A proposed purchase agreement could allow a group of lenders led by financier Carl C. Icahn to buy the property for $200 million

A proposed purchase agreement for the sale of the Atlantic City Tropicana Casino and Resort has been completed and could allow a group led by Carl C. Icahn to buy the property for $200 million.

According to several media outlets, the agreement was reached on the terms of purchase with Icahn, former owner of the Sands Hotel Casino Atlantic City, and his investors that sets $200 million as the minimum bid for a bankruptcy auction. The New Jersey Casino Control Commission is expected to approve the purchase agreement and authorize the Tropicana to go into bankruptcy court for an auction in the near future.    

According to the Press of Atlantic City, the details of the bankruptcy auction have yet to be disclosed. Bidding procedures written by officials overseeing the sale show that potential buyers will be prescreened to make sure they are "financially qualified."

Once thought to fetch a price of some $1 billion, the AC Tropicana property includes 140,000 square feet of gaming space, 2,129 hotel rooms and a retail and entertainment center called The Quarter. Built in 2004, The Quarter alone cost $285 million, according to the Press story.