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Bid for High Rock Raceway rises

Wednesday, December 16, 2009 3:00 AM | Printer friendly version | E-mail to a friend |

By Jessie Burchette

jburchette@salisburypost.com

The price tag for High Rock Properties, the 200-acre site of a proposed world-class race course, has risen to $3,100.

The sale, ordered by Rowan County Superior Court to pay off a judgment, is expected to continue, possibly for months.

On Dec. 4, Donald Rand, a principle in Spinnaker Grading Co., had the high bid of $800 for the former N.C. Finishing Co. property on the banks of the Yadkin River.

Rand's grading company worked for High Rock Properties on preparing the site for the track and townhouses.

Frank McGuire, whose family has controlling interest in High Rock Properties, has identified Rand as a partner in a new venture .

A week later, well within the 10-day upset bid, Reggie Smith, a Kannapolis attorney, raised the price to $1,550. Smith is representing an undisclosed buyer.

Less than two hours later, Rand upped his bid to $3,100.

That bid will hold if someone doesn't put in a bid 5 percent higher by Monday at 5 p.m.

The winner bidder will get the 200 acres, along with an estimated $4.5 million in liens and encumbrances.

Clerk of Court Jeff Barger said the sale likely will take months.

The sale was triggered by Anthony M. Flores, a Greensboro veterinarian, who put down a $25,000 deposit on a club membership and the right to purchase a townhouse.

When High Rock Properties refused to refund his deposit, he went to court and obtained a judgment forcing the sale.

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