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Just Another Atlantic City Gamble That Failed
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Eight years ago, a woman refused Donald Trump's offer of about $2 million for her boarding house in Atlantic City. Trump wanted to expand his Trump Plaza casino hotel, and hers was the last piece of the block he needed. She stood fast. Now, it's for auction... at a reserve price of $199,000, a tenth of what she could have gotten. She initially asked for $5 million in 2010. Why did she refuse Trump's (and Bob Guccione's earlier) offers and fight in court to stay? She just didn't want to move. Now, she did move, due to ill health, all the way to San Francisco, and Trump's casino is closing. The land isn't worth that much anymore. And others who held out eventually sold, made millions, and think she got greedy and blew it. Some blame her and other holdouts for killing off development, so this didn't end well for anyone. (New York Times)
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