$92,000 balance stalls installation of golden Trump statue

The golden statue of United States President Donald Trump, dubbed ‘Don Colossus,’ has remained uninstalled since its creation. According to reports, the 15-foot-tall gold-leafed statue of the president is presently lying on its back at a sculpture studio in Ohio due to an outstanding balance in payments.

The massive bronze figure, which is expected to stand about two stories tall once installed on a 6,000-pound base, shows a defiant Trump raising his fist in the air moments after he survived an assassination attempt during a rally in July 2024. Commissioned by cryptocurrency entrepreneurs and other backers of then-candidate Trump, the $360,000 statue has waited more than a year to be erected. And this is partially because the sculptor Alan Cottrill has yet to be paid the remainder of his fees.

Why is the Trump golden statue uninstalled?

According to Cottrill, he would simply not sign off on the statue’s erection without payment being made. The 73-year-old Cottrill claims he is not a fool to install it without getting his balance, noting that he is still owed about $92,000. The fate of the golden Trump statue reveals the volatile nature of deals in the crypto industry. While the statue is being dreamt up as a work of art showing the crypto industry’s support for the president, it has been consigned to financial purgatory.

Cottrill alleges that after he was contracted to make the sculpture, the backers went behind his back to start using the art to promote a new digital asset called $PATRIOT. $PATRIOT is a meme coin that has no intrinsic value but capitalized on a cultural moment to build its price through market speculation and the building of a big community. The token went on sale in November 2024, garnering interest among Trump fans as he swept the United States presidential election.

Trump’s close ties to the crypto sector have also sparked accusations of massive conflicts of interest. According to a report from Bloomberg News, the Trump family fortune grew to about $1.4 billion last year, thanks to digital assets alone. The election momentum led to Trump launching his token $TRUMP days before his inauguration in January, which came amid the planned unveiling of the ‘Don Colossus’ associated with $PATRIOT. However, it was mixed fortunes for both memecoins, as the value of TRUMP rose, while the value of PATRIOT tanked.

Although $PATRIOT has continued to trade, the token has lost more than 95% of its value. The backers of the token include Dustin Stockton, a Republican strategist who was investigated by federal agents in connection with his work on “We Build The Wall.” The case led to key Trump advisor Steve Bannon pleading guilty to defrauding investors. Meanwhile, in his studio in Zanesville, Ohio, Cottrill speaks proudly of the work he has done regarding the statue.

Cottrill recounts experience working with crypto backers

In his statement, Cottrill claimed he has made at least 17 US presidents, as well as a statue of Thomas Edison that is currently at the US Capitol. He claimed he was excited about the scale of the Trump project. “When they said 15-feet tall, they were starting to get to the scale of my ego,” he said, laughing. Cottrill said it took him about a month to make the life-sized figure, and another three months to scale it, cast it in bronze, and have his team polish the outer surface.

Cottrill said the project was very big and sometimes looked overpowering. He claimed that he encountered an issue with the backers of the project after he sculpted the president’s neck, but they claimed they wanted a less realistic look. Another challenge was creating his signature hairstyle. “The hardest thing was sculpting his hair. Holy shmoly! Oi yoi yoi!” he exclaims. “You can’t sculpt and cast something that is…” he paused, trying to find the right word, “wispy.”

While the project has been completed, the next step remains the payment of the balance and an unveiling date, which remains elusive. When he was asked about his impression of dealing with the cryptocurrency world, Cottrill was expressive with his response. He claimed he might never take a job in the industry again. However, it remains to be seen what would come about the golden statue in the coming days.

If you're reading this, you’re already ahead. Stay there with our newsletter.