Trump Entertainment Resorts (TRMP: N/A N/A) has been able to revive negotiations with Coastal Marina LLC for the rights to the Trump Marina Hotel and Casino in Atlantic City.

Previous negotiations fell apart in 2008 with both parties accusing the other of breach of contract, which resulted in a lawsuit over $17 million that Coastal paid as a deposit on the original sale.

Under terms of the new purchase agreement, both parties agreed to drop all pending litigation upon closing.

Coastal Marina will purchase the 27 story hotel, 80,000 square feet of gaming space and 60,000 square feet of convention space, nightclub, three players clubs, four retail outlets, six restaurants, cocktail lounge and health spa for $316 million.

Richard Fields, chairman of Coastal Marina said that the casino hotel will be re-branded and refurbished to fit within their “Margaritaville” brand.

“Together with Jimmy Buffet’s team at Margaritaville, our plans are to create an exciting new property that we believe will tap its full potential and make it one of the most successful destination gaming resorts in Atlantic City,” Fields said.

“They are buying a wonderful building in a great location. It has been an important part of our company with a loyal customer base and a dedicated team.” responded Trump.