Trump’s claims to be self-made billionaire are cast into doubt

DONALD TRUMP’S image as a selfmade billionaire was challenged last night after The New York Times claimed he received $413million (£318million) from his father’s property empire.

The US president was receiving $200,000 from his father’s various business interests by the age of three and was a millionaire by the age of eight, according to the paper. It also alleged that Mr Trump participated in “dubious” tax schemes in the Nineties including some that were fraudulent.

It said he helped his parents “dodge” taxes and undervalue property which reduced the tax bill. The Trumps reportedly paid just $52.2million in tax on wealth of more than $1billion which was transferred to their children.

Charles Harder, a lawyer for Mr Trump, rejected the reports, saying: “The New York Times’s allegations of fraud and tax evasion are 100 per cent false, and highly defamatory.

“There was no fraud or tax evasion by anyone. The facts upon which The Times bases its false allegations are extremely inaccurate.”

The paper’s 14,000-word investigation provides one of the most detailed accounts of what happened to the fortune of Fred Trump, the father of the president and a New York City builder.

The $413million figure cited by the paper for how much Mr Trump benefited overall is valued in today’s dollars.

The report was based on interviews with Fred Trump’s former employees and advisers, more than 100,000 pages of public documents such as mortgages and financial disclosure reports, and tens of thousands of pages of confidential records. Mr Trump’s image has been as a largely self-made billionaire who received limited financial help.

The claims also raised new questions about why Mr Trump has refused to publish his income tax returns.

Mr Trump has previously said his father was in charge of a “tiny” operation in New York’s outer boroughs and that he was helped with a single $1million loan from his father, according to the article. However, The New York Times said Mr Trump part-owned a 52-unit apartment building by the age of 17.

The paper reported that in May 2004, Mr Trump received $177.3 million – or $236.2million in today’s dollars – when his father’s business empire was sold off a few years after his death.

The White House has been approached for comment.