Ocean City Pier Up For Auction From $8M Mortgage Debt: Reports

OCEAN CITY, NJ — Gillian’s Pier on the boardwalk in Ocean City was ordered to be auctioned on Jan. 21 after the pier's owner defaulted on $8 million in loans, according to media reports.

Mayor Jay Gillian, who owns Gillian's Wonderland Pier with his wife, told NBC10 that he has secured new financing and that the property will not go up for auction by the Cape May County sheriff.

"We want to reassure all of our loyal guests that Gillian’s Wonderland Pier will be open for business, as usual, for the upcoming 2021 Season," Gillian announced Sunday on the pier's Facebook page. "We look forward to another wonderful season in America’s greatest family resort!"

Gillian did not return a request for comment from Patch about the new financing. NJ Advance Media also reported on the story.

NBC10 reported that court records in state Superior Court's Office of Foreclosure show that the Gillians owe First Priority Bank about $8 million in mortgage debt. Most of the debt was accrued before the pandemic, according to court records.

Judge Michael J. Blee ordered Jan. 21 that the property be put up for auction in order to satisfy the debt.

The longtime amusement pier has been run by the Gillian family since 1929.

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