![]() ![]() While that possible sale is being worked out, the university is paying about $400,000 a month to maintain the property. The university is now trying to sell the property for $26 million to developer Glen Straub, who has also bought the closed Revel casino in the resort. Stockton officials would not discuss the focus of the investigation in detail, but did tell reporters that concerns recently raised at the state level that the sale was not properly reviewed by the state Comptroller’s Office was part of the reason for the probe. The legal complication bogged down the sale and Stockton’s plans for the site. Caesars then sold the property to Stockton with its own restriction that the property not be a casino. Trump Taj Mahal invoked a 1988 covenant with then Showboat owner Caesars Entertainment that agreed the property would always be maintained as a casino. While the board said it supported the reasons for the school’s $18 million purchase of the property to house an Atlantic City satellite campus for the university, the sale became mired in controversy when it was held up by a neighboring casino. New Jersey’s Stockton University board of trustees have approved 0,000 for a “comprehensive investigation of matters relating to the acquisition and proposed sale of the Showboat Hotel and Casino.”
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