A notice of
foreclosure sale filed with the Richmond County (NC) Superior Court last week
reveals that the track will be sold to the highest bidder on that date, including real
estate, structures and “all rights, privileges and appurtenances thereto…
described in the deed of trust.” The speedway will be sold “as is, where is."
Rockingham is
owned by Bill Silas and Andy Hillenburg, who purchased the speedway in 2007 for $4 million. Despite the
return of ARCA, regional racing and NASCAR Camping World Truck Series to the
track, Silas and Hillenburg were unable to navigate rough financial waters. As of August 8, 2015, they owed $4,532,796.23
to Farmers & Merchants Bank – slightly more than the amount of the original
mortgage -- prompting F&M to request that the track be put into
receivership.
Superior Court
Judge W. David Lee ordered that the speedway be sold by March 15, 2015, but
that order was suspended when an apparent buyer was found for the property.
That buyer, Craig Northacker of Vets-Help.org, announced plans to build a “Reintegration Center”
for military veterans on speedway grounds, with educational, vocational and rehabilitative
programs for service men and women, bound together by auto racing.
Northacker never
purchased the property, however, despite announcing plans to host a racing
event for the fledgling X-Cup Series at Rockingham later
this month. That event was cancelled recently, after a three-year lease held by
Northacker was terminated by Silas.
Silas’ Florida-based holding
company, BK Rock Holdings, LLC, purchased the outstanding note from F&M
Bank late last year.
Kenneth
Robinette, chairman of the Richmond (NC) County Board of Commissioners, told
the Richmond County
Daily Journal that the foreclosure may
be an attempt to “get rid of some partners,” in advance of a potential sale.
Neither Silas
not Hillenburg were available to comment.
I ready hope that whoever buys "The Rock" will remember and honor it's tradition. It would be ashame to see it ever bulldozed into a mall or car lot.
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