JOIN USDid you know that US President Donald Trump owned a Taj Mahal for 26 years?
When you hear the name Taj Mahal, what are you reminded of? Surely a giant white mausoleum, standing proudly with all its beauty and magnificence on the banks of Yamuna. One of the seven wonders of the world, it was built by the Mughal emperor Shah Jahan, and it took 20 years to create the tomb that stands as a symbol of the love Shah Jahan had for his wife Mumtaz Mahal.
Hundreds of years later, another Taj Mahal would come into existence in Atlantic City, New Jersey in the United States. And it would be a casino owned by none other than the current US President Donald Trump.
Its construction was started in 1983 by the Resorts International, and they initially intended to name it United States Hotel. But after the death of Resorts International's head James Crosby in 1986, the company became a takeover target and Donald Trump purchased a majority stake in the company in 1987 and became the chairman of Resorts International.
But unlike the original Taj Mahal, this one encountered a financial problem. The required budget skyrocketed to $930 million, and the company struggled to find the financing. In 1988, Trump made an offer to buy all outstanding stock for $22 a share, expressing his desire to personally finance the construction only if he completely owned the company. Television producer Merv Griffin also offered to buy the company, and a takeover battle that concluded with a settlement in November 1988, with Griffin purchasing the company, and Trump purchasing the Taj Mahal from the company for $273 million.
Finally, after all the hurdles and hullaballoo, the casino opened on April 2, 1990. With 120,000 square feet of gaming space, the casino was a hallmark of pomp and grandeur and was visited by the likes of Michael Jackson and Elton John during its opening ceremony that was held three days later. Well, Donald Trump even called the casino as the "eighth wonder of the world".
But life is not a bed of roses. In 2009, Donald Trump and his daughter Ivanka Trump resigned from the board citing the poor financial performance of the casino and a few days later, the property reported bankruptcy. The court accepted the proposal of Trump and other debt holders of letting the casino use Trump's brand, and reorganise the structure of the company with the debts still in place.
But it was a bit complicated. The casino spent truckloads of money on Trump products and all those money went to Trump universe through third-party vendors. And all those spendings were bound to have an impact, and the casino went into bankruptcy a few years later.
In 2016, the Trump Taj Mahal Hotel and Casino was shut down after the casino workers went on strike. In the same year, Icahn Enterprises purchased Trump Entertainment Resorts. They spent $100 million trying to revive the property, before finally giving up and in 2017, the company sold the casino to the owners of Hard Rock Cafe for $50 million - which represented a recuperation of just four cents on the dollar. It was officially reopened as the Hard Rock Hotel and Casino Atlantic City.
The age-old Taj Mahal though is still there at the heart of the 'once the capital of the Mughal Empire', Agra, unblemished, unsullied of any controversy and bankruptcy. Donald Trump, along with US First Lady Melania Trump, is scheduled to visit the Taj Mahal on February 24, as she has expressed her wish to see it during sunset. Standing in front of the tomb that will be draped in the red hue of setting sun, is Trump going to be nostalgic? Will he remember his very own Taj Mahal that he owned for 26 years?
Shah Jahan and Donald Trump -- Two people, who became the administrative heads of their respective countries. Divided by centuries, countries, race and religion; united by their love for 'Taj Mahal'.
Standing in front of the tomb that will be draped in the red hue of setting sun, is Trump going to be nostalgic? Will he remember his very own Taj Mahal that he owned for 26 years?