Trump Tower Australia plans scrapped as developer blames Iran war for making Trump brand "toxic"
CBS News • • world
Key Points:
- The planned $1.1 billion Trump International Hotel and Tower project on Australia's Gold Coast has been canceled, with the developer citing the Iran war and the Trump brand's growing unpopularity in Australia as key reasons.
- David Young, CEO of Altus Property Group, stated the Trump brand had become "toxic" in Australia, while the Trump Organization blamed Young's company for financial failures and accused him of using global events as a distraction.
- Despite initial excitement and promotional AI-generated images by Eric Trump, no development application was filed, and the deal ultimately fell through over disagreements on profit margins, according to Gold Coast Mayor Tom Tate.
- A local petition opposing the development, citing discomfort with the Trump brand, gathered over 140,000 signatures, reflecting significant community resistance to the project.
- Meanwhile, Eric Trump continues to promote Trump-branded developments elsewhere, recently sharing an AI-generated image of a new Trump Tower planned for Tbilisi, Georgia, touted as the tallest building in the country.