A plan to build a Trump Tower at Surfers Paradise has been scrapped less than three months after the deal was announced. The Trump Organization removed the project from its website, and the developer described the brand as 'toxic'.
The 91-storey, $1.5 billion luxury resort was proposed in late February by Eric Trump, US President Donald Trump's second son. However, Altus Property Group CEO David Young said the Trump Organization pulled out, citing the Iran war and the brand's toxicity in Australia.
A Trump Organization spokesperson stated that Altus failed to meet basic financial obligations after months of negotiations and empty promises. The spokesperson added that the company looks forward to exploring other potential projects in Australia.
Gold Coast Mayor Tom Tate attributed the collapse to financial disagreements, noting that the Trump Organization sought a higher return on its brand than the developer was willing to provide. Industry sources indicated that some investors were wary of the risk associated with a luxury hotel on the Gold Coast.
The site at Surfers Paradise already has council approval for an 89-storey tower and has been vacant for over a decade. The proposal divided the city, with petitions against the tower garnering over 120,000 signatures, while a support petition received about 3,500 signatures.
