ATLANTIC CITY — The Casino Reinvestment Development Authority will be auctioning off 92 properties Wednesday at the Atlantic City Convention Center.
Max Spann Real Estate and Auction Co., will be hosting the event which begins at 1 p.m.
The 92 properties will be sold in 23 packages ranging from one to 12 lots located in residential and commercial zoning districts. There are 16 packages, or 84 lots, with developable land and seven packages, or eight lots, of non-conforming lots.
Winning bidders must sign a contract of sale immediately and a 10 percent deposit of the contract price is required. All bidders must be pre-registered and are required to have a bank cashier's check in the amount of $5,000 for each package and endorsed to an escrow holder after completion of auction. A second personal check is required for the balance of a 10 percent deposit.
Last year, Spann auctioned properties for the city which netted more than $1.6 million in revenue for the resort.