Atlantic City Boardwalk Mall Fails To Sell At Auction

Law360, New York (August 10, 2012, 5:22 PM EDT) -- A troubled upscale shopping center connected to the Caesars Atlantic City casino hotel failed to sell at auction Wednesday when the highest bidder offered only $25 million, a spokesman for loan servicer C-III Capital Partners confirmed Friday.

The Pier Shops at Caesars, a 303,000-square-foot mall on Atlantic City's boardwalk, defaulted on a $135 million mortgage several years ago and underwent a foreclosure auction in October.

Appraised at $56.6 million in January 2011, the real estate owned property failed to elicit a bid that met the reserve...
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