BET Outbids Trump for AC Property

Sean Ryan is associate editor of Real Estate New Jersey .ATLANTIC CITY-BET Investments Inc. won the bidding for the former site of Donald Trump’s World’s Fair Casino with a $25.15-million offer–beating out Trump himself. Trump Boardwalk Partners bid $25 million for the 2.5-acre lot on the Atlantic City boardwalk. A third party, Andrew Barroway, bid $21 million.

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.”