© picture alliance / Consolidated News Photos | Bonnie Cash - Pool via CNP
Plans for a 91-story Trump Tower in Australia's Gold Coast have been scrapped just three months after it was announced.
Project developer David Young (Altus Property Group) mentioned the fact that the Trump brand has become "toxic" in Australia to CNN, partly due to the war with Iran as the main reason for pulling out of the deal.
The Trump International Hotel & Tower Gold Coast was announced as Australia's tallest tower. According to a press release sent out in February, the tower would house a 285-room luxury hotel, a shopping center with exclusive stores, restaurants and apartments that would be finished to Trump's specifications.
The project received fierce opposition from the general public immediately after its announcement: a petition collected more than 140,000 signatures. However, Young called the criticism simply "unfair" and stressed that the Trump Organization is independently run by Eric and Donald Jr. Trump, not US President Donald Trump.
The Gold Coast Mayor suggested that financial disagreements may also have played a role, with the Trump Organization's demands for trademark fees and profit sharing difficult for the developer to handle.
The tower will still be built, but without the Trump name. Young says he's already in talks with other luxury brands as replacements.
Picture: © picture alliance / Consolidated News Photos | Bonnie Cash - Pool via CNP