The 965‑foot Steel Pier, anchored 90 feet into bedrock, now sits on a 5.2‑acre strip of Atlantic coast and is up for sale at $85 million, according to a listing by Serhant, Zyska & Bergin. The asking price reflects not only the historic amusement park’s operating value but also a perpetual riparian grant that allows the property to extend up to 2,850 feet into the ocean, potentially increasing the footprint by 25%.
Built in 1897 and opened as a theatre in 1898, the pier survived a 1969 fire, two world wars, and urban decay before the current steel‑reinforced concrete structure was erected in the late 1980s. It has hosted legends like Frank Sinatra, served as a venue for Miss America, and appeared in films such as "The Long Kiss Goodnight".
The Catanoso brothers—Anthony, Charles, and William—acquired the pier in 2011 for $4.25 million, turning it into a summer amusement destination with a Ferris wheel, rides, and a helipad. Now, after two decades of operation, they are selling, citing a desire to pursue other ventures and to allow a buyer who can fully exploit the ocean development rights.
Real‑estate broker Ryan Serhant described the deal as "owning a piece of the Atlantic" and highlighted the potential for a luxury hotel‑residence, entertainment complex, or residential tower that could rival the Hard Rock’s convention floor. "In Palm Beach it would be $400 million," he told the Post, underscoring the unique value proposition of the property.
The sale process is in its early stages, with Serhant noting that a handful of potential buyers are in informal talks. The Catanoso family will close the transaction once a suitable offer is accepted, after which the pier could either remain a classic amusement park or transform into a new development that leverages its prime boardwalk location and ocean access.