"Maybe she wanted to put the crown back on Miss USA's head," the real-estate mogul said of the openly gay O'Donnell, who has four children with partner Kelli Carpenter O'Donnell. "I think she's very attracted to Miss USA so she probably wanted to put the crown on her head herself."
Insult No. 2: "She is a very, very unattractive woman who really is a bully."
Insult No. 3: "Ultimately, Rosie is a loser, and ultimately ["The View"] will fail because of Rosie.... Barbara [Walters] made a mistake and let me tell you something, Barbara's a good friend of mine. She cannot stand Rosie O'Donnell."
It all started when O'Donnell, co-host of the ABC talk show "The View," blasted Trump on Wednesday's installment.
She said Trump's news conference with Conner, whose title was in jeopardy because of underage drinking, had annoyed her "on a multitude of levels" and that the twice-divorced Trump had no right to be a "moral compass" for the beauty queen.
"He inherited a lot of money," she said. "Wait a minute, and he's been bankrupt so many times where he didn't have to pay.... I just think that this man is sort of like one of those, you know, snake oil salesmen in 'Little House on the Prairie.' "
Trump fired back later Wednesday in a TV interview, calling O'Donnell a "slob," among other insults. "I never went bankrupt, but she said I went bankrupt. So probably I'll sue her because it would be fun."
An amused O'Donnell talked about Trump's comments with her co-hosts on Thursday's edition of "The View." "Wasn't that a fun night of viewing? ... Look who's here today: Kelli. I was afraid to leave her home in case somebody with a comb-over came and stole her from me."
Walters, who created the "The View," and executive producer Bill Geddie are standing by O'Donnell -- and Trump.
"Both Rosie and Donald are high-spirited, opinionated people. Donald has been a friend of 'The View' for many years and Rosie, of course, is our enormously popular moderator. We cherish them both and hope the new year brings calm and peace," they said in a statement.
Trump, who with NBC owns the Miss Universe Organization, which includes Miss USA and Miss Teen USA, said Tuesday that he would allow Conner to keep her title if she settled down and entered alcohol rehab.