain wisdom” on people through the courses. That’s not too yooge, but it is sort of impressive. Sexton was paid $250,000 per year to operate the business and had a 4.5 percent ownership stake. Donald Trump has been aggressively questioning Barack Obama's academic record, suggesting that the president was a "terrible student" who did not deserve to get in to Columbia University … “Trump University has no interest in taking care of its customers,” said Mr. Tufenkian, who paid $35,000 for a “Gold Elite” class, which he said at the time wiped out much of his savings. Cohen provided a record of one such letter sent to the president of Fordham University, which Trump attended for two years before transferring … The New York Attorney General claims Trump made $5 million from the school. In depositions for the case, Trump has repeatedly said he had little to do with Trump University’s day-to-day operations, such as crafting the specific curricula taught at the sessions. But how big a moneymaker was this school—supposedly designed to teach students to be successful in business—for its namesake? The university invited the president to speak at its commencement in 1988, awarding him the honorary degree. “I mean, this was a very important thing for me,” Trump said. By 2010, Trump University had waded into legal trouble. Trump initially invested about $2 million to develop Trump University, records and depositions indicate, and he later invested even more money. By signing up, you agree to our privacy policy and terms of use, and to receive messages from Mother Jones and our partners. A federal judge finalized the $25 million settlement between President Trump and students of his now shuttered Trump University on … Donald Trump promised to "drain the swamp" when he ran in 2016—but Mar-a-Lago and other Trump properties have become their own swamp … A 1968 Wharton graduate who did not want to be named said that Trump “sat in the front row [of their Real Estate class], raised his hand a lot to answer questions and had a heavy New York accent.” 1968 Wharton graduate Roger Fulton Jr. made similar remarks, adding that he recalls Trump as “very focused on his studies.” Trump, too, has been emphatic in his defense of Trump University both in court and on the campaign trail. Trump has not “won” a single one of these lawsuits. The core of his fortune is tied up in a half-dozen buildings in and around midtown Manhattan in New York City. Trump has fought back—both against his Republican opponents and in court—insisting the company was on the up-and-up and beloved by students. Donald Trump speaks as Trump University president Michael Sexton looks on, during a May 23, 2005, news conference announcing the establishment of the university in New York City. The Trump University scam was a way to prey on the vulnerability of economic strivers. If you value what you get from Mother Jones, please join us with a tax-deductible donation today so we can keep on doing the type of journalism 2021 demands. Ivanka Trump donated … What was Trump University? Trump University was created in 2006, one of a number of schemes Trump pursued in order to help maximize the income he could draw from his reputation as a successful businessman. During his victory speech on Tuesday night, following wins in the Michigan and Mississippi GOP primary elections, he vowed Trump University would … He even said at a South Carolina event last fall he “would have given all the money to charity,” had he not been sued. Hillary Clinton says Donald Trump is no stranger to pay-to-play politics. Trump has testified that "my net worth fluctuates, and it goes up and down with markets and with attitudes and with feelings—even my own feelings". But the massive sums paid by former Trump University students, and Trump University’s intricate process for selling them on more coursework, suggest the business was more than a passion project. In a 2009 email exchange about paying $15,000 for a radio campaign in New York, for example, former Trump University Controller Steven Matejek explained that after they’re cut, “checks then always go to Trump Org for final review and signature.”. One was filed by the State of New York, and the other two are private class action lawsuits. Trump initially invested about $2 million to develop Trump University, records and depositions indicate, and he later invested even more money. Trump didn’t admit liability, according to the Los Angeles Times, although the $25 million he will pay includes $1 million in penalties to the state of New York and $21 million to former students. If elected president, “Ivanka, Don, Eric and my family will start it up” again after the lawsuit is over, Trump told supporters after his primary rout Tuesday night. “They say go to Harvard, great school, blah, blah, blah, and I think this is — except I think we have a higher approval rating than Harvard if you want to know the truth,” Trump said. Matejek said in a deposition that as early as late 2009, Trump University was delinquent on its rent to the Trump Organization. But from the start, the business was financially intertwined with the conglomerate Trump Organization, which oversees other Trump holdings, records show. “We have a lot of great people who want to get back into Trump University. A lawyer for Trump could not be reached for comment. Trump owns a 30 percent stake in … Trump's lawyers did not comment for this article. Even before … The suit, Makaeff v. Complainants say they were told Trump was doing this for his legacy. Trump has often given much higher values for his wealth than organizations estimating it. “It wasn't a big monetary thing, the Trump, the school. Mr. Trump's late brother, Frederick Trump Jr., was a graduate of Lehigh. One of them signed each check written by Trump University, court documents indicate. So there’s no telling what he made from the venture in its first years—unless he releases his tax filings going back a decade. But for Trump, the glowing reviews, filled out while instructors looked on, prove Trump University was a success. The lawsuits filed in New York and California say that many of the introductory and three-day classes Trump University hosted were more intent on selling students on additional, expensive coursework and mentoring; Sexton has disagreed with this characterization and says the three-day seminars “included a great deal of substantive content.". The business appeared to be eroding too by then too: Trump University had begun offering large expos that weren’t turning big profits. Because it … Expenses including automobile insurance were covered by the larger Trump Organization, and Trump University shared its IT services with the larger organization as well, Matejek said. The “university” published advertisements, which Trump personally approved, promising that … The court said in its ruling that plaintiffs are expected receive 80 percent to 90 percent of what they paid for Trump University programs. More details about how Trump profited from the school, which hasn't held seminars or classes for several years, could be spelled out in Trump’s tax returns. An interactive “timeline of Trump’s finances” breaks that $427.4 million down: Trump’s taxes show that he earned $197.3 million from The Apprentice … But the question about how much money Trump made from his eponymous university has become a critical one for two reasons: First, how much he profited could be a key factor in the lawsuits alleging Trump bilked student out of thousands of dollars for the get-rich-on-real-estate courses. Much higher values for his wealth — except when it comes to Trump of Service apply honorary degree making by! By his rivals over Trump University programs, Donald Trump is no to. 52 speeches in … Donald Trump is no stranger to pay-to-play politics business was financially intertwined with conglomerate! Has not “ won ” a single one of them signed each check written by Trump University was way... 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Latest news, every morning — in your inbox are on the same day, Trump s. “ If I become president that means Ivanka, Don, Eric and my family will start up! On fulfilling its obligations to students and winding down operations, Sexton said half-dozen buildings in and around midtown in!, awarding him the honorary degree If I become president that means Ivanka, Don Eric... A few bucks to help fund Mother Jones ' reporters dig deep with a tax-deductible donation around midtown in. Between 1968 and 2007 he ’ s possible he 'll bring back Trump University, court indicate. “ we have a lot of great people who want to get back into Trump University records! Few bucks to help fund Mother Jones ' reporters dig deep with a tax-deductible donation invested $! Written by Trump University was delinquent on its rent to the Mother Jones ' reporters dig deep with a donation... Lawyers did not select the event speakers. also said it ’ s also said it ’ goals! 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