Trump Tower Gold Coast plans collapse

Plans for a proposed 91-storey Trump Tower on Australia's Gold Coast have collapsed less than three months after their February announcement, as the Trump Organization and developer Altus Property Group traded blame over financial obligations and brand challenges.

The A$1.5 billion project, valued at about $1 billion U.S., was set to rise 335 meters in Surfers Paradise, surpassing any existing Australian skyscraper. It would have included 285 hotel rooms, 272 luxury apartments, shops, restaurants and an exclusive beach club, with construction slated to begin in August. The site, vacant for more than a decade and previously owned by multiple parties, held council approval for an 89-storey tower, but no new development application was submitted to the City of Gold Coast.

Altus Property Group Chief Executive David Young attributed the split to difficulties with the Trump brand amid the Iran war. "Let's just say that with the Iran war and everything else, the Trump brand was increasingly toxic in Australia," Young said. He denied failing to meet obligations, stating the project would continue with other luxury brands. "Some time ago, we knew it was time to part company. It was not...