Famous for being a Real Estate Developer, Fred Trump is also the father of the 45th President of America, Donald Trump. From an early age, the late Fred Trump had a money-minded line of thinking, and that is how he began to create a great fortune for himself and his family. This piece highlights the net worth of Fred Trump in 2020.
Early Life & Biography
Frederick Christ Trump was welcomed into the world by parents Frederick Trump and Elizabeth Christ Trump on October 11, 1905. He was born in The Bronx of New York City. A short while after his birth the family moved to Woodhaven, Queens. His father succumbed to the 1918 flu pandemic and passed away while Fred was only 12 years old.
He pursued his high school studies at Richmond Hill High School, Queens.
Frederick Trump exchanged vows with Mary Anne MacLeod in January 1936. The couple lived together in Jamaica, Queens and were graced with five children.
Fred had Alzheimer’s during the last six years of his life. He became sickly in 1999 due to pneumonia and was an inpatient at Long Island Jewish Medical Center. Frederick Trump Jr. lost his life in 1999 on 25th June at the age of 63. Other reports have said the cause of his death was alcoholism-related complications.
Career, Awards & Nominations
Fred took classes in reading blueprints which led him to be a carpenter. After his father’s passing, he started a house construction company and had before that completed his first house shortly after his graduation. Since he was still underage, he joined forces with his mother who formed Trump & Son. She headed it in an official capacity until Frederick was 21 years. By 1926, Fred had made a remarkable portfolio, already has built 20 homes in Queens.
In the course of World War 2, Fred took this opportunity to build barracks and garden apartments for the personnel of the U.S Navy. After the war was over, he stretched even further and ventured into construction of middle-income housing for the families of the returning war heroes. His company had grown popular by this time and in 1968, his son, Donald Trump, joined Trump Management Company and quickly climbed the ladder to becoming the company’s President in 1971. Donald Trump renamed the company The Trump Organization in 1980.
Fred had some legal issues in his career life. He was under investigation for wartime profiteering from public contracts. The investigations went further, and he was called to appear before an alleged US Committee. He took a self-justifying stand during the proceedings and argued that he used his government contacts to access government programs was within legal boundaries and that all the committee was doing was ruining his reputation. His company had also faced accusations of racism and discrimination against African-American people. A case was filed against the company in 1973, and in 1975 a consent decree was signed.
All in all, Fred had an outstanding amount of success in his career. He despised the idea of ever borrowing money and was known to be naturally frugal although he was wealthy.
Net Worth & Earnings
Fred is considered to have been one of the most sought-after names in the real estate industry. His net worth was estimated at $250-$300 million by the time of his death. His source of wealth was his career in real estate and also the success of his company.
Frederick Trump was an ambitious and hardworking man who from a very young age seemed to have his goals in life set and clear. He put the Trump name at the top and left behind a legacy that lives to be remembered.