Sean Ryan is associate editor of Real Estate NewJersey

The property was subject to a Chapter 11 auction, despite TrumpHotels already emerging from bankruptcy, changing its name to TrumpEntertainment Resorts. The site was originally appraised at $7.2million. The Trump Organization had an initial bid of $14.2million. For additional information on the reorganization, clickhere.

"The property was sold as an as-is purchase. It's an all-cashpurchase, it's a very fast close, and due diligence has to be doneprior to the sale, not after the sale," says Jim Sheehan, seniordirector at Cushman & Wakefield's Philadelphia branch, whichmarketed the property. "All those things are unusual, and as aresult you end up with very serious, well-capitalized buyers."

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