The former Crown Bank building in downtown Ocean City has sold for 6.675 million dollars. The six-story structure at 8th and Asbury and it’s adjacent parking lots were sold to Raj and Yogi Khatiwala’s Ocean City Crown Holdings LLC after they placed the winning bid in bankruptcy court. The buyers own several businesses in the city including the Pavilion and Forum motor inns, the Ocean Breeze and Bluewater Inn Hotels, The Beach House and Scarborough Inn B&B and the Stainton’s building that houses retail shops. It is unclear how the new owners will develop the property. A competing bid of 6.5 million dollars was placed by luxury hotel brand Icona.
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