The highest bid at an auction for a former airport in Atlantic City was only a third of what the city had originally set as a minimum.

airplane (Thinkstock Images, ThinkStock)

Auctioneer Max Spann said Thursday that the highest of two bids for Bader Field was $50 million.

The city had originally set a minimum bid of $155 million, but later decided to accept sealed bids without a minimum.

Mayor Don Guardian said last week that the city couldn't take any bid less than $100 million seriously, and City Council President Marty Small told the Press of Atlantic City Wednesday that the bids were "too low."

City officials had hoped the sale of the 143-acre site will provide cash to pay down the city's debt and expenses as it faces a deadline to get its finances in order or face a state takeover.

(Copyright 2016 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)


Sign up for the Newsletter

Get the best of delivered to your inbox every day.