Over the past few weeks, Ocean City, NJ Mayor Jay Gillian’s personal financial situation has continued to worsen, raising concerns about the city’s financial oversight and leadership. Now, details of his recent bankruptcy filing have emerged, highlighting almost $6M in debts.
According to a recent bankruptcy filing, Gillian’s liabilities total over $2.5M to the IRS & NJ State Treasury, as well as $1M owed to a trust in the name of Eustace Mita. This does not include the ongoing dispute over an additional ~$600,000 in unpaid debts.
Mayor Jay Gillian, Photographed on the Wonderland Pier Carousel
During his bankruptcy announcement, Gillian wanted to emphasize that his personal financial situation has no impact whatsoever on city finances, budget, credit rating, or operations. Click here to view the full statement.
The Gillian’s assets are outlined in the filing, which values their home over $825,000, a $100,000 piano, and vehicles. Gillian’s income was listed at $40,000, a tenth of his earnings from previous years.
🗓️ TIMELINE:
September 2023: 1st Bank of Sea Isle City & Patricia Gillian Irrevocable Trust sue Jay Gillian and Gilamco (company owned by Jay Gillian) seeking payment of the $1.5m line of credit.
March 2024: Cape May County Superior Court rules against Jay Gillian, ordering him to repay $595,619 (unpaid balance of the loan, plus interest and legal fees)
August 2025: Complaint alleges zero ordered payments received, names Eustace Mita & 600 Boardwalk LLC as defendants. Complaint alleges lien on property was ignored/bypassed when property was sold to Eustace Mita.
December 2025: Ocean City, NJ Mayor Jay Gillian files personal bankruptcy, citing significant financial challenges he could no longer manage.