How Donald Trump’s Dad Made Him a Landlord at 3 | NYT News
How Donald Trump’s Dad Made Him a Landlord at 3 | NYT News Ground lease on a building in the land under it are owned by separate parties. The building on releases, the land typically for 99 years in the 1940s Fred Trump bought the land where he would build the Beach Haven Apartments at sprawling lakes near Coney Island in Brooklyn. He gave the land to a trust, the beneficiaries of the trust where his five children, Fred Trump been signed. Ground leases with the trust. In effect, he made his children in the landlords. Donald Trump was 3 years old at the time, but Lisa’s committed to Beach Haven Apartments to pay $ 60,600 every year to Fred Trump’s children. For the next 99 years, the maneuver created a steady stream of income for the children for their entire lives. Fred Trump later set up similar ground leases at the nearby Shorehaven Apartments. Police’S continued until the properties were sold 55 years later pain, Donald Trump, the equivalent. Today of more than 4.8 million By the age of 3, Donald Trump was a landlord, earning $200,000 a year in today’s dollars from his father’s empire. He was a millionaire by age 8. Here’s how Fred Trump’s maneuver created a steady stream of income for Donald Trump and his siblings.
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