A three-story building in Atlantic City that survived eminent domain — thus derailing the planned expansion of the next-door Trump Plaza — was auctioned off for $530,000.
Vera Coking and her husband bought the property for $20,000 in 1961. In the late Nineties, Donald Trump reportedly made Coking several multi-million dollar offers for the property, but she turned them down. She then beat back an eminent domain suit that would have paved the way for the expansion of Trump’s casino.
In 2011, Coking moved to a retirement community in California, and her son Ed Casey put the building on the market for $5 million. But with the recent decline of Atlantic City — the Trump Plaza is slated to close in September and several other casinos are struggling financially — the value of Coking’s property dropped dramatically.
Last year, the asking price was cut to $995,000. The city assessed the value of the property at $580,000 in 2009. [NYT] – Claire Moses