Route 40 (https://rtforty.com/tag/atlantic-club/)
The owner of the Atlantic Club, one of Atlantic City’s oldest shut casinos, has agreed to sell the property to a businessman with ties to the city.
Property documents filed with the county in January show that TJM, the Florida-based Atlantic Club owner, reached an agreement to sell the property to Jeffrey Smolinsky and his company, North American Acquisitions.
Real estate developer Bart Blatstein and Florida-based hotel company TJM owe Atlantic City almost four million dollars in unpaid taxes from this year, according to the city’s tax sale list.
The Atlantic Club is still up for sale and its owners just modified a $10 million mortgage on their other Atlantic City Boardwalk property, The Claridge. These things are not related, Dale Schooley, director of acquisitions for the owners, TJM, told me yesterday.
The owner of the Atlantic Club, facing a foreclosure filing, has paid off back-dated taxes and interest from 2017, according to one official familiar with the court proceeding. The tax liens on the aging former casino at the southern end of Atlantic City’s Boardwalk were worth almost $1 million.