Glenn Straub Wants Discounted Price on Revel

The runner-up in the bidding for the Revel, who is now in line to purchases the shuttered casino, is challenging the seller’s asking price, according to the Associated Press.

Glenn Straub’s attorneys said in court filings this week that the casino should be sold for $87 million, rather than the $95.4 million being asked. Brookfield Asset Management initially put in the winning bid of $110 million, but has since withdrawn its bid following a dispute with the casino, according to the report.

Straub says there were multiple improprieties involved in the process, and that he never would’ve submitted his base bid of $90 million had he known about them. He’s seeking an additional $3 million discount because Revel is keeping Brookfield’s $11 million deposit.

Straub was the first, and for a time only, bidder once the Revel announced it was going up for sale.

Straub put in a $90 million bid and said he intended to reopen the building in part as a casino, and in part as an an elite university, in the building’s tower.

Revel closed at the beginning of September, and about 3,100 people lost their jobs as a result of that closing.