Updated Oct 23, 2026
Lexie, Alex & George Norcross Acquire Former Trump Plaza Casino Site From Carl Icahn For $500M
2500 Boardwalk
$500,000,000
Building Size
—
Asset Type
Commercial
Closing
Oct 21, 2026
About this deal
AI
The transaction involved the acquisition of the former Trump Plaza Casino site located at 2500 Boardwalk, Atlantic City, NJ. The total sale price was reported at $500,000,000. The property is classified as commercial and has remained largely vacant since the casino's closure in 2014. The site underwent significant demolition in 2021. Plans for redevelopment have been stated, although they have not been disclosed by the new owners.
Summary of transaction details:
- Property Type: Commercial
- Transaction Amount: $500,000,000
- Buyer: Lexie Norcross, Alex Norcross & George Norcross
- Seller: Carl Icahn
- Address: 2500 Boardwalk
- Market: Atlantic City, NJ
The buyers are led by South Jersey business magnate George Norcross along with his children, Lexie and Alex Norcross. The seller of the property is investor Carl Icahn. The completed sale represents a notable transaction within the Atlantic City market, particularly given the site's history and potential for redevelopment.
On the Map
$500,000,000
Commercial
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Atlantic City Commercial Market Snapshot
Boundary boundary · Commercial · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.03%
Cash-on-Cash
-0.01%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93