The Donald indeed does own his own private Being 727-200. It is black with gold accents and says "Trump" in small letters near the front. The Trump Shuttle 727-200s were white with a red cheat-line and a large red "T" on the tail.
When Trump went bust, his creditors reposesed the airline and renamed it Shuttle Inc. Shuttle eventually agreed to fly as US Airways Shuttle untill 1999 when US Airways bought Shuttle from The Donald's creditor banks. As mentioed US Airways quickly began retiring the 727s and replaced them with DC-9s untill the new A320 and A319s complete the fleet.
Incidentally, as times are good now, The Donald, last I heard, had acquired a new Boeing Business Jet (BBJ) which I assumed would replace the 727.