Steel Pier, the oceanfront amusement park that has anchored Atlantic City's boardwalk for well over a century, is officially for sale — and the asking price is $85 million. The listing covers the entire operating attraction, from its Ferris wheel and rides to its games, food stands and even a built-in helipad, sitting directly across the boardwalk from the Hard Rock Hotel & Casino.
The sale was first reported by the New York Post, which described Steel Pier as an operating amusement park perched over the Atlantic Ocean. The pier itself spans roughly 5.2 acres and measures 150 feet wide and 965 feet long, according to the same report. It's also covered by 6abc Philadelphia, which notes the pier runs nearly 1,000 feet out over the water.
A Century-Old Landmark With Modern Perks
Steel Pier was constructed in 1897 and opened to the public in 1898, making it one of the oldest continuously running attractions on the Jersey Shore. Today it still delivers the classic boardwalk experience — a towering Ferris wheel, midway rides, arcade games and food stations — but the listing also highlights a less typical amenity for an amusement park: a helipad built right onto the property, the outlet's report notes.
The roughly 40,000-square-foot front building and connecting sky bridge carry an easement into the neighboring Hard Rock's convention floor, per the same account. Listing agent Michele Zyska told the Post that the property was appraised at $87 million last year, a figure that sits just above the current $85 million ask.
The Catanoso Family Steps Back
The sale would close out the Catanoso family's long run at Steel Pier, with the report attributing the decision to the next generation pursuing other passions. Accounts of how the family first acquired the pier vary slightly: the Post reports an ownership group including Anthony, Charles and William Catanoso purchased it for $4.25 million in 2011, while Wikipedia states that Trump Entertainment sold the pier that same year for $4.3 million to a group led by the Catanoso family. Either way, the $85 million asking price now represents roughly 20 times what the family paid at the start of the last decade, according to the Post's reporting.
Room to Grow, and a Fading Shore Tradition
Beyond the current footprint, the property carries a perpetual riparian grant that would allow an extension as far as 2,850 feet into the Atlantic, and the site was approved and permitted in 2008 for a condo-hotel entertainment complex, the outlet's report adds. Whether any of that potential factors into a future buyer's plans remains to be seen, and the report does not identify any prospective purchasers.
The listing also arrives as other Jersey Shore piers change hands or wind down. Down the coast, more than 20 items from Wonderland Pier have been listed for sale online, with buyers ranging from collectors and homeowners to shoppers hunting for Halloween decorations, according to NJ.com. For Steel Pier, though, the boardwalk staple remains open and operating for now, even as its ownership future is put up for bid.
