AC's Pier Shops to be sold at foreclosure auction

October 28, 2011 5:15:16 AM PDT
The upscale shopping venue that was supposed to bring new glamor and glitz to Atlantic City will be sold at a foreclosure auction Friday.

Lenders foreclosed on The Pier Shops at Caesars after its owner, Taubman Centers Inc. defaulted on its mortgage. The mall developer owes nearly $150 million.

The mortgage will be cancelled as part of the sale and the buyer will not inherit the debt.

The pier opened in 2006, when no one realized the Atlantic City market was at its height. The resort has since endured nearly five years of plunging revenues and lost market share. The pier's upscale luxury goods never caught on in a major way with shoppers.