Ocean City’s mayor files for personal bankruptcy but he plans to stay in office
The Gillian family was forced to sell their iconic amusement park in 2021 after defaulting on $8 million in debt.
Ocean City Mayor Jay A. Gillian has filed for personal bankruptcy.
The “extraordinarily difficult decision” was made after a combination of business decisions he made, personal financial obligations, and outside circumstances led to “serious financial strain” on his family, Gillian said in a statement shared on Ocean City’s government website.
“Like many individuals and families across our nation who encounter unexpected hardship, I found myself in a position where traditional methods were no longer viable,” Gillian said. “It is my hope that by being transparent and direct, others facing similar hardships will feel empowered to seek help, take responsible action, and work toward rebuilding.”
Despite this personal challenge, Gillian said his leadership of Ocean City remained “unwavering,” and he would stay in his role as mayor. In the statement, the mayor assured residents that his personal financial issues had no impact on city finances and operations were uninterrupted.
“Safeguards, oversight, and the structure of municipal government ensure that personal finances and public finances remain entirely separate,” Gillian said.
Gillian referred to his public statement when asked for additional comment.
While the mayor, who has been in office since 2010, did not specify what led to the bankruptcy beyond his statement, the Gillian family, which owned Gillian’s Wonderland Pier since 1965, sold the property to developer Eustace Mita, of Icona Resorts, in 2021. At the time, the Gillian family had defaulted on $8 million in loans, with the pier as collateral.
Mita has since embarked on plans to transform the site, first into a $150 million luxury hotel, and later, into townhomes. After a City Council vote Thursday, the property is now under review by the Ocean City Planning Board to determine whether the property should be rehabilitated or rezoned for new development.