Plans for a $1.5 billion Trump Tower on the Gold Coast have been scrapped less than three months after the deal was made.
The 91-storey, branded tower was announced on social media in late February by Eric Trump, US President Donald Trump's second son.
The luxury resort proposed for Surfers Paradise was pitched as Australia's tallest building, but Altus Property Group chief executive and founder David Young said the Trump Organization had pulled out.
Altus CEO David Young with Trump Origanization Executive Vice President Eric Trump. (Supplied: Altus Property Group)
"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."
Plans pulled from Trump Organization website
Plans have been pulled from the Trump Organization's website, and the ABC has contacted the company for comment.
ABC investigations into Mr Young found the Queensland businessman had twice declared bankruptcy and had run businesses that collapsed owing millions.
Trump Tower developer ran business that collapsed owing $28 million The businessman behind Trump Tower ran a development company that collapsed owing $28 million.
In a statement to the ABC, Mr Young said he still hoped a tower would be built on the site.
"It was not about not meeting obligations. There are other luxury brand options for us. The project is live," he said.
A development application for the project was never lodged with the City of Gold Coast.
Despite this, Gold Coast Mayor Tom Tate said he knew why the deal fell through.
Tom Tate says the deal did not work for either party. (ABC News: Mark Leonardi)
He said it had less to do with relationships and more to do with profit margins.
"It's all about money," Cr Tate told ABC Gold Coast today.
Cr Tate met with Donald and Eric Trump at Mar-a-Lago in the days before the deal was announced, with the Trump Organization footing the cost of Cr Tate's meals, accommodation and transfers.
"The Trump Organization wants a lot more for their brand on the funding side of things, to operate it and the percentage of return," Cr Tate said.
"[Meanwhile] the developer's going, 'Well, I'm putting in all of my money in and you're actually going to take quite a lot of profit', so I think that's why they're parting ways."
The Surfers Paradise site has existing council approval for an 89-storey tower and is owned by consortium 3 Trickett Street Pty Ltd.
It has been vacant for more than a decade and has passed through the hands of several owners.