Live From The Auction Block - Memphis

[fastdiesel]

After many rumors, about done-deal sales, the Memphis Motorsports Park went to auction today. Property was advertised a two separate tracts. Dragstrip and round track being different lots.

At the start of the auction, they changed the rules, and only offered the real estate as one parcel. You could tell, this made drag strip (potential) bidders unhappy.

Bidding opened at $4M, but came down to $1M before an opening bid was offered by potential buyers.

High bid was $1,875,000.00 (+ 10% buyers premium). I'm sure Dover won't sell. This was NOT an absolute auction.

They did continure to sell off all personal property. Trucks, consession stand equipment, chairs, equipment, etc.

Don't pencil in any events for 2011, at Memphis!

From the auction block,

Jimmy Ray

[longram60]

Sounds like it might be a go from this article:
www.memphisdailynews.com/editorial/Article.aspx?id=54887

[fastdiesel]

Dec 14, 2010 14:49:23 GMT -5 longram60 said:

Sounds like it might be a go from this article:
www.memphisdailynews.com/editorial/Article.aspx?id=54887

As of right now, Dover board hasn't accepted the offer. Jupiter Group (Joe Lubeck/Palm Beach Intl Raceway) offered the highest bid.

Rumor mill is in overdrive, but we won't really know until it closes, and the title changes hands!

[dennish]

www.bizjournals.com/memphis/news/2010/12/15/dover-accepts-bid-for-motorsports-park.html

[fastdiesel]

Dec 15, 2010 19:00:27 GMT -5 dennish said:

www.bizjournals.com/memphis/news/2010/12/15/dover-accepts-bid-for-motorsports-park.html

I don' t trust their journalistic ability, since they can't even do simple math (1.875 mil x 10% is 2.06 mil, not 2.6!) (they're only HALF-A-MILLION-DOLLARS off)!

It's only rumor until Dover issues a press release, saying it's a done deal. All we have now is a high bidder.

Then, it's not 100% true until the title changes hands!!!!

No release, at this time from Dover or Palm Beach.....

[longram60]

I agree it's not final until the title changes, but this sounds very encouraging:

www.commercialappeal.com/news/2010/dec/15/negotiations-continue-sales-memphis-motorsports-pa/

I think it would be a great place for Monster Mopar!

[fastdiesel]

Dec 15, 2010 22:15:51 GMT -5 longram60 said:

I agree it's not final until the title changes, but this sounds very encouraging:

www.commercialappeal.com/news/2010/dec/15/negotiations-continue-sales-memphis-motorsports-pa/

I think it would be a great place for Monster Mopar!

Monster at Memphis. Has a nice ring to it!

And it's 15 minutes from home!

FINGERS CROSSED!