Rockingham Racetrack auctioned for $4.4 million
Andy Hillenburg paid $4.4 million for North Carolina Speedway at an auction yesterday and vowed to bring racing back to the former NASCAR track known as “the Rock.â€
Hillenburg, 44, raced on the NASCAR and Indy Racing League circuits. He was one of nine bidders and about 60 spectators who gathered at the track.
His winning offer was $95.6 million less than Speedway Motorsports Inc. paid for the track three years ago as part of a deal to move its last race in NASCAR’s top series to the company’s Texas track.
“I will make a promise that within 13 months there will be a race here,†Hillenburg said. A native of Indianapolis, Hillenburg declined to say what series would run at the speedway, which has been used by teams for testing and as a movie set since its last race in February 2004.
The track was assessed for taxes at $30 million. Bruton Smith, the CEO of Speedway Motorsports, predicted earlier this year that it would sell for between $1 million and $4 million.
“We would have liked to have gotten more,†said Jerry Gappens, the vice president of Speedway Motorsports. “The tax assessor was way off with his numbers.â€
The track, which has been maintained by Speedway Motorsports since it was closed, is “as nice as at least five†tracks that hold Nextel Cup races, Gappens said.
“This is a good day for Rockingham,†said Gene McLaurin, the mayor of Rockingham. “Andy Hillenburg is experienced in racing and well-respected in the industry.â€
Auctioneer Eddie Haynes of National Auction Group, which had been hired to conduct the sale, stopped the bidding for about 10 minutes when it stalled at $4 million to give phone bidders a chance to consult with their representatives. When the auction resumed, no higher bids were tendered. The $4.4 million paid by Hillenburg included the buyer’s fee.
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