A planned Trump Tower on Australia's Gold Coast has been scrapped, with developer Altus Property Group and the Trump Organization trading accusations over the failed deal. The project, announced in February with much fanfare, was intended to be Australia's tallest building at a cost of $1.5 billion.
Altus founder David Young took to LinkedIn to blame the collapse on the Trump brand becoming 'toxic' to Australians due to the US war in Iran. He claimed the brand had 'nothing to do with the President' and that the negative association was driven by 'pure sensationalism'.
However, the Trump Organization countered that Altus had failed to meet basic financial obligations, describing their promises as 'empty promise, after empty promise'. The statement said the licensing partner was unable to uphold its end of the bargain, and Young's attempts to blame world events were a 'ploy to distract from his own defaults'.
Young, who has been bankrupt twice previously, denied the split was due to unmet obligations, insisting it was a mutual decision. Both parties say they will pursue other tower projects in Australia, though no planning application has been submitted to the Gold Coast City Council.
Mayor Tom Tate, who had previously praised the proposal, noted that without an application, there was nothing for the council to consider. The project's collapse marks a swift end to a deal that was celebrated with a handshake at Mar-a-Lago in February.
