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| Bobby Hamilton, Jr. |
Tennessee’s Highland
Rim Speedway was sold at public auction Friday, after promoter Bobby Hamilton,
Jr., filed for Chapter 11 bankruptcy last month. Hamilton operated
both Highland Rim and the historic Nashville Fairgrounds Speedway in 2011, but
struggled to pay his bills. The former NASCAR Sprint Cup and Nationwide Series
driver reportedly bounced a pair of checks to the Nashville Fairgrounds Board
late last season, and was forced to cancel the track’s traditional season
finale, the All-American 400.
According
to documents filed with the U.S. Bankruptcy Court, Hamilton claims liabilities
of $1,293,543 against assets of just $551,825. He owes approximately $198,000
to the Internal Revenue Service for taxes dating back to 2005, with more than
$900,000 in additional debt from bank loans and mortgages. Hamilton and his
wife, Stephanie are listed as debtors, along with their company, Hamilton
Entertainment.
A foreclosure auction took place Friday at the county courthouse in Springfield, with Community Bank and Trust placing the only bid of $605,000. Equipment and other speedway assets will reportedly be sold separately at a later date.
A foreclosure auction took place Friday at the county courthouse in Springfield, with Community Bank and Trust placing the only bid of $605,000. Equipment and other speedway assets will reportedly be sold separately at a later date.
Highland Rim
Speedway is situated on two adjacent tracts of land totaling approximately 30
acres. The track was scheduled to open next month for its 50th
anniversary season, but longtime track announcer Lanny Adams told The Tennessean newspaper that the future
of the speedway is now in doubt.
“I’m more
concerned about the racetrack getting bulldozed today,” said Adams.
Hamilton
drove in only one NASCAR National Series race last season; a 22nd-place
finish in a Camping World Truck Series competition at Nashville. His last Sprint
Cup start came with Cal Wells’ PPI Motorsports in 2005. His teams claimed nearly
$13-million in posted awards during his 14-year Sprint Cup, Nationwide and
Camping World Truck Series career.
I hate too hear that...Its the small hometown tracks that we"as youngsters"grew up with and got us started into the LOVE of RACING have too into the hands of this thing called RECESSION.I know tracks can only do with what they have and no ASS'ES in the seats means NO track!!! I supportet my hometown track till the day it shut down,and I now have NO race to see on a Saturday nite.People,if you want your weekend races and too see your hometown heros come up in the ranks,GO TO THE HOMETOWN TRACKS... MadMax
ReplyDeleteSure hate to see that happen.
ReplyDeleteglad to see it, he Hamilton pushed his way on us the neighbors of the speedway, ALWAYS this was just a weekend tract, then he forced his way to run everyday and also sell Beer. No need for that!!!, now I can have a nice peaceful afternoon on my porch.
ReplyDelete