Trump’s ‘Taj Mahal’ Cost $1.2B To Build. It Then Sold For Cents On The Dollar

Jesper Rautell Balle/CC BY 3.0

Donald Trump built the Trump Taj Mahal for $1.2 billion. Two bankruptcies later, Carl Icahn sold it for $50 million.

When President Donald Trump’s Atlantic City casino was put up for sale, its new owner, Carl Icahn — who had acquired the Trump Taj Mahal after its second bankruptcy — received just 4 cents on the dollar, bringing in a paltry $50 million.

According to the Chicago Tribune, Trump spent $1.2 billion to build what he dubbed “the eighth wonder of the world” in 1990.

Documents filed with the Securities and Exchange Commission [in May 2017] revealed the price that billionaire Carl Icahn got from Hard Rock International for the shuttered casino: $50 million. The sale was publicized at the time, though the purchase price wasn't.

Trump lost his stake in the casino after its second bankruptcy in 2015, when Icahn acquired the parent company, Trump Entertainment Resorts.

After dumping millions of dollars into the failed casino, Icahn decided to wash his hands of it, selling to Hard Rock, which is owned by Florida's Seminole Indian tribe.