Two Atlantic City Land Tracts Garner Keen Investor Interest

ATLANTIC CITY, NJ (CBS) -- Attempts to unload real estate parcels in Atlantic City to deal with its ongoing cash crisis seem to be bearing fruit.

The town is pulling out all the stops to stave off a potential state takeover in the fall. A North Jersey based auction house has received two sealed bids for Bader Field and two more for the Riverside tract on the north end of town.

"Specifically for Bader, we've got some interesting ideas," Bob Dann, CEO at Max Spann Real Estate and Auction Company, told KYW Newsradio. "We're trying to clarify the offers and then we'll present them to the Council."

Between them, the top bids would bring in over 55 million dollars.

Dann says for all its internal problems, Atlantic City is still a hot spot. "It's the only place on the east coast with beach, entertainment, casinos, waterfront and all the entertainment you need," he said.

Interest has been shown from groups in Philadelphia and along the east coast from Massachusetts to Florida.

55 million dollars will go a long way to help Atlantic City stabilize its short-term financial outlook. The city is also trying to trim day-to-day operational costs at every level.