ATLANTIC CITY, N.J. – The highest bid at an auction for a former airport in Atlantic City was only a third of what the city had originally set as a minimum.
Auctioneer Max Spann said Thursday that the highest of two bids for Bader Field was $50 million. The city said it was reviewing the bid.
The city had originally set a minimum bid of $155 million, but later decided against a minimum.
Mayor Don Guardian said last week that the city couldn’t take a bid less than $100 million seriously. City Council President Marty Small told the Press of Atlantic City on Wednesday that the bids were “too low.”
City officials hoped the sale of the 143-acre site will let it pay down debt and expenses as it tries to get its finances in order to avoid a state takeover.
Information from: The Press of Atlantic City (N.J.), http://www.pressofatlanticcity.com