The auction will take place on Thursday, August 25th, 2011 at 12:00pm at the Trump Taj Mahal Casino Resort in Atlantic City, New Jersey. The open cry auction will be conducted by CBRE Auction Services and requires a minimum bid of $2.5 million by participants.
The iconic Jersey Shore landmark, which dates back to 1898, became a national media phenomenon thanks to a wide variety of entertainment acts such as the famous Diving Horse, the Human Cannonball, Alvin “Shipwreck” Kelly, who set the world’s record for pole sitting and four theaters with capacity for 12,000 guests.
The 3.4-acre Pier also was the original home of the renowned Miss America Pageant and hosted generations of headliners such as The Three Stooges, Mae West, Frank Sinatra, W.C. Fields, Charlie Chaplin and legendary musicians as Guy Lombardo, Benny Goodman and Jimmy Dorsey. Currently, the 965-foot-long pier is leased to Atlantic Pier Amusements Inc., which operates an amusement park with 24 rides, games, prize wheels and a food court.
“This offering is a truly rare opportunity to acquire a one-of-a-kind national showplace. As New Jersey’s counterpart to New York’s Coney Island and Chicago’s Navy Pier, the Steel Pier at Trump Taj Mahal is most certainly the centerpiece of Atlantic City’s celebrated boardwalk. With permits in place for the Pier to accommodate a wide diversity of new development uses, possible projects could include a 228-room hotel, a 33,672-square-foot casino and bar with restaurant and spa areas, or luxury condominiums.” said Douglas Johnson, managing director, CBRE Auction Services.