Australia: $1.5bn Trump Tower Dropped Amid Toxicity Fears

By Staff, Agencies

A deal to bring a Trump Tower to Australia’s Gold Coast, sealed with smiles at Mar-a-Lago on Valentine’s Day, has collapsed in under three months.

The developer cited the Trump brand as "too toxic", while the Trump Organization accused its local partner of delivering nothing but "empty promises".

In February, David Young shook hands with Eric Trump, praising the brand and promising Australia’s tallest tower and premier resort. Eric Trump posted a $1.5bn rendering, calling it a "great honor" and naming it Trump International Hotel & Tower Gold Coast.

David Young blamed the Iran war for the Trump brand being "toxic", calling the tower collapse business, while Altus said his past bankruptcies were unrelated and subcontractors were paid.

The Trump Organization said Altus failed to meet financial obligations on the $1.5bn tower and dismissed Young’s claims about world events as a “ploy” to cover his defaults.

Young denied this, citing the war on Iran, and both sides insisted the project would continue.

Altus still lists the tower, but Gold Coast mayor Tom Tate confirmed no application had been submitted. Planning expert Paul Burton said such projects often fail over funding or approvals, making the Trump Tower collapse "very predictable".