Plans for a $1.5 billion Trump tower on the Gold Coast have been dumped, with an argument developing over why.

Less than three months ago, Altus Property Group chief executive David Young had trumpeted plans for the “six-star” tower that – at 340 metres and 91 storeys high — would have been taller than any existing building in Australia.

Young said he had signed a deal with the Trump Group at the US President’s Florida home on February 14, and it was announced on social media by Eric, US President Donald Trump’s second son.

But late on Tuesday, Young posted to social media to confirm the Trump Organisation has pulled out, partly because of the President’s tarnished image in Australia.

“Let’s just say that with the Iran war and everything else, the Trump brand was increasingly toxic in Australia. Some time ago, we knew it was time to part company,” he wrote in a post on LinkedIn.

“I find that grossly unfair as the brand has nothing to do with the President.”

Reports from Domain, however, blamed Altus and Young.

“While we were very excited about the opportunity to bring a world-class development to the Gold Coast, the project was dependent on our licensing partner meeting certain obligations. Unfortunately, those obligations were not fulfilled,” the Trump Organisation told the property platform.

“After months of negotiations, and empty promise after empty promise, on a supposed $1.5 billion project, Altus Property Group was unable to meet the most basic financial obligation due upon the execution of the agreement.”

An artist’s impression of the now-abandoned Trump Tower.

The enormous Trump International Hotel & Tower Gold Coast was to have been the Trump Organisation’s first Australian project. Located in the heart of Surfers Paradise, it was to “introduce a world-class luxury hotel, exclusive residences, and exceptional lifestyle amenities to one of the world’s most iconic beachfront destinations”, according to early publicity.

A third of the building was to be a six-star resort-hotel, overlooking the Pacific Ocean. Another third was planned as residences – 270 apartments – priced from $5 million.

But even in February, there were signs of potential difficulties when the Gold Coast City Council said it had received no development application.

On Wednesday, Gold Coast Mayor Tom Tate said the end of the grand plan was less to do with relationships and more with profit margins.

“It’s all about money,” he told ABC Gold Coast.

Tate met Trump and son Eric at Mar-a-Lago in the days before the deal was announced, with the Trump Organisation paying for his meals, accommodation and transfers.

“The Trump Organisation wants a lot more for their brand on the funding side of things, to operate it and the percentage of return,” 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 ABC reports the Surfers Paradise site has existing council approval for an 89-storey tower and is owned by a consortium. It has been vacant for more than a decade and been through several owners in that time.

Young said he still planned to develop “the Gold Coast’s signature project”.

“I have been in discussions with many high-end luxury brands. The Trump standards were exemplary, ergo any high-end brand in the world will enjoy this opportunity to be on one of the most famous beaches in the world,” he wrote.

“There is no acrimony between the Trump family and myself … It is pure business. My team and I look forward to completing the project.”