Business/Finance

Atlantic City's Steel Pier to go up for bid

Thursday, June 30, 2011
The Steel Pier in Atlantic City, N.J., is shown Monday, Sept. 4, 2006. The distinctive pier opened in 1898 and juts 1,000 feet into the Atlantic Ocean, but it closed in mid-October to make way for new development, most likely a mixture of high-end condominiums, restaurants and shops.

The Steel Pier in Atlantic City, N.J., is shown Monday, Sept. 4, 2006. The distinctive pier opened in 1898 and juts 1,000 feet into the Atlantic Ocean, but it closed in mid-October to make way for new development, most likely a mixture of high-end condominiums, restaurants and shops. (AP Photo / AP Photo/Mary Godleski)

Trump Entertainment Group plans to put Atlantic City's iconic Steel Pier up for auction.

The Press of Atlantic City reports bidding on the 113-year-old amusement complex will start at $2.5 million, or about 8 percent of its $29.8 million tax assessment.

Trump spokesman Brian Cahill told the newspaper Trump Entertainment Group is a gaming company and Steel Pier is not part of the casino.

Steel Pier operator Anthony Catanoso says his agreement runs through 2016 and any sale won't affect operations. Catanoso says he hopes to make an offer before the auction date of Aug. 25.

The Steel Pier has been rebuilt since it was home to a diving horse attraction and the original Miss America Pageant in the early 20th century.

The Wall Street Journal first reported the story.

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new jersey, atlantic city, donald trump, business/finance
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