Plans for a AU$1.5bn ($1.1bn; £802m) Trump Tower in Queensland have been scrapped, with an Australian developer citing the 'toxic' Trump brand and the Iran war as reasons for the project's demise. The 91-story luxury hotel on the Gold Coast was supposed to be Australia's tallest building at 335 metres (1,100 ft) - taller than the Shard in London, but apparently shorter than the political baggage attached to the name.
David Young, chief executive of Altus Property Group, said: 'Let's just say that with the Iran war and everything else, the Trump brand was increasingly toxic in Australia.' Altus insists the project will continue under other luxury brands - because nothing says 'prestige' like swapping out the name that inspired 120,000 people to sign a petition against you.
The Trump Organization, however, claims Altus failed to meet financial obligations, with director Kimberly Benza stating that Altus 'was unable to meet the most basic financial obligation due upon the execution of the agreement.' She called Young's blame on world events 'a mere ploy to distract from his own defaults and failures.' The organization added it looks forward to bringing a Trump property to Australia soon - presumably one that doesn't require meeting any pesky obligations.
Gold Coast Mayor Tom Tate noted the council never received a development application, blaming the collapse on profit-margin disagreements: 'The Trump Organization wants a lot more for their brand on the funding side of things.' When the project was announced in February, Eric Trump boasted about bringing 'the prestige and allure of a world-class luxury brand' to Australia - a brand that somehow attracted 120,000 petition signatures against it and only 3,600 in support. Construction was due to start in August, with 285 hotel rooms, 272 luxury apartments, shops, restaurants, and an exclusive beach club. Now it seems the only thing exclusive about this project is its ability to vanish faster than a Trump Organization financial obligation.