The steel is now gone, long since torn down, and Guccione is now apparently out of the Atlantic City picture. In debt to his lenders and facing a sheriff's sale forced by one of them, Kennedy Funding, based in Hackensack, NJ, Guccione has cut a deal to sell the two parcels. Guccione had defaulted on a $14 million loan from Kennedy, setting up the latest scenario. His total indebtedness to Kennedy Funding is said to be in the $28 million range.
The Atlantic City Casino Reinvestment Development Authority will buy one of the sites, a four-acre tract that it plans to turn into parking for Boardwalk Hall, a convention facility. According to Kennedy Funding vice president Joseph Wolfer, the second site, totaling two acres on the boardwalk, has also been sold, but the buyer has not been disclosed. The sale price of both sites is also undisclosed.
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