While the president has yet to pay tribute on Twitter, details of a meeting between the two back in the 80s have emerged.
At the time, the Sheffield-born entrepreneur was riding high with his London nightclub Stringfellows, while Trump was already a multi-millionaire business mogul.
And the Stringfellows website reveals details of the time the pair rubbed shoulders - at a party thrown by Hollywood movie star Gene Hackman.
Writing shortly after his inauguration as president in 2017, Stringfellow wrote: "Yes – I have met Donald Trump – back in the 80s.
"Gene Hackman threw a party at my club in New York, and Donald was a guest.
"So what do I think about Trump?
"It is possible he could turn out to the be one the best presidents that America has ever seen… or one of the worst! As they say time will tell."
The 77-year-old, whose death was announced this morning, met a host of big name stars during his career including The Beatles and Jimi Hendrix as well as a galaxy of Hollywood film stars.