Trump Tower developer ran business that collapsed owing $28 million<\/a><\/p>\nThe businessman behind Trump Tower ran a development company that collapsed owing $28 million.<\/p>\n
In a statement to the ABC, Mr Young said he still hoped a tower would be built on the site.<\/p>\n
“It was not about not meeting obligations. There are other luxury brand options for us. The project is live,” he said.<\/p>\n
A development application for the project was never lodged with the council.<\/p>\n
Despite this, Gold Coast Mayor Tom Tate said he knew why the deal fell through.<\/p>\n
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Tom Tate says the deal did not work for either party. (ABC News: Mark Leonardi)<\/p>\n
He said it had less to do with relationships and more to do with profit margins.<\/p>\n
“It’s all about money,” Cr Tate told ABC Gold Coast today.<\/p>\n
Cr Tate met with Mr Trump and Eric 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.<\/p>\n
“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.<\/p>\n
“[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.”<\/p>\n
The Surfers Paradise site has existing council approval for an 89-storey tower and is owned by consortium 3 Trickett Street Pty Ltd.<\/p>\n
It has been vacant for more than a decade and has passed through the hands of several owners.<\/p>\n","protected":false},"excerpt":{"rendered":"Plans for a $1.5 billion Trump Tower on the Gold Coast have been scrapped less than three months…\n","protected":false},"author":2,"featured_media":68479,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[39877,81,74,6330,2913,39876],"class_list":{"0":"post-68478","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-eric-trump","8":"tag-altus-property-group","9":"tag-eric-trump","10":"tag-trump","11":"tag-trump-organization","12":"tag-trump-tower","13":"tag-trump-tower-gold-coast"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@people\/116564196312372605","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/people\/wp-json\/wp\/v2\/posts\/68478","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/people\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/people\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/people\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/people\/wp-json\/wp\/v2\/comments?post=68478"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/people\/wp-json\/wp\/v2\/posts\/68478\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/people\/wp-json\/wp\/v2\/media\/68479"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/people\/wp-json\/wp\/v2\/media?parent=68478"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/people\/wp-json\/wp\/v2\/categories?post=68478"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/people\/wp-json\/wp\/v2\/tags?post=68478"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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