Donald Trump has agreed to sell Trump Marina in Atlantic City, New Jersey, to Coastal Marina LLC and drop a lawsuit against its chairman, Richard Fields.

Coastal Marina, an affiliate of Coastal Development, is to pay USD 316 million for the resort, which will reopen as Margaritaville.

Fields and Trump also agreed to end a Broward County lawsuit that accuses Fields of cutting Trump out of development of the Seminole Hard Rock casinos in Hollywood and Tampa, once the sale closes. The suit had been scheduled for trial this summer.

Trump Entertainment Resorts Chief Executive Officer Mark Juliano said the USD 316 million in sale revenue would go reducing its USD 1.6 billion debt, additional development in Atlantic City or diversifying its holdings through projects outside Atlantic City.