March 29, 2007 07:30 AM

Donald Trump is facing the prospect of having his famous coif shaved off – but he’s not afraid, the mogul tells PEOPLE.

“It reminds me of when I was in military academy many years ago – my head was shaved, so I guess I’ll have to do it a second time,” Trump tells PEOPLE. “I think there are a lot of people that would like it very much.”

On Sunday night, Trump will host the WWE’s “Battle of the Billionaires” with World Wrestling Entertainment owner Vince McMahon in Detroit. Each man will have a designated wrestler (Bobby Lashley for Trump and “The Samoan Bulldozer” Umaga for McMahon) fight on his behalf. The loser will have his head shaved in front of a live pay-per-view audience and more than 75,000 wrestling fans.

Still, Trump told the Associated Press the idea of losing his locks did give him pause at first. “When [McMahon] wanted me to be on, I thought about it,” Trump said. “Actually, it was hard because I prefer not having my head shaved.”

Asked what his wife Melania’s reaction would be if Trump loses, he said, “I think she’ll still love me.”

The real estate mogul also says he likes going toe-to-toe with people. “I have feuds with people and I enjoy it,” he said in a phone interview. “I have great friends and great enemies.”

So, which nemesis would he most like to face in the ring? “Rosie O’Donnell,” said Trump. “But she weighs too much.”

Trump makes it clear that he doesn’t plan make nice with The View cohost anytime soon. “There’s nothing I’d less rather do. She started it. I finished it,” he said.

Now, Trump is just looking forward to making the trip to Detroit. “I may come in in wrestling shorts because I have very good legs,” Trump said. “Probably in red. It just seems to be a color that works.”

At the end of the battle, both Trump and McMahon will donate their checks to various charities. The amount, McMahon said, should exceed $5 million.

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