48 Vacant Atlantic City Lots Auctioned

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ATLANTIC CITY, NJ  (Press of Atlantic City) — AuctionAdvisors auctioned 48 vacant and mostly contiguous lots as part of a federal bankruptcy reorganization for GMAB Realty LLC and SPE Realty LLC. Auction organizer Oren Klein, a managing partner for AuctionAdvisors, served as auctioneer and found lukewarm interest for the two largest blocks, in the shadow of Revel off Vermont and Seaside avenues. “This could take a while,” Klein said after getting no initial bids for the auction’s first offering. “We’re here to sell it. Hopefully you’re here to buy it. We know you are.” The two largest blocks represented 37 of the 48 lots, including two Boardwalk-fronting parcels north of Revel, and sold for the auction minimums of $2.3 million and $3.3 million in single bids that were not contested. 

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