Trump Taj Mahal casino sold for 4 cents on the dollar
Donald Trump wrote “The Art Of The Deal,” but it was Florida's Seminole Indians who made a truly amazing deal to buy the opulent casino built by the man who is now president of the United States.
The Trump Taj Mahal, the Atlantic City, N.J., casino that the real estate mogul built for $1.2 billion in 1990, went for 4 cents on the dollar when it was sold in March. Documents filed with the Securities and Exchange Commission on Tuesday revealed the price billionaire Carl Icahn got from Hard Rock International for the shuttered casino: $50 million. The sale was publicized at the time, though the purchase price wasn't. Trump dubbed the Taj Mahal casino “the eighth wonder of the world” when it opened.
In October, Icahn shut the casino down, saying he saw no way to make a profit from it and lamenting losses of $350 million on it.
Hard Rock, which is owned by Florida's Seminole Indian tribe, plans to reopen the Taj Mahal in 2018 after scrubbing it of its minarets and its ubiquitous mentions of Trump. Hard Rock says it plans to spend $375 million on a renovation that will draw on the world's largest collection of music memorabilia. Hotel guests will even be lent Fender electric guitars to play in their rooms.
http://www.latimes.com/politics/la-pol-sac-liberal-energy-legislature-20170507-story.html