The Trump Organization says it has abandoned a plan to build its first tower in Australia, less than three months after signing the deal, citing an Australian partner's failure to meet certain financial obligations.
The group signed in February with Altus Property Group to develop a 91-storey skyscraper, a project worth $A1.5 billion ($NZ1.82b), on the Gold Coast, a popular tourist destination in Queensland.
It said the project was contingent on licensing partner Altus meeting some obligations that were not fulfilled, and added it would explore other potential projects to build a Trump property in Australia soon.
Altus and Chief Executive David Young did not immediately respond to Reuters' requests for comment.
"After months of negotiations and empty promise, after empty promise, on a supposed A$1.5 billion project, Altus Property Group was unable to meet the most basic financial obligation due upon the execution of the agreement," a Trump Organization spokesperson said by email.
The spokesperson said David Young blamed "some world events" for the termination, calling that "merely a ploy to distract from his own defaults and failures."
The BBC reports Young as saying: "Let's just say that with the Iran war and everything else, the Trump brand was increasingly toxic in Australia."
The Australian Financial Review newspaper reported the development would proceed without the Trump name and quoted Young denying unmet obligations.
Altus had pitched a "six-star resort-hotel", 270 apartments, shops, a beach club and a pool, with apartments likely starting at $A5 million.
Some Gold Coast residents had opposed the tower with an online petition gathering more than 140,000 signatures. The page said they were "deeply uncomfortable with the Trump brand and what it represents."
