AP Photo/Mark Schiefelbein
Donald Trump has had an amazing run of success as an international businessman since becoming president for a second time. He’s made billions in crypto, traded stocks successfully, and unveiled new locations for an array of Trump-branded real estate projects—from Riyadh to Australia.
Still, not all those Trump-branded projects are winners. Take that Australia deal. Back in February, Eric Trump proudly announced a plan to build the tallest building in Australia on the continent’s sunny Gold Coast. But the whole thing got off to an inauspicious start when the Trumps’ local partner, a developer named David Young, tried to build some buzz for the project. In a statement, he reassured Australians that the new Trump Tower wouldn’t be as bad as they might imagine.
“Firstly, the file footage that Australians see, of Trump hotels and resorts with gaudy gold-plated bathrooms fixtures, mirrors and heavy chandeliers, is old footage from the 1980s and 90s,” Young said at the time. “The modern Trump package is high-end design and fit outs, with a premium feel. It’s tasteful and expensive – when you walk into a modern Trump property, the impression is ‘quality’ and ’boutique.’”
And that was, more or less, the last anyone heard of that project.
Until now. It’s official demise was confirmed last Tuesday. Young told Australian media that it was Trump’s toxic brand, in particular his war against Iran—which had kicked off five days after the project was first announced—that did the plan in.
“Let’s just say that with the Iran war and everything else, the Trump brand was increasingly toxic in Australia,” Young said.
For their part, the Trumps said it was Young’s fault.
“While we were very excited about the opportunity to bring a world-class development to the Gold Coast, the project was dependent on our licensing partner meeting certain obligations. Unfortunately, those obligations were not fulfilled,” a Trump Organization spokeswoman told Australian outlets. Young denied he hadn’t met any obligations.
In between the project’s announcement and cancellation, Australian media reported that Young had several previous bankruptcies and, in the 1990s, had been charged with hacking. The hacking charges were ultimately dismissed.
The Trump Organization did not respond to a request for comment for more clarification on why the project fell apart or if another Australian deal is in the works.
