Gillian’s Wonderland Pier, Ocean City, New Jersey, is in foreclosure. The court has ordered the property be put up for auction. But owner Jay Gillian says that the 92-year-old landmark amusement park will reopen for the 2021 season. He said that although the pier was affected by the pandemic, it had secured financing and would be reopening on March 27.
According to the court judgement, Gillian defaulted on three loans totaling about $7.9 million with the Pier as collateral. Much of the debt was accrued before the pandemic, with a loan of about $7.3 million due in May 2017. The remainder of the debt was accumulated since then as Gillian took out two more loans without paying off the first.
Because of the pandemic Ocean City was forced to close its beaches and boardwalk just as the tourist season started last year. The pier did reopen later in the summer with adjustments for hygiene and distancing rules in place.
