USD 32 M in unpaid property taxes
Revel appeals court order allowing Atlantic City to hold tax sale
2014-11-27
Reading time 29 seg
(US).- The former Revel Casino Hotel is trying to block Atlantic City from collecting USD 32 M in unpaid property taxes. The owners of the former Atlantic City casino, which closed on September 2, filed an appeal Monday of a bankruptcy court order letting Atlantic City hold a tax sale of the unpaid debt.
That is a legal maneuver in which an investor in effect buys a lien against the property and pays the taxes due on it. The investor gets paid when the property owner pays off the tax debt; if that doesn't happen, the investor can foreclose in two years.
Complicating things is the fact that a deal to sell the property to a Canadian firm for US$ 110 million fell apart last week.
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