Trump Tower project collapse on Australia’s Gold Coast
Consensus Summary
The $1.5 billion Trump International Hotel & Tower Gold Coast, a proposed 91-storey skyscraper announced in February 2026, was scrapped in May after just three months. Altus Property Group CEO David Young and the Trump Organization blamed each other for the collapse, with Altus citing the Trump brand’s perceived toxicity in Australia due to the US war in Iran, while the Trump Organization accused Altus of failing to meet financial obligations. Both parties had previously expressed enthusiasm for the project, which would have been Australia’s tallest building, but no development application was ever submitted to Gold Coast City Council. The site, located in Surfers Paradise, has been vacant for over a decade, and experts like Griffith University’s Paul Burton noted that such high-profile projects often fail due to funding or approval hurdles. Despite the breakdown, both sides claimed they would pursue alternative tower plans in Australia.
✓ Verified by 2+ sources
Key details reported by multiple sources:
- The $1.5 billion Trump International Hotel & Tower Gold Coast project was scrapped in May 2026, less than three months after its February announcement.
- The project would have been a 91-storey tower, making it Australia’s tallest building.
- Altus Property Group CEO David Young and the Trump Organization announced the deal in February 2026 at Mar-a-Lago, with Eric Trump posting about the project on social media.
- David Young declared bankruptcy twice previously (once annulled, once during the global financial crisis), though Altus claims subcontractors were paid in the second instance.
- No development application for the Trump Tower was ever submitted to Gold Coast City Council, despite Altus’s website claiming construction would begin in August 2026.
- Gold Coast Mayor Tom Tate confirmed the council had no proposal to consider, as no application was submitted.
Points of Difference
Details reported by only one source:
- ABC investigations found David Young’s businesses collapsed owing millions, though Altus did not disclose the exact figures.
- The Surfers Paradise site (3 Trickett Street Pty Ltd) has been vacant for over a decade and has had multiple owners.
- The Trump Organization’s website has removed the Gold Coast project from its listings.
- David Young posted on LinkedIn in all caps to correct a headline, stating ‘DEVELOPER ABANDONS PLAN FOR A TRUMP BRAND TOWER’ and claimed the Trump brand was ‘toxic to Australians’ due to the US war in Iran.
- The Trump Organization accused Altus of ‘empty promise, after empty promise’ and said Altus failed to meet ‘basic financial obligations’ upon signing the agreement.
- Paul Burton, emeritus professor of planning at Griffith University, predicted the project’s collapse due to funding challenges, calling it ‘very predictable’ and noting most ambitious Gold Coast towers fail to secure financing.
- Altus’s website still listed the Trump Tower under ‘developments’ as of May 2026, though it had no council approval.
Contradictions
Conflicting information between sources:
- The Guardian states the Trump Organization terminated the agreement due to Altus’s ‘defaults and failures,’ while Altus claims the Trump brand became ‘toxic’ due to the Iran war, making the split a ‘business decision.’
- Altus claims David Young’s first bankruptcy was annulled and the second was unrelated to Altus, but the ABC notes his businesses collapsed owing millions without specifying if Altus was involved.
- The Guardian quotes Young denying the split was due to ‘not meeting obligations,’ while the Trump Organization’s statement explicitly calls Altus’s financial performance a reason for termination.
Source Articles
‘Toxic to Australians’: Trump’s $1.5b luxury Gold Coast tower project scrapped
The Surfers Paradise development has been abandoned with Altus Property Group and the Trump Organization blaming each other The little-known property developer and the US president’s son were all smiles when they shook hands on Valentine’s Day within the gilded walls of Mar-a-Lago on a deal they claimed would bring a Trump Tower to Australia’s Gold Coast . But that dalliance has been dashed in less than three months, with the developer now claiming the Trump brand is now too “toxic” to work with
Breaking: 'Toxic': Plan to build 91-storey Trump Tower on Gold Coast scrapped
The branded tower proposed for Surfers Paradise would have been Australia's tallest building.