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.

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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.