According to the damaging report The New York Times published in October 2018, the initial loan that Donald Trump received from his father, Fred Trump, was at least $60.7 million, which would have been around $140 million in 2018. In addition to the sizable loan, the Times claimed that Donald was making an astronomical salary when he was only 3 years old, to the tune of $200,000 in modern dollars. By the time the “Art of the Deal” author was in college, that salary had skyrocketed to around $1 million per year.
A couple of years earlier, in 2016, Newsweek published a piece that divulged how much Donald actually received from his father in the early stages of his career. Donald had spent $38 million on a line of credit set up by his dad in 1978. By 1980, Fred bailed his son out of financial ruin by sending him loans that totaled $7.5 million. In addition to that money, Donald was given a loan of over $976,000 by the Trump Village Construction Corporation. Perhaps that was the amount Donald referenced when mentioning the “small” million-dollar loan his dad had given him.
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As reported by Newsweek, those loans could be paid back by Donald at his own convenience, and despite his earlier claims, no interest was running on them. Once again, in the ’90s, Fred bailed his son out of financial trouble to help save Donald’s casino.
