The Plaza was sold to real estate developer Donald Trump in March 1988 following a handshake agreement; the sale was valued at either $390 million or $410 million. After gaining title to the hotel that July, Trump appointed his wife Ivana as the hotel's president.The Trumps subsequently announced a major renovation program, which entailed restoring the lobby and some of the other interior elements. The work also involved gilding many surfaces, replacing carpets, and reupholstering furniture. Trump also decided to shut the Trader Vic's in the basement in 1989, saying it had become "tacky". The hotel made a modest profit for about two years after Trump's purchase, largely from increased occupancy, suite rates, and banquet bookings.According to Maples, the 1993 Long Island Rail Road shooting, on December 7, caused Trump to reevaluate his life and propose to her. The couple married on December 20, 1993, at New York City's Plaza Hotel, in a ceremony reportedly attended by 1,000 guests, including Rosie O'Donnell and O. J. Simpson.Trump had borrowed extensively to purchase the Plaza Hotel, but its operating income was several million dollars below the breakeven point.As a result, the Plaza Hotel's debt ultimately grew to $600 million. Trump eventually sold the controlling stake to Kwek and Al-Waleed in April 1995 at an $83 Million Loss.
