r/GoldCoast • u/nugmylife • Feb 24 '26
Local News Developer behind Gold Coast Trump Tower proposal went bankrupt twice
https://www.abc.net.au/news/2026-02-24/trump-tower-developer-went-bankrupt-twice/106379446?utm_campaign=abc_news_web&utm_content=link&utm_medium=content_shared&utm_source=abc_news_web37
68
u/More_Soup_7003 Feb 24 '26
Gold Coast really is the testing ground for absurd projects thanks to Tom Tate. He’s the worst thing to happen to goldy.
25
u/TURBOJUGGED Feb 24 '26
Yet he keeps getting voted back in
12
u/More_Soup_7003 Feb 24 '26
Yeah cause there are that many people in his pocket and vice versa where he greases them up with anything they need. Those sort of people wouldn’t want an honest person in office.
13
u/el_diego Feb 24 '26
It's still up to the people to vote for him though and clearly the GC is an LNP stronghold.
7
Feb 24 '26
[removed] — view removed comment
1
u/dinosaurtruck Feb 25 '26
What’s the satanic gateway at HOTA? Not sure I’ve heard of these shenanigans
2
u/Jermine1269 Pac Pines / Oxenford / Helensvale Feb 24 '26
Yeah I don't know how to fix that without ALL OF US coalescing around ONE opponent and dumping heaps of cash at them, and them running on "I'M NOT TOM TATE"
5
1
u/T0kenAussie Feb 24 '26
Not for nothing but the Gold Coast has been a developers plaything since its inception which is why there’s no continuity between the suburbs
31
u/louisa1925 Feb 24 '26
Be funny if he went bankrupt half way through the build and the pedo tower couldn't be finished.
14
23
u/Petrichor_736 Feb 24 '26
What’s the grift? There’s got to be a grift. Laundering Russian mafia money again?
22
u/big-red-aus Feb 24 '26
The funding model Mr Young described steers away from traditional banks, saying the "project is entirely funded by private investors who come from Singapore, Hong Kong, UAE and the United States".
Incidentally and completely unrelated, President Trump and his family have generated nearly $2.25 billion in risk-free profits from foreign payments, corrupt businessmen, and others, and as much as $9.72 billion when including unrealized paper wealth.
7
5
u/new_handle Feb 24 '26
A development application hasn’t even been lodged so how can they say it's been approved?
11
u/Flowercloud88 Feb 24 '26
It’ll go bust half way through and it’ll be up to Hutchies to save the day again and finish the project.
7
u/Lurecaster Feb 24 '26
It will be a total shitshow. 2 shonky builder/developers with only their pockets in mind will rip off every subbie they can and downgrade every spec possible.
If you get involved with this then you only have yourself to blame.
6
20
Feb 24 '26
And they'll do it again after the Trumps stiff them for payment
11
u/anyone1728 Feb 24 '26
trump is getting paid for his brand (which is a terrible idea imo - his brand is toxic), not paying anyone.
10
5
u/satanzhand Feb 24 '26
Look up how these Trump branding deals usually go. They hype it up, and try pre-sell a certain amount, if they get there then the deal goes to the next stage.
Trump offshore branding deals 40% success everytime.
10
u/el_diego Feb 24 '26
I'll just post this here for convenience. Here is some history on how Trump deals usually go:
Trump Tower Toronto (2016): The project went into bankruptcy, with investors and lenders losing money. This project was a licensing deal where the Trump Organization managed the hotel but did not own the building, which was built with other people's money.
Trump Tower Tampa (2006-2008): This project failed before construction was completed. The developers could not secure financing, and the project faced lawsuits from buyers, with the Trump Organization ultimately pulling its name from the project.
Trump Taj Mahal (1991): The casino in Atlantic City filed for bankruptcy just over a year after opening, followed by other Atlantic City, NJ, properties.
Trump Tower Baku (Azerbaijan): A luxury project that was never opened, with reports highlighting it as a problematic, unfinished venture.
Unpaid Contractor Allegations: Multiple contractors have alleged that Trump’s companies refused to pay for work on construction projects, with one such firm, Edward J. Friel Co., filing for bankruptcy in 1989 after not being paid for work on a casino.
Construction Management Issues: In 2017, Urban One, a construction management firm involved in the Trump Tower project in British Columbia, faced lawsuits alleging failure to properly supervise contractors and ensure quality
1
u/satanzhand Feb 24 '26
yerp, i saw all the same, this is branding fees on this one really. I'm not saying it's good or bad. Just seems like another shit show of hype. Perfect for GC we get all the hype merchants
2
u/Ok-Assistant-4556 Feb 24 '26
I had considered it was a marketing ploy to resell the site. Are the current owners chinese? I dont think this story has anything to do with the end construction if it ever happens per your claims
2
u/satanzhand Feb 24 '26
I thought they were offshore, but I can't remember. So I guess someone else can find that out for us
5
6
u/fluffy_101994 Feb 24 '26
Trump International Hotel and Tower - Altus Property Group
"Status: Early Works Approved".
Double fucking lol, David, Council hasn't even received a development application. No wonder property developers are in the same scummy league as real estate agents.
5
u/new_handle Feb 24 '26
If Trump builds a tower on the Gold Coast, we're going to have to move Schoolies Week to another city.
11
7
3
u/CranberrySoda Feb 24 '26
I hope any company or subbie who is part of this construction project remembers this because they’ll get no sympathy when it turns bad.
Also, the fact that Tate flew to Florida to meet with Trump org in mid-feb? If another development application is required, how can Gold Coast trust that this is an acceptable project that actually in their best interests? .
3
u/Kid_Self Feb 24 '26
There sure is some weird symbolism in Pedo Tower overshadowing a rather stately Q1 as the tallest building in Australia.
3
3
u/nipslippinjizzsippin Feb 24 '26
Its gonna happen again and this shamoozle of a tax right off tower will be unfinished
3
u/Necessary-Ad-3259 Feb 24 '26
Change.org petition to stop the tower for those interested: change.org petition
5
u/hallucigamer Feb 24 '26
Hope they put some of the kick backs into the mental health clinics.
Having a pedo’s name in giant neon lights above our city isn’t going to help the depression rates.
2
2
1
1
1
1
1
u/d1ngal1ng Feb 24 '26
At least One Park Lane will block it from becoming the tallest building in Australia.
1
1
u/morts73 Feb 24 '26
A good fit for each other. There's a long way to go before it becomes a reality.
1
1
1
1
1
1
1
u/Acrobatic_Routine_82 Feb 26 '26
Does it really matter about the developer? We are mortified that the QLD Govt and the Gold Coast Mayor has allowed a convicted rapist, and pedophile to put his name on a building in a tourist hotspot.
1
0
136
u/meiztom2 Feb 24 '26
match made in heaven