Real estate magnate Donald Trump is set to open a new production company in Los Angeles to be run by one of his former "Apprentice" contestants.

The unnamed company represents Trump's first active attempt at project development in Hollywood, and will be overseen by Andy Litinsky, Daily Variety reported.

Litinsky, who holds a degree from Harvard University, was fired on the second season of "The Apprentice" but hired by Trump over two years ago.

"There are so many things being thrown at me, a lot of them based in LA, I just thought it would be appropriate," Trump said regarding his newest business venture. "It's a business I like."

Variety said the company's likely first project will be a reality TV version of the board game Monopoly which Trump and producer R.J. Cutler have been developing.