A high-end homebuilder has been cleared to be the owner of a property that once bore Donald Trump's name.
U.S. Bankruptcy Judge Judith Wizmur on Wednesday accepted the results of an auction held a day earlier for the Atlantic City land where Trump World's Fair Casino once stood.
Bruce Toll, a founder of Horsham, Pennsylvania-based homebuilder Toll Brothers Inc., agreed to pay $25.15 million (Ђ20.5 million) for the property, outbidding Trump by $150,000 (Ђ122,200). The price was far higher than a $7.5 million (Ђ6.1 million) appraisal earlier this year.
Trump agreed to sell the 2.5-acre (1-hectare) site and give the proceeds to his creditors as part of a bankruptcy reorganization of his company, Trump Hotels & Casino Resorts.
A casino cannot be built on the site. Toll said he intends to put up condominiums and stores. Shares of the company rose 9 cents to close at $47.29 Wednesday on the New York Stock Exchange, AP reports.