The Trump Organization has withdrawn from its first planned development in Australia, ending a deal for a massive skyscraper project worth $1.09 billion just three months after the agreement was reached.
The company announced Wednesday it was backing out of the Gold Coast development, which would have been a 91-story tower in the popular Queensland tourist area. The February agreement with Australian firm Altus Property Group has now been terminated due to what Trump Organization officials call unmet financial requirements.
According to a Trump Organization representative, the partnership was dependent on Altus fulfilling certain financial commitments that were never satisfied. The company indicated it remains interested in pursuing other development opportunities in Australia.
“After months of negotiations and empty promise, after empty promise, on a supposed A$1.5 billion project, Altus Property Group was unable to meet the most basic financial obligation due upon the execution of the agreement,” the Trump Organization spokesperson stated in an email.
The representative also criticized Altus CEO David Young, saying he attributed the deal’s collapse to “some world events,” which the Trump Organization called “merely a ploy to distract from his own defaults and failures.”
Neither Altus Property Group nor Young provided immediate responses when contacted for comment by Reuters.
The Australian Financial Review reported that the development will move forward without Trump branding, and quoted Young as disputing claims that obligations went unmet.
The proposed luxury development was designed to include a “six-star resort-hotel,” 270 residential units, retail spaces, a beach club, and swimming pool facilities. Apartment prices were expected to begin around $3.62 million.
The project faced significant local opposition, with an online petition against the tower collecting more than 140,000 signatures. Opponents stated they were “deeply uncomfortable with the Trump brand and what it represents.”
