GOLD COAST — Altus Property Group will proceed with its $1.1 billion Gold Coast tower project without the Trump name or affiliation, CEO David Young announced on LinkedIn. The Trump International Hotel and Tower project in Australia has been canceled after the Trump Organization ended the partnership.

Altus had planned a $1.1 billion Trump International Hotel and Tower in Surfer's Paradise on the Gold Coast, a project 19 years in the making. An archived image from the trumpgoldcoast.com website, which is no longer online, showed an AI-generated depiction of the previously planned development.

A spokesperson for the Trump Organization said Altus was "unable to meet the most basic financial obligation" and that the project had fallen through "after months of negotiations and empty promise, after empty promise." The spokesperson said the organization had been "very excited" about the project, and characterized the use of "world events" as "a ploy to distract from his own defaults and failures."

Young rejected the claim that his company had failed to meet financial obligations and wrote on LinkedIn that Altus plans to carry on with the project without the Trump name. "Let's just say that with the Iran war and everything else, the Trump brand was increasingly toxic in Australia," he said. Young said there was "no acrimony between the Trump family and myself" and described the decision as "pure business."

Gold Coast Mayor Tom Tate said no development application had been filed for the project and that neither side was happy with their profit margins. "It's all about the money," Tate said.

Young had twice declared bankruptcy. A petition against the development had garnered at least 140,000 signatures by Wednesday. The petition cited residents' discomfort with the Trump brand and what it represents.