In real estate you will sometimes hear the term “pennies on the dollar” in reference to buying a property at a fraction of what it cost to construct.
Well this Florida real estate developer sure put a true meaning to the phrase in his purchase of the Revel Casino in Atlantic City, New Jersey.
“A bankruptcy judge Thursday said she would approve an $82 million sale of the Revel Casino Hotel to Florida developer Glenn Straub, ending nearly 10 months of contentious legal combat for control of the Atlantic City, N.J., resort.
The purchase price represents a more than 96% discount from the $2.4 billion is cost to build Revel, which first opened its doors in 2012 but never turned a profit. The sale to Mr. Straub is expected to close Friday…”
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