MONROE, La. (AP) – A Minnesota real estate investor has bought a bankrupt Louisiana race track for $726,000, a fraction of its original cost.
Victor Scott of Rochester, Minn., made his bids by telephone on Tuesday. The only other bidder was Monroe businessman Gus Campbell.
The News-Star reports Monroe Motor Speedway, which was plagued early by rain-outs and later by management turnover during its short history, held its last race in June 2010. It was built for about $6.3 million in 2008.
Scott didn’t return a call from The News-Star, and those at the auction said they didn’t know what his intentions are for the track.
Scott’s winning bid was $660,000, but the final sale price also includes a 10 percent buyer’s premium. Campbell’s final bid was $655,000.
Campbell, who was an original investor in the speedway, said he hopes the new owner revives racing at the facility.
“But it needs to be more than just a racetrack; it needs to be part of the community,” Campbell said. “It also needs to be used for purposes in addition to racing so it can operate year round, whether it be concerts, flea markets or fairs.
“I’ve invested a considerable amount of money and time in track. I had a passion for this track and still do.”
The speedway is on 55 acres on the Interstate 20 frontage road between the Garrett Road and Millhaven Road exits.
John Rea of John Rea Realty, who attended the auction as an observer, said the property could be a bargain whether it’s used as a racetrack or another development.
“The land value alone is probably a good investment,” Rea said.
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