Trump Tower Australia plans scrapped as developer blames Iran war for making Trump brand “toxic”
Politics – CBSNews.com — 2026-05-13 09:31:00 — www.cbsnews.com
The gold-tinted image depicts a certain type of corporate paradise. A couple chats on a lounge chair, another pair laughs by a fire pit. More sit under awnings. Behind them, yards from waves lapping at a shoreline, stands the base of a vast and complicated glass structure emblazoned with the word “Trump,” glinting in the AI-generated setting sunlight. “The next chapter in the global Trump portfolio,” declares the headline on the website. “The next ultra-luxury address is coming soon to Australia’s iconic Gold Coast.”
However, this project, a Trump International Hotel and Tower in Australia, is no longer a reality. David Young, CEO of Australia’s Altus Property Group, the developer behind the $1.1 billion tower plan, stated that the ongoing war in Iran has rendered the Trump brand “toxic to Australians.” The Trump Organization has countered by blaming Young’s company for failing to meet financial obligations, calling the mention of world events a “ploy to distract from his own defaults and failures.”
In February, Eric Trump had shared an AI-generated image of the proposed tower, claiming it would be “soon the tallest building” in Australia. Young had also posted a photo with Eric Trump, announcing that the 91-story building was a project 19 years in the making. Yet, less than three months later, the partnership dissolved amid accusations and finger-pointing.
Young expressed in a statement to CBS News’ partner network, the BBC, that the Trump brand’s reputation had become increasingly toxic due to “the Iran war and everything else.” He rejected claims that his company had failed to meet financial obligations and indicated plans to continue the project without the Trump name.
A spokesperson for the Trump Organization expressed disappointment, stating they had been “very excited” about the project but that it fell through “after months of negotiations and empty promise, after empty promise.” They further claimed that Young’s attempt to blame world events for the termination of the agreement was merely a distraction from his own failures.
Gold Coast Mayor Tom Tate, who had met with the Trump family before the deal was announced, noted that no development application was filed for the project. When asked about the deal’s collapse, he remarked that neither side was satisfied with their profit margins, emphasizing that “it’s all about the money.”
Additionally, a petition against the development, initiated by Gold Coast residents uncomfortable with “the Trump brand and what it represents,” has garnered at least 140,000 signatures. Meanwhile, Eric Trump has shifted focus, posting another AI-generated image of a Trump Tower planned for Tbilisi, Georgia, claiming it will become “the tallest building in Georgia.”
How this sits against verifiable accuracy
The excerpt indicates that the Trump International Hotel and Tower project in Australia has been abandoned, with David Young stating that the Trump brand has become “toxic to Australians.” The Trump Organization disputes this characterization, attributing the project’s failure to Young’s alleged financial shortcomings. The conflicting statements highlight a significant breakdown in the partnership, with both sides blaming each other for the project’s demise.
What the excerpt shows about verifiable lies
No verifiable lies are presented in the excerpt.
Targets and tone
The excerpt does not show Trump singling out, insulting, demeaning, threatening, or speaking in a hostile way about specific people or groups.
In summary, the collapse of the Trump Tower project in Australia underscores the challenges facing the Trump brand internationally, particularly in light of geopolitical events. The contrasting narratives from both the Trump Organization and Altus Property Group reflect a significant rift that has implications for future developments under the Trump name.