Not residential real estate, but how can I not post this fiasco of epic proportions.
A bank is foreclosing on the power plant at the center of a dispute that has helped keep Atlantic City’s former Revel casino shut.
Bank of New York Mellon has begun foreclosure proceedings against ACR Energy Partners, the sole source of utilities for the casino, which closed Sept. 2, 2014.
ACR and Revel owner Glenn Straub have been unable to agree on a deal to provide utility service for the building.
Under an emergency order from the New Jersey Department of Community Affairs, ACR is providing enough electricity to power fire-safety systems at Revel. But the bank says Straub has fallen $800,000 behind on those payments.
Guy Amoresano, an attorney for the bank, said in a court filing that Straub’s Polo North Country Club was in “flagrant contempt” of a June court order mandating payments for the utility service ordered by the state.