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Trump Loses Atlantic City Property

By Chuckmonster on Tuesday, 13th September 2005 12:09pm
  » filed under Las Vegas  comments: 0

   

This was one deal The Donald could not make.

The world's most famous real estate developer bid $25 million Tuesday for the 2.5 acres of beachfront property in Atlantic City where the Trump World's Fair Casino once stood.

Housing developer Bruce Toll bid $25.15 million.

Trump once proposed building a 62-story, 4,600-room hotel and casino on the site. But earlier this year, when his company Trump Hotels & Casino Resorts entered bankruptcy protection he agreed to auction off the land and give the proceeds, plus $17.5 million in cash, to his creditors.

Trump said by telephone on Tuesday that he did not see being outbid as losing.

"I'm really happy because I wanted to get a really good price for the stockholders," he said. "Whether I got it or not was not that important to me."



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