No deal: Trump Organisation exits Gold Coast Tower deal
There will be no Trump Tower on the Gold Coast, after plans for a landmark 91-storey luxury resort in Surfers Paradise collapsed. The Trump Organization withdrew from the $1.5 billion branded tower project less than three months after its high-profile launch.
The development, which would have stood as Australia's tallest building, was unveiled via social media in late February by Eric Trump. The project's demise was confirmed by Altus Property Group chief executive David Young, who cited deteriorating brand sentiment as a contributing factor.
"Let's just say that with the Iran war and everything else, the Trump brand was increasingly toxic in Australia," Young told the ABC. "Some time ago, we knew it was time to part company."
The Trump Organization, however, offered a sharply different account. "After months of negotiations and empty promises, Altus Property Group was unable to meet the most basic financial obligation," a spokesperson said. The company remains open to future Australian projects.
Young has since pushed back, maintaining: "It was not about not meeting obligations. There are other luxury brand options for us. The project is live."
Gold Coast Mayor Tom Tate, who visited Mar-a-Lago ahead of the announcement — with meals, accommodation and transfers covered by the Trump Organization — pointed to operator fee structures as the real sticking point.
"The Trump Organization wants a lot more for their brand on the funding side of things, to operate it and the percentage of return," Tate told ABC Gold Coast. "[Meanwhile] the developer's going, 'Well, I'm putting in all of my money in and you're actually going to take quite a lot of profit', so I think that's why they're parting ways."
It's a tension familiar across branded luxury hospitality: flag fees, royalty structures and performance guarantees can erode developer margins significantly, particularly in markets where luxury hotel investment is already considered elevated risk. Industry sources confirmed to the ABC that financiers approached about the project had expressed reservations about underwriting a high-end resort on the Gold Coast.
The Surfers Paradise site at 3 Trickett Street holds existing council approval for an 89-storey tower, though no development application for a Trump-branded project was ever lodged. The land has sat idle for over a decade and changed hands multiple times.
Community opposition to the Trump-branded proposal had been substantial, with anti-tower petitions drawing more than 120,000 signatures — dwarfing the roughly 3,500 gathered in support.
Jonathan Jackson, 14th May 2026
