Wednesday, June 29, 2011

Steel Pier on Auction Block

Atlantic City's historic Steel Pier is up for grabs on the auction block. According to this article, Trump Entertainment will be utilizing the firm CB Richard Ellis to sell off the 24 rides and attractions on August 25th, and a minimum bid will start at $2.5 million for the facility, a small fraction of Trump Entertainment's $300 million debt.

Steel Pier is home to a wonderful collection of rides, including a Reverchon Crazy Mouse, a large Ferris wheel, Disk-O, and slingshot attraction. The current operation agreement states that Steel Pier will run through at least 2016, so a sale before then would not affect the park's daily operation. We expect more news to follow as the date of the auction approaches.