Lenders beat out one bidder at Atlantic City Pier Shops auction
This morning’s auction of the Atlantic City Pier Shops came down to just two bidders, and lenders ended up taking control.
The Associated Press reports lenders bested one other bidder for the foreclosed-upon mall, and have plans to continue operating the pier until another buyer is found. Owner Taubman Centers Inc. defaulted on the mortgage and owes about $150 million.
But the $25 million bid accepted today doesn’t include the development’s debts; the mortgage was to be canceled as part of the sale.
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