$ 325
May 27, 201965L
ate in the summer of 1994,
Abraham Wallach, Trump’s
original fixer, was deter-
mined to save his boss’s favor-
ite property. The Plaza had declared
bankruptcy, and its creditors were anx-
ious to sell the hotel to recoup at least
some of their original investment. It
was a race to the finish. If Citibank and
the other lenders found a buyer for the
Plaza, Trump would lose the property.
But if Trump could identify a buyer
first, he might convince that person to
let him continue managing the hotel
or, perhaps, give him the go-ahead
to complete his project to transform
the Plaza’s top floors into penthouse
apartments. Wallach was resolute that
Trump would triumph.
Wallach’s most promising lead was
Sun Hung Kai & Co., one of Hong Kong’s
largest property investment companies.
It was run by the three Kwok brothers,
who were among the richest families
in all of Asia. Walter Kwok, the eldest
brother, was sufficiently intrigued at
the prospect of purchasing the Plaza to
come for a visit. With his wife, Wendy,
and their children in tow, the family
was put up in the lavish presiden-
tial suite. Over the course of several
days, Wallach and Trump wooed the
Kwoks, Wallach accompanying Wendy
on shopping sprees, while Trump took
Walter on golf outings.
One morning, Wallach arrived to pick
up the Kwoks for a day of sightseeing.
He nodded to the private security guard
who had been hired by the family to
stand sentry outside the suite’s entrance,
and then knocked on the door. There
was no answer, so the security guard
also knocked. When there was still no
answer, the guard called on his walkie-
talkie to another guard stationedThe value of the Plaza when
Trump sold it, $83 million
less than what he paidFROM LEFT: THE LIFE PICTURE COLLECTION/GETTY IMAGES; HENNY RAY ABRAMS/AFP/GETTY IMAGESThe hotel in 1995