Revel Sold, Won’t Become a University for Geniuses
At auction this morning, Brookfield Asset Management purchased Revel with a bid of $110 million — besting Florida developer Glenn Straub’s $95 million bid for the property. Brookfield, based in Toronto, describes itself by saying it focuses on “owning and operating assets with a focus on property, renewable energy, infrastructure and private equity.”
On Monday, Straub said he’d challenge the auction results if he lost — due to what he says was a lack of transparency. But don’t feel too bad for him: Because he lost the auction, Straub gets a $3 million breakup fee.