Trump Taj Mahal sold for 4 cents on the dollar

Hard Rock International paid US$50 million for the casino that President Trump had built for more than US$1.2 billion.

US.- According to documents filed with the U.S. Securities and Exchange Commission, Hard Rock International paid US$50 million for the Trump Taj Mahal. Billionaire Carl Icahn got for the Atlantic City-based casino just 4 cents on the dollar in comparison to the US$1.2 billion it had cost to Donald Trump in 1990.

The sale of the more than 30 acres surrounding the property was publicised in March but the price wasn’t until now. According to Icahn Enterprises’ 2016 financial report, it was valued at US$86 million but was still sold at US$50, which seems even less in comparison to its original cost when former owner and now President Trump built it.

Icahn shut down the Trump Taj Mahal  in October after having trouble with its workers and the union. After having losses of US$350 million, he stated that there was no way to make profit from the once dubbed “eight wonder of the world” by Trump.

Hard Rock now plans to spend nearly US$400 million on a renovation of the property that, according to a sales agreement filed with the county, has a taxable value of more than US$224 million.

The new property is expected to create more than 1,000 construction jobs and 3,000 permanent ones, according to Hard Rock. The company has already hired 23 employees in order to rebrand the Taj Mahal and give it a new identity.