‘Trump Brand Is Toxic.’ Australia Will Not Get Its Tallest Skyscraper*
The Trump Organization has withdrawn from plans to build a 91-story tower on the Gold Coast in eastern Australia. The project, announced in February, sparked protests linked to White House policies.
The Gold Coast project, valued at $1.5 billion Australian (about $1.1 million), was to be a 91-story building in Surfers Paradise, a beachfront district of the country’s sixth largest city, “known for Instagram influencers and sunburned backpackers” according to The New York Times.
It would have been the tallest skyscraper in the country (currently the 78-story Q1, also on the Gold Coast), and, as advertised would “redefine beachfront sophistication.” The development was to include a 285-room luxury hotel, a shopping center, restaurants and residential apartments. Construction was scheduled to begin in August, with the opening planned before the 2032 Olympic Games in Brisbane.
On May 13, the Trump Organization announced it had withdrawn from the deal. David Young, head of the Australian developer Altus Property Group, which initiated the project and held the franchise, said it was abandoned because the Trump brand had become “increasingly toxic in Australia” due to “Iran war and everything else.”
Australia Does Not Favor Trump. Only 19% of Australians View Him Positively.
One petition aiming to stop the project garnered more than 140,000 signatures, with the organizer telling CNN in February that she was looking for a way to express her opposition to “anti-immigrant violence” and “social division” in the U.S.
Soon after, war broke out with Iran, and the American president’s popularity in Australia dropped even further. According to an April poll for The Sydney Morning Herald, 19% of Australians view him positively and 62% negatively. The main reasons for such low ratings are the ongoing war with Iran and rising costs of living and fuel prices, which respondents largely blame on Donald Trump.
Young considers the damage to the Trump brand’s reputation “grossly unfair,” noting that the Trump Organization is run by the president’s sons, Eric and Donald Jr.
Young said there is “no acrimony between the Trump family and myself,” and that he has been in discussions with “many high-end luxury brands” about the tower. The Trump Organization blamed the developer for the project’s demise.
“After months of negotiations and empty promise, after empty promise, on a supposed $1.5 billion project, Altus Property Group was unable to meet the most basic financial obligation due upon the execution of the agreement,” Kimberly Benza, director of executive operations and communications for the Trump Organization, said in a statement.
“Mr. Young’s attempt to blame certain world events for our termination of the agreement is merely a ploy to distract from his own defaults and failures.”
How Wealthy Is Trump? His Net Worth Has Tripled since He Became US President for the 2nd Time.
In recent years, the Trump family’s company typically licenses its name to projects, for which it receives fees as well as a share of property sales profits.
Its portfolio includes dozens of commercial and residential properties as well as golf courses. Its largest market outside the U.S. is India, with residential projects in multiple cities.
Trump-branded towers are also located in Manila, Seoul, Istanbul and Uruguay. The family company is developing hotel and golf resort complexes in Vietnam, Oman, Saudi Arabia and the United Arab Emirates. New developments have been announced in the capitals of Romania, Georgia and Qatar, as well as in the Maldives.
Trump himself has valued his brand at between $3.3 billion and $4 billion. However, most financial analysts are skeptical of those figures. According to Forbes’ March ranking, Trump’s total net worth is about $6.5 billion, which would represent nearly a threefold increase since returning to the U.S. presidency.
*Editor’s note: This article is available in its original language with a paid subscription.
The Gold Coast project, valued at $1.5 billion Australian (about $1.1 million), was to be a 91-story building in Surfers Paradise, a beachfront district of the country’s sixth largest city, “known for Instagram influencers and sunburned backpackers” according to The New York Times.
It would have been the tallest skyscraper in the country (currently the 78-story Q1, also on the Gold Coast), and, as advertised would “redefine beachfront sophistication.” The development was to include a 285-room luxury hotel, a shopping center, restaurants and residential apartments. Construction was scheduled to begin in August, with the opening planned before the 2032 Olympic Games in Brisbane.
On May 13, the Trump Organization announced it had withdrawn from the deal. David Young, head of the Australian developer Altus Property Group, which initiated the project and held the franchise, said it was abandoned because the Trump brand had become “increasingly toxic in Australia” due to “Iran war and everything else.”
Australia Does Not Favor Trump. Only 19% of Australians View Him Positively.
One petition aiming to stop the project garnered more than 140,000 signatures, with the organizer telling CNN in February that she was looking for a way to express her opposition to “anti-immigrant violence” and “social division” in the U.S.
Soon after, war broke out with Iran, and the American president’s popularity in Australia dropped even further. According to an April poll for The Sydney Morning Herald, 19% of Australians view him positively and 62% negatively. The main reasons for such low ratings are the ongoing war with Iran and rising costs of living and fuel prices, which respondents largely blame on Donald Trump.
Young considers the damage to the Trump brand’s reputation “grossly unfair,” noting that the Trump Organization is run by the president’s sons, Eric and Donald Jr.
Young said there is “no acrimony between the Trump family and myself,” and that he has been in discussions with “many high-end luxury brands” about the tower. The Trump Organization blamed the developer for the project’s demise.
“After months of negotiations and empty promise, after empty promise, on a supposed $1.5 billion project, Altus Property Group was unable to meet the most basic financial obligation due upon the execution of the agreement,” Kimberly Benza, director of executive operations and communications for the Trump Organization, said in a statement.
“Mr. Young’s attempt to blame certain world events for our termination of the agreement is merely a ploy to distract from his own defaults and failures.”
How Wealthy Is Trump? His Net Worth Has Tripled since He Became US President for the 2nd Time.
In recent years, the Trump family’s company typically licenses its name to projects, for which it receives fees as well as a share of property sales profits.
Its portfolio includes dozens of commercial and residential properties as well as golf courses. Its largest market outside the U.S. is India, with residential projects in multiple cities.
Trump-branded towers are also located in Manila, Seoul, Istanbul and Uruguay. The family company is developing hotel and golf resort complexes in Vietnam, Oman, Saudi Arabia and the United Arab Emirates. New developments have been announced in the capitals of Romania, Georgia and Qatar, as well as in the Maldives.
Trump himself has valued his brand at between $3.3 billion and $4 billion. However, most financial analysts are skeptical of those figures. According to Forbes’ March ranking, Trump’s total net worth is about $6.5 billion, which would represent nearly a threefold increase since returning to the U.S. presidency.
*Editor’s note: This article is available in its original language with a paid subscription.
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