Set to have been the tallest tower in Australia, David Young, founder and chief executive of developer Atlus Property Group, said the Trump Organization pulled out of the deal.
“Let’s just say that with the Iran war and everything else, the Trump brand was increasingly toxic in Australia,” he said.
“Some time ago, we knew it was time to part company.”
The Trump Organization blamed Atlus for the deal falling over, according to a spokesperson for the business.
“After months of negotiations and empty promises, Altus Property Group was unable to meet the most basic financial obligation,” they said.
The spokesperson also added that the organisation will continue “exploring other potential projects to bring Trump property to Australia”.
There was also growing scrutiny of Young, as it was reported that he had gone bankrupt twice in the past.
Additionally, the proposed development faced heavy backlash from the Gold Coast community, with various petitions totalling more than 120,000 signatures.
