In a significant blow to the Trump family's international property ambitions, a planned $500 million Trump Tower development in the Serbian capital of Belgrade has been abruptly abandoned. The collapse follows the indictment of a senior Serbian government minister and widespread public protests, delivering a rare setback to the former US president's lucrative global business dealings.
Project Unravels Amid Corruption Allegations
The ambitious hotel and apartment complex, which was being developed by the Trump Organization alongside an investment firm run by Donald Trump's son-in-law, Jared Kushner, was scrapped this week. The decision came shortly after Serbia's culture minister, Nikola Selaković, was indicted on suspicion of abusing his office to facilitate the project.
Serbia's president, Aleksandar Vučić, who had personally courted the Trump family, reacted with fury. "We have lost an exceptional investment," Vučić stated on Tuesday. He vowed reprisals, saying, "I will personally ensure that everyone who participated in causing this damage is held accountable." Vučić, whose close ties with Russian President Vladimir Putin have strained his relations with Western allies, framed opposition to the tower as an attempt to "destroy Serbia."
A Site Steeped in Controversial History
The proposed building site was a major point of contention. Located on the ruins of the former Yugoslav army headquarters, which was bombed by NATO in 1999 during the Slobodan Milošević regime, the area held protected status as a place of cultural heritage. This status was controversially revoked by Vučić's government in November 2024, just days after Donald Trump's election victory.
However, prosecutors alleged the necessary paperwork was falsified. The head of Serbia's cultural heritage institute was arrested in May, and this week's indictment of Minister Selaković relates to "illegalities in the removal of the status of cultural property" from the site. Selaković has denied any wrongdoing.
The project faced fierce resistance from thousands of Serbian protesters, who demonstrated at the historically sensitive location. A spokesperson for Kushner's Affinity Partners cited this division, stating the withdrawal was made "out of respect for the people of Serbia and the City of Belgrade."
Broader Concerns Over 'Pay to Play'
The failed Belgrade deal casts a spotlight on the Trump family's extensive business activities since Donald Trump returned to the White House thirteen months ago. His sons, Donald Trump Jr and Eric, have secured a string of international deals, helping to swell the family's income to an estimated $864 million in the first half of this year alone.
Critics have long accused the Trumps of engaging in "pay to play" politics, where enriching the first family is perceived as a way to gain presidential favour. The White House has consistently denied such claims, insisting that "neither the president nor his family have ever engaged, or will ever engage, in conflicts of interest."
For Serbian officials who resisted the project, its collapse is a victory for accountability. Estela Radonjic Zivkov, a heritage institute official who defied pressure to support the development, welcomed the decision. She said it proved that "public interest, the rule of law, and professional integrity cannot be permanently overridden by political will and private interests."
