On January 26, Fred Trump provides a line of credit to Donald for $1.5 million, the first of many loans throughout the next seven months. The loans come to a total of $4,695,000.
Fred loans Donald $1.5 million in January, $65,000 in February, $122,000 in March, $150,000 in April, $192,000 in May, $226,000 in June, $2.4 million in July and $40,000 in August.
His contributions to Donald’s wealth around this time don’t end there.
For all the spin about cutting his own path in Manhattan, Donald Trump was increasingly dependent on his father. Weeks after The Times’s profile ran, Fred Trump set up still more trusts for his children, seeding each with today’s equivalent of $4.3 million. Even into the early 1980s, when he was already proclaiming himself one of America’s richest men, Donald Trump remained on his father’s payroll, drawing an annual salary of $260,000 in today’s dollars… It was as if Donald Trump had his own Money Store.
The New York Times
External Sources
Photo: Unknown, obtained from vintag.es