ATLANTIC CITY -- President Donald Trump's lavish Trump Taj Mahal in Atlantic City has been sold for 4 cents on the dollar, representing a mere fraction of the $1.2 billion that it cost to build in the '90s.

Hard Rock International purchased the shuttered casino in March for $50 million -- a price tag revealed from Carl Icahn's filings with the Securities and Exchange Commission, according to a report by The Associated Press.

Hard Rock plans to spend $375 million to renovate the casino and expects to reopen it in 2018, previous reports said.

When the Taj Mahal opened in the '90s, Trump called it "the eighth wonder of the world."

But in 2009, Trump severed most of his ties with Atlantic City while his casino company was going through its fifth bankruptcy filing. He relinquished his final stake in the business when Icahn acquired it from bankruptcy last year.

In March, Gov. Christie touted the purchase as being a major step in revitalizing the gambling town that has long been struggling to get back on its feet, previous reports said.

Hard Rock is owned by Florida's Seminole Indian tribe.

Spencer Kent may be reached at skent@njadvancemedia.com. Follow him on Twitter @SpencerMKent. Find the Find NJ.com on Facebook.