June 2, 2009 / 2:13 PM / in 9 years

UPDATE 1-Trump Entertainment says sale terminated

*Filing says deal terminated

*Coastal alleges breach of agreement

ATLANTA, June 2 (Reuters) - The sale of a Trump Entertainment Resorts TRMPQ.PK property in Atlantic City, New Jersey, to Coastal Marina LLC has been terminated, the bankrupt company said in a filing on Tuesday.

“Coastal has failed to consummate the transaction within the time provided under the agreement,” Trump Entertainment said in the Securities and Exchange Commission filing.

Coastal Marina, a privately held New York company, entered an agreement in May 2008 to buy the Trump Marina Hotel and Casino. The company, an affiliate of Coastal Development LLC, originally agreed to pay $316 million for the property but the bid was later lowered to $270 million.

The latest filing also said that Coastal lawyers allege that Trump entities breached the purchase agreement and “fraudulently induced” Coastal to enter into it. Trump added that it believes such claims have no merit. (Reporting by Karen Jacobs, editing by Dave Zimmerman)

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