NEW YORK /PRNewswire/ -- Atlantic City's historic Steel Pier at Trump Taj Mahal will be offered at auction on Thursday, August 25th, 2011, providing a singular opportunity for future development of hotel, residential, retail or mixed-use projects.
The open-cry auction, conducted by CBRE Auction Services, will be held at 12:00pm at the Trump Taj Mahal Casino Resort in Atlantic City, New Jersey and will require a minimum bid of $2.5 million by participants.
In its heyday, the iconic Jersey Shore landmark was known for its famous Diving Horse, a high-wire motorcycle act and four theatres that could accommodate 12,000 patrons at a time. The Pier became an unparalleled entertainment venue that hosted Big Bands led by such legendary musicians as Guy Lombardo, Benny Goodman and Jimmy Dorsey.
The Steel Pier at Trump Taj Mahal is currently income-producing through 2016 via a lease with an amusement park that features 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," said Douglas Johnson, managing director, CBRE Auction Services. "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."
A wide variety of acts such as the Human Cannonball and Alvin "Shipwreck" Kelly, who set the world's record (seven weeks) for pole sitting, made the Trump Steel Pier a national media phenomenon. Generations of headliners have played the Pier such as W.C. Fields, Mae West, Charlie Chaplin, The Three Stooges, Bob Hope, Amos n' Andy and Frank Sinatra. Also, the Pier was the original home of the renowned Miss America Pageant.
A venerable piece of Americana directly across the boardwalk from the Trump Taj Mahal, Atlantic City's preeminent casino, acquiring the Steel Pier at Trump Taj Mahal represents an opportunity for an investor to own a piece of real estate history, collect income immediately, and transform this amazing engineering feat extending 965 feet into the Atlantic Ocean into a profitable concept befitting of the 21st century..
Registration for the auction begins at 11:00am and the auction will get underway precisely at 12:00pm. Certified or cashier's check in the amount of $150,000 is required in order to participate.
Bidder's Seminars will be held at the Taj Mahal on July 21st and August 15th at 10:00am. Auction representatives will be available to answer questions about the auction and the property. Detailed information about the Steel Pier at Trump Taj Mahal will also be available for review.
For more information about the auction, terms of sale, or a brochure, prospective purchasers should call CBRE Auction Services at 800-815-1038.
CB Richard Ellis' real estate auction service assists lenders, investors and users in the disposition of commercial real estate assets. The group collaborates with CBRE experts within each business line to develop comprehensive marketing programs designed to achieve clients' goals and to maximize the value of the asset. Doug Johnson, Paul Galanis, and Jeff Barrett lead the group. More information on CBRE Auction Services can be found at www.cbre.com/auctionservices.