From the last annual report in April 2010 it shows:
Donald Trump 3,625,000 6.68 %
Mr. Trump was paid these shares as compensation for granting us the rights to publish the Trump Magazine which agreement was terminated on August 31, 2007.
So it would appear he owns because he was paid those shares. It also says:
Termination of Trump Licensing Agreement
Sobe was the publisher of the “Trump Magazine,” of which it ceased publication following the winter edition. On August 31, 2007 Trump World Publications, LLC and Mr. Donald Trump (“Trump”) terminated their publishing and licensee agreements with Sobe. On the date of termination, Sobe owed Trump $270,000 of unpaid license fees.