Donald Trump

NEW YORK (CNN/Money) - This may not be something that's come up yet on "The Apprentice," but it appears Donald Trump is in the process of bidding for property he already owns.

The Press of Atlantic City reported Saturday that one of Trump's companies, The Trump Organization LLC, was designated as lead bidder for a 2.5-acre oceanfront site where the Trump World's Fair Casino once stood. The paper said proceeds of the auction will go to shareholders of Trump Entertainment Resorts Inc., along with $17.5 million in cash, as part of Trump's effort to placate them when the company filed for bankruptcy earlier this year.

The Trump Organization's $14.2 million bid was accepted over a similar one made by investment company Roberto Stortini Holdings by U.S. Bankruptcy Court Judge Judith H. Wizmur, the Press said. The paper said Wizmur objected to a $360,000 break-up fee sought by Sortini if the sale didn't go through, while the Trump group said it would not seek such a fee.

The Press said the deadline for submitting formal bids is Aug. 29. If there is a higher bid, an auction would take place Sept. 13.

The newspaper said the land can't be used for a new casino under terms of Trump's agreement with shareholders. It said Trump has indicated he wants to build luxury high-rise condos on the land.

An earlier version of this story gave an erroneous value to the Trump Organization bid. CNN/Money regrets the error.

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