Thursday's sale is the latest in a series of bargain-basement deals for struggling casinos in the seaside resort.
The Meruelo Group of Downey, Calif., plans to close the deal by May 31.
The casino, which cost $210 million to build, opened in May 1984 as one of Donald Trump's pet projects. The real estate mogul has since limited his dealings in Atlantic City.
The sale leaves the company he once ran, Trump Entertainment Resorts, with just one casino, the Trump Taj Mahal Casino Resort. The company sold the former Trump Marina to a Texas company that rebranded it as the new Golden Nugget in 2011.