Atlantic City's iconic Steel Pier, a 128-year-old amusement landmark on the Jersey Shore, has officially been put up for sale with an asking price of $85 million. The Catanoso family, which has owned and operated the nearly 1,000-foot-long pier since 2011, announced the decision as they face rising maintenance costs and a lack of interest from the next generation to take over the business.

According to listing materials, the sale includes more than five acres of oceanfront property, amusement rides, games, food stands, a large Ferris wheel, and a helipad for scenic helicopter tours. The property also holds a rare perpetual riparian grant, which allows the owner to expand the pier from its current 965 feet up to 2,850 feet into the Atlantic Ocean.

The historic Steel Pier sits across from the Hard Rock Hotel & Casino and is connected to it by a sky bridge. In addition to its current amusement park operations, the site is approved for other uses, including a condo-hotel entertainment complex—a plan that was permitted in 2008 but never realized. Listing agent Ryan Serhant described the property as "developable American history that extends straight into the Atlantic Ocean," adding, "How often does someone get to own a piece of the ocean? That's exactly what this offers." (People)

The pier, originally constructed in 1897 and opened to the public in 1898, was once billed as the "Showplace of the Nation." It has hosted acts ranging from Frank Sinatra to the Rolling Stones and served as a backdrop for movies like 'The Long Kiss Goodnight' and TV shows such as 'Cake Boss.'

The structure was rebuilt in the late 1980s with steel-reinforced concrete and is anchored 90 feet into bedrock, which allowed it to withstand events like Superstorm Sandy. Although previously owned by President Donald Trump as part of the Trump Taj Mahal Casino Resort acquisition, the Catanoso family bought the pier for $4.25 million before he could auction it off (AOL).

As reported by the Press of Atlantic City, current owner Anthony Catanoso said, "It's time for someone with a bold vision to carry the history of the pier forward." The family cited the demanding nature of the business, with summer days often requiring 18 hours of work, as one reason for selling.

Local officials have recognized the pier's importance to the city's history, but its future use will depend on the buyer's vision. While amusement rides may remain, the property’s unique development rights could lead to significant changes on the Atlantic City Boardwalk.