Remember that time you went shopping at The Pier Shops at Caesars in Atlantic City?
Us neither. Could be part of the reason it’s to be sold at a foreclosure auction today.
Lenders foreclosed on the shopping center after its owner, Taubman Centers Inc. defaulted on its mortgage. The mall developer owes nearly $150 million.
Bonus if you’re interested in bidding: the mortgage will be cancelled as part of the sale and the buyer will not inherit the debt.
The pier opened in 2006, when no one realized the Atlantic City market was at its height. The resort has since endured nearly five years of plunging revenues and lost market share.