In 1991, Donald J. Trump was a mid-tier real estate developer with $900 million in debt, a collapsing casino business, and a name perhaps best known for a headline-dominating split with his wife Ivana. With his empire at risk of falling apart, Trump was searching for cash everywhere; his father even illegally bought $3.35 million worth of casino chips and never gambled them, to help Trump make a massive bond payment a year earlier.
Jeff Bezos outlines his methods for “high-velocity decision-making:"
A helpful burst of cash from a Saudi prince eased some tension with his creditors. Alwaleed bin Talal bought Trump’s yacht for somewhere between $18 million and $20 million (reports vary). It wasn’t a great bit of business for Trump—he had bought it from the Sultan of Brunei three years earlier for a reported $29 million.
In 1995, Trump was still in deep trouble—and Alwaleed swooped in again. The prince, who calls himself the “Warren Buffett of Saudi Arabia,” took over Trump’s 51% stake in his beloved New York Plaza hotel. As a result, Trump’s creditors forgave $125 million of his debt.
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