Toll Brothers' vice chairman Bruce Toll will pay $25.2 million to acquire a 2.5-acre lot in Atlantic City, N.J., that was the site of Donald Trump's World Fair boardwalk casino hotel. Toll intends to build a luxury residential high-rise that would include retail space. Toll outbid Trump, who tried to buy back the property he lost last year as part of a bankruptcy reorganization agreement, reports the Courier-Post of Cherry Hill, N.J. This deal adds to Toll's eclectic portfolio, which includes the former Reedman Auto World in Langhorne, Pa.—at 125 acres, one of the country's largest single-location car dealerships—which Toll purchased in June 2004.

Learn more about markets featured in this article: Atlantic City, NJ.