Historic pier hits market

Steel Pier, Atlantic City's roughly 5-acre amusement park on the boardwalk, is for sale for $85 million. The oceanfront property sits across from the Hard Rock Hotel & Casino.

Built in 1897

Steel Pier was constructed in 1897 as a theater before evolving into a carnival with rides and attractions. It became known as the Showplace of the Nation during its peak from the 1920s through early 1950s.

Miss America's home

For a brief period in the 1930s, Steel Pier was the official venue of the Miss America pageant. The pier was a major entertainment destination when Atlantic City thrived as a tourist hub.

Fire destroyed a third

A fire in 1969 destroyed about one-third of the pier, and other pressures caused its footprint to shrink over decades. The pier now measures about 965 feet long and 150 feet wide.

Expansion rights included

The property has a perpetual riparian grant permitting development up to 2,850 feet into the Atlantic Ocean. This rare ocean expansion right is a major selling point for potential buyers.

“How often does someone get to own a piece of the ocean? That's exactly what this offers.”

Trump owned it once

In the late 1980s, Trump Entertainment Resorts acquired Steel Pier as part of purchasing the Trump Taj Mahal Casino Resort, now the Hard Rock Hotel & Casino. The property was later sold in 2011.

Catanosos ran it since

The Catanoso family leased Steel Pier for years before purchasing it in 2011 for $4.25 million. Without a succession plan, the family has decided to sell the property.

Renovations made

The Catanosos renovated the pier's 40,000-square-foot front building and skybridge, built an office complex, and made several capital improvements. The property is zoned for hotel, entertainment, and commercial redevelopment.

Current attractions

Steel Pier's main draws today are the Crazy Crab and Loco Motion roller coasters, a 240-foot Ferris wheel, helicopter tours, and waterfront bars. The pier remains a popular boardwalk destination.

Condo project pending

Steel Pier was approved for a condo and hotel entertainment complex in 2008, a project that never materialized but remains an option for new buyers. The front building has an easement extending into the Hard Rock's convention floor.

Serhant sees value

Listing agent Ryan Serhant called Steel Pier a rare opportunity to reinvent a Jersey Shore landmark. He told the New York Post his brokerage has already had conversations with prospective buyers.

“If you're a high-end, high-net-worth hospitality builder, I think Atlantic City is incredible value.”

Buyers being courted

Serhant described the property as attractive to high-net-worth hospitality developers seeking value in Atlantic City. The combination of ocean expansion rights and zoning flexibility makes it a unique development opportunity.