ATLANTIC CITY—A total of 48 mostly contiguous lots sold at auction on Wednesday at the Revel Casino Resort here.
Dozens of bidders participated in the property auction for the properties located at the Southeast Inlet section of the city, according to The Press of Atlantic City.
The auction was held by AuctionAdvisors of Montclair, NJ as part of a federal bankruptcy reorganization for GMAB Realty LLC and SPE Realty LLC. Auction organizer Oren Klein, a managing partner for AuctionAdvisors, served as auctioneer. The two largest blocks that represented 37 of the 48 lots, including two Boardwalk-fronting parcels north of Revel, sold for the auction minimums of $2.3 million and $3.3 million in single uncontested bids.
A third block of lots, off Dewey Place and New Hampshire Avenue, attracted no single bidder. Instead, the lots were auctioned individually for as little as $20,000 apiece.
Klein says he is pleased with the auction results and level of interest generated for the properties. See story in The Press of Atlantic City.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
