Lenders have taken control of the upscale shopping venue that was supposed to bring new glamor and glitz to Atlantic City.
They prevailed against one other bidder in a foreclosure auction Friday to obtain The Pier Shops at Caesars for just over $25 million. They plan to continue operating the pier while seeking a new buyer.
Lenders foreclosed on the shopping center after its owner, Taubman Centers Inc. defaulted on its mortgage. The mall developer owes nearly $150 million.
The mortgage was cancelled as part of the sale and the buyer did 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.
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