The developer Altus Property Group has abandoned the construction of a skyscraper under the Trump Tower brand on the Gold Coast of Australia. This was reported by The Guardian.
It All Started Beautifully
Gold Coast – a region and city of the same name – is located in Queensland, 70-90 km south of Brisbane. It is a popular tourist destination and one of the most expensive places to rent housing in the country.
On February 26, a little-known local company, Altus, announced that it was starting the construction of the Trump International Hotel & Tower complex here. It was supposed to include a 91-story luxury hotel with 285 rooms, 272 apartments, and 3,400 square meters of commercial space.
The Guardian notes that Altus representative David Young published a photo in February where he shakes hands with Eric Trump – the second son of the 47th President of the United States, Donald Trump, and Vice President of The Trump Organization. Eric Trump, in turn, posted an image of the future skyscraper adorned with his surname on X.
In Search of the Guilty
However, by May 12, Young, who had already been bankrupt twice, announced on his LinkedIn: "The developer is abandoning the plan to build the tower under the Trump brand."
Young stated that the U.S. war in Iran had made the brand "toxic for Australians," which he deemed extremely unfair, as the brand "has nothing to do with the president."
He also claimed that there was no animosity between him and the Trump family, "it’s purely business."
In response, The Trump Organization stated that its licensing partner, Altus, failed to fulfill its part of the deal.
"After months of negotiations and empty promises regarding the alleged $1.5 billion project, Altus Property Group failed to meet the most basic financial obligation that arose after the agreement was signed," the statement said. Young's words were labeled as "an attempt to blame certain global events" and "a ruse."
