After being vacant for more than a year, Memphis Motorsports Park sold at a live auction Tuesday morning for slightly less than $1.9 million.
Independent investor Joe Lubeck placed the highest bid for the tract – $1.875 million – after the bidding opened at $3 million. Lubeck is managing partner of Jupiter, Fla.-based Palm Beach International Raceway, formerly Moroso Motorsports Park. Jason Rittenburry, Lubeck’s partner, ran the track for 11 years.
The bidding took place onsite at one of the facility’s parcels, 5500 Victory Lane, near Millington. The property’s two tracts were sold as a whole after Morris Auction Group LLC had publicized it could be sold as separate tracts or together.
The multi-track complex includes a 0.75-mile asphalt oval, a 0.25-mile championship drag strip and a 1.77-mile road course.
The auction drew a big crowd but only a few serious bidders. After no bids at the opening price, Morris Auction Group quickly dropped the price to $2 million and then $1.5 million.
“Guys, we’re really below value here,” said Morris Auction Group owner and namesake Jeff Morris, after little interest appeared in the room. “This is for the whole thing.”
In April, Andy Cates and Preston Thomas of Colliers International listed Memphis Motorsports Park for $6 million, a price “substantially below value,” according to the website created by the commercial real estate firm to sell the property.
Credit: Sarah Baker – Memphis Daily News
