Plans for Australia's first Trump Tower scrapped due to 'toxic' brand, developer says

Plans for a AU$1.5bn Trump Tower on Australia's Gold Coast have been scrapped just three months after they were announced, with the local developer citing the 'toxic' Trump brand [1]. The 91-story, 335-meter luxury hotel and residential project, which would have been Australia's tallest building, is now defunct [1]. The Trump Organization claims its licensing partner, Altus Property Group, failed to meet basic financial obligations [1]. In a statement, Kimberly Benza, the Trump Organization's director of executive operations, said Altus was "unable to meet the most basic financial obligation" after months of negotiations [1]. Altus CEO David Young denied the allegations, stating the decision to part ways was due to the brand's reputation. "Let's just say that with the Iran war and everything else, the Trump brand was increasingly toxic in Australia," Young said [1]. He maintained the development would proceed with other luxury brands [1]. Gold Coast Mayor Tom Tate, whose council never received a formal application, attributed the collapse to profit margin disputes, noting the Trump Organization wanted "a lot more for their brand" [1]. The project faced significant local opposition, with a petition against it gathering over 120,000 signatures [1]. When announced in February, Eric Trump heralded it as the company's first official project in Australia [1].