Trump Plaza has been sold to a California-based company for the lowest price ever paid for an Atlantic City casino.

The Press of Atlantic City is reporting The Meruelo Group paid $20 million for the property, located right in the center of the city, and they plan to close the deal by May 31.

The Meruelo Group counts construction, real estate, and private equity as some of its core businesses and they own the Grand Sierra Resort and casino in Reno, NV.

This sale leaves the Taj Mahal as Trump Entertainment Group's only casino in Atlantic City and this sale continues the streak of casinos being sold for a fraction of what was spent to build them.