Business magnate Donald Trump (born 1946) was the son of a wealthy New York City realtor, Fred Trump. Fred saw to it that his son attended the best private schools, sending him to the New York Military Academy where he won academic awards as well as letters in three sports. An Ivy Leaguer from the University of Pennsylvania, Donald joined his father's firm, the Trump Organization, after graduation. While still in college, Donald closed a deal in Cincinnati in which his father's company made $6 million in profit. Trump believed that Manhattan properties offered great new economic opportunities, and he began buying up sites in the 1970s such as the Penn Central yards and the Commodore Hotel, which became the Grand Hyatt. His Taj Mahal Casino and Trump Plaza Hotel nearly bankrupted him by 1992, and his personal and business debts reached $4.4 billion. Trump Entertainment Resorts went bankrupt in 2009, but Trump still maintains a personal worth of about $3 billion. His personal residence at the top of the Trump Tower is valued at $50 million--one of the most expensive apartments in New York City.