The Trump Taj Mahal that was once owned by U.S President Donald Trump. The Hotel Resort sold for $50 million dollars in March 2017.
The sale price is far much less than what it bought. The real value of the renowned gaming facility built early 1990 costs billions.
Then, the owner used $1.2 billion to put up a casino many people would always admire in Atlantic City New Jersey.
Twenty-seven years later, when the value of the casino, which has made real money online casino gambling sites should be billions of dollars, it was sold at a throw-away price of just 50 million U.S dollars.
However, many are questioning why the massive drop in the value of the shuttered casino that is associated with American President.
Their concern comes amid general opinion in the U.S and across the world where it is known that real estate and property investment leads to high amounts of money especially when enough time has passed.
They argue that 27 years is such a long time in spite of being shuttered; the number that was used to build the casino is so high than what it was sold for.
Things are however different especially since the 2008/9 U.S recession that affected most business including real estate.
Trump Taj Mahal has been associated with many prominent personalities including President Donald Trump and Carl Icahn, Donald’s long-time friend and business associate.
Late last year, President Trump then a presidential candidate sued a gaming company for using his name in the building that was no longer under his management.
Donald Trump, through his lawyers then argued that it was wrong and against morals to use his name on a shuttered business. The legal team said, “That is not the way Trump’s businesses run. It brings a bad image to our client whose mode of doing things is widely known and different.”
Known as the 8th Wonder of The Western World, Trump Taj Mahal opened with much anticipation of making real money from gambling industry by Carl Icahn. Although it did better for some time, the anticipated lucrative casino business did not last long.
The facility was forced to close in October 2016 when the then management failed to agree on specific working terms that involved past center managements.
Before Trump lost control over the casino, his relationship with Atlantic City had soared, but he held a small portion of business in the City until he gave it away.