Sean Ryan is associate editor of Real Estate New Jersey

The property was subject to a Chapter 11 auction, despite Trump Hotels already emerging from bankruptcy, changing its name to Trump Entertainment Resorts. The site was originally appraised at $7.2 million. The Trump Organization had an initial bid of $14.2 million. For additional information on the reorganization, click here.

"The property was sold as an as-is purchase. It's an all-cash purchase, it's a very fast close, and due diligence has to be done prior to the sale, not after the sale," says Jim Sheehan, senior director at Cushman & Wakefield's Philadelphia branch, which marketed the property. "All those things are unusual, and as a result you end up with very serious, well-capitalized buyers."

"It was like a high stakes poker game," says Jerry Kranzel, also with Cushman & Wakefield. Bidding was only from 10:05 to 10:55 on Tuesday morning, but had ten rounds of increased bids. "In fifty minutes it went from $15 million to $25 million to $25.15 million."

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