The proposed 91-storey Trump Tower in Surfers Paradise, Gold Coast, has been discontinued less than three months after its public announcement.
The project, valued at approximately A$1.5 billion, was announced in late February by Eric Trump and Altus Property Group CEO David Young. No formal development application for the tower was ever submitted to the Gold Coast City Council.
Project Details and Cancellation
The proposed tower at 3 Trickett Street was planned to be 340 meters tall with 91 storeys, featuring 270 apartments with an anticipated starting price of A$5 million. It was to include a six-star luxury resort occupying the first five floors, incorporating retail, a beach club, a swimming pool, and restaurants.
David Young, CEO of Altus Property Group, stated that the Trump Organization withdrew from the deal. He attributed the cancellation to what he described as the "increasing toxicity" of the Trump brand in Australia, citing geopolitical factors.
Gold Coast Mayor Tom Tate offered a differing explanation, suggesting the split resulted from financial disagreements over profit margins. Young indicated that other luxury brand options are now being considered for the site.
Developer Background
Records from the Australian Securities and Investments Commission (ASIC) show that David Young has declared bankruptcy on two occasions: in 1991 and in 2010. Both bankruptcies are legally completed.
Young's previous development company, Young Land Corporation, collapsed in 2010 owing A$28 million to creditors. A liquidator's report from 2022 stated that Young, the sole director, was largely "uncontactable" following the collapse and failed to file required financial information.
Unsecured creditors included:
- LM Investment Management: A$27 million
- Australian Taxation Office: A$374,237
- Advertising company APN Outdoor: A$400,000
- Engineering firm Cardno: A$18,957
Altus Property Group was established in 2023 with Young as its sole director. Young has described the Trump Tower project as funded entirely by private investors from Singapore, Hong Kong, the UAE, and the United States, using a mix of debt and equity. The agreement with the Trump Organization was described as a hotel management and brand licensing agreement.
Mayor's Hospitality and Council Position
Gold Coast Mayor Tom Tate's register of interests documented that his meals, accommodation at Mar-a-Lago, and vehicle transfers to and from Miami International Airport from February 12-14 were paid for by the Trump Organization. The register lists two gifts from the Trump Organization, valued at A$500 or more.
Mayor Tate stated he was invited to the estate as "mayor of the city" and considered it a "gift to the city." He said he was not asked for any assurances regarding council approval of the building application.
"I was invited as mayor of the city, and I considered it a gift to the city." — Mayor Tom Tate
A Gold Coast Council spokesperson confirmed that Mayor Tate met with the Trump Organization on February 13, 2025. Acting Mayor Mark Hammel stated that Altus would be required to submit a new formal development application for the proposed tower.
Community Response
The proposal generated public debate, with dueling petitions circulating.
One petition, initiated by local resident and investor Jordan Quoc-Tien Hoai Nguyen, supported the project, arguing it could create jobs and develop a site that had been vacant for over a decade.
An opposing petition, launched by a local identified as CK, raised concerns about over-development, environmental impact, and the "Trump brand," citing the Trump administration's immigration policies and actions as contrary to community values.
Site and Historical Context
The Surfers Paradise site already holds council approval for an 89-storey tower. The site was sold in 2019 for A$56 million to 3 Trickett Street Pty Ltd and has been vacant for over a decade.
The Trump family's interest in the Gold Coast dates back to 2008, when developers George Raptis and Larry Matthews were reportedly nearing a deal with Donald Trump for a 55-story tower in Broadbeach. That deal was abandoned due to the Global Financial Crisis.
Liberal MP Zoe McKenzie voiced support for potential Trump family investment in Australia, suggesting interest could extend to "Trump Island" projects on Dunk Island, Keppel Island, and Lindeman Island.