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WHEN THE MARKET FLIES HIGH, SO DOES HE. HIS ALTERATION of the New York skyline shows a self-confidence unseen since the days of Robert Moses. He has a social life to match, a parade of va-va-va-voom and celebrity that makes mere mortals envious and makes gossip columnists start scribbling.
Donald Trump went so far as to launch a run for the presidency of the United States, knowing he would win even if he lost. It's all high-energy food for the "Trump Factor," a phenomenon that brings him a 79% premium on every square foot of condominium he sells, according to real estate agency The Corcoran Group.
But when the market tanks, so does he. He became a symbol of the excesses of the 1980s, saddled with so much debt he looked like Superman buried under a pile of Kryptonite. Strolling the city in 1990 with his then-paramour, Marla Maples, he pointed to a beggar and said, "Right now, he's worth $900 million more than me. Right now, I'm worth minus $900 million."
Somehow, Mr. Trump made it through. He gave up his yacht and his airline and took his casino company public in 1995, raising $140 minion to gain some breathing room. The New York real estate market was turning his way again, and he got right back into the game. Only this time, he found partners willing to put up more of the cash in exchange for using the Trump brand...