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Gold Coast luxury tower deal abandoned
A planned A$1.5 billion ($1.1 billion) Trump Tower on Australia's Gold Coast has been scrapped just three months after its announcement, with the developer citing the former U.S. president's "toxic" brand and geopolitical tensions as key factors.
Project details and initial ambitions
The 91-storey skyscraper, slated to be Australia's tallest building at 335 metres (1,100 feet), was intended to surpass London's Shard in height. The development was to include 285 hotel rooms, 272 luxury apartments, retail spaces, restaurants, and an exclusive beach club. Construction was scheduled to begin in August 2026.
Developer and Trump Organization trade blame
Altus Property Group, the Australian developer behind the project, confirmed the split but insisted the venture would proceed with alternative luxury brands. Chief Executive David Young attributed the decision to the "toxic" perception of the Trump brand in Australia, exacerbated by the conflict in Iran.
"Let's just say that with the Iran war and everything else, the Trump brand was increasingly toxic in Australia. Some time ago we knew it was time to part company. It was not about not meeting obligations. There are other luxury brand options for us. The project is live."
David Young, CEO, Altus Property Group
The Trump Organization countered these claims, stating that Altus had failed to meet "the most basic financial obligations" required under the agreement. Kimberly Benza, director of executive operations, dismissed Young's reasoning as a distraction from the developer's alleged defaults.
"After months of negotiations and empty promise after empty promise on a supposed $1.5 billion project, Altus Property Group was unable to meet the most basic financial obligation due upon the execution of the agreement. Mr Young's attempt to blame certain world events for our termination of the agreement is merely a ploy to distract from his own defaults and failures."
Kimberly Benza, Trump Organization
Local reactions and political context
Gold Coast Mayor Tom Tate revealed that the city council had not received a formal development application for the site, describing the project as a private agreement between the two parties. He suggested the collapse stemmed from disputes over profit-sharing arrangements, with the Trump Organization demanding a larger share of returns.
"The Trump Organization wants a lot more for their brand on the funding side of things, to operate it and the percentage of return."
Tom Tate, Gold Coast Mayor
Public opinion on the project was sharply divided. A petition opposing the development gathered over 120,000 signatures, while a pro-development petition secured around 3,600 supporters, according to local media reports.
Trump Organization's Australian ambitions
When the project was unveiled in February 2026, Eric Trump, executive vice president of the Trump Organization, hailed it as the company's first official venture in Australia, promising to bring "the prestige and allure of a world-class luxury brand" to the country. Despite the setback, the Trump Organization indicated it remained open to future opportunities in Australia.
"We look forward to exploring other potential projects and bringing a Trump property to Australia soon."
Kimberly Benza, Trump Organization
