• 37°

Raceway property up for sale Friday

By Jessie Burchette
jburchette@salisburypost.com
The nearly 200 acres targeted for development of High Rock Raceway will be sold at the courthouse door Friday morning.
The sale is the latest in a series of financial problems and missteps for the development of a two-mile world class road-racing course planned on the former N.C. Finishing Co. property along the banks of the Yadkin River in Spencer.
A Greensboro veterinarian who paid $25,000 down on a planned townhouse has forced the sale to recoup his investment.
Anthony M. Flores is one of more than 100 people who bought membership in High Rock Race Club that included the right to purchase a townhouse. He went to court when High Rock Properties, the development company that owns the land, refused to refund his money.
On Sept. 25, Flores received a default judgment in Rowan County Superior Court ordering that High Rock Properties be sold to satisfy the lien.
Officials of High Rock Properties did not oppose the judgment, which is $25,000, plus interest, attorney fees and related costs, totaling $27,021.
Flores’ attorney, D.J. O’Brien III, said his client took action because High Rock Properties revoked his membership, promised to return his investment and failed to do so.
O’Brien, who is with the Greensboro firm of Brooks, Pierce and McLendon, said High Rock representatives then threatened to sue Flores for asking questions about what they were doing with his money. “He filed his lawsuit because he had no other options.” O’Brien said.
In the court filings, a copy of the individual membership certificate specified that in the event the road racing course “is not substantially completed and operational within one year of the issuance date of this certificate, said named member shall be entitled to a full refund …”
The certificate was dated June 20, 2008, and indicated it was the 96th issued.
It was signed by David L. Risdon, chief executive officer of High Rock Properties.
Risdon, who announced plans for the road racing course in February 2005, was ousted in June after he defaulted on a loan and surrendered his shares to the daughter of his partner, Frank McGuire.
The suit contended that High Rock failed to meet its construction obligations and the “road racing course is not remotely ‘substantially complete and operational.’ ”
According to the filing, in April of this year, High Rock notified Flores via e-mail that his membership and townhome reservation had been revoked and “Legal counsel for High Rock is currently preparing a certified letter to be sent to you regarding return of your deposit.”
The filing further contended that High Rock representatives attempted to tie a refund to an “unacceptable termination agreement.”
The sale is scheduled for 11 a.m. Friday inside the entrance to the Rowan County Courthouse.
The sale will be conducted by McDaniel Auction Co. acting on behalf of the Rowan County Sheriff’s Office.
The highest bidder will get the property, along with all liens and liabilities, which total millions of dollars.
A portion of the property has been graded in preparation for building a track. Another section has the wreckage of the former textile mill building that was knocked down. Much of the debris remains on site.
According to county tax records, the 195.8 acres is valued at $2 million.
In recent months since McGuire, his daughter Ellen, and other family members assumed control of High Rock Properties, they have cited continuing efforts to get investors to go forward with the project.
Efforts to contact Frank McGuire were unsuccessful.

Comments

Comments closed.

Coronavirus

10% of Rowan residents receive first dose; eight COVID-19 deaths reported this week

News

North Carolina State Highway Patrol commander to retire

Education

UNC School of the Arts may go for online learning due to COVID-19 spread

Coronavirus

Greensboro site to administer 3,000 daily vaccine doses starting March 10

Nation/World

$1.9 billion relief bill closer to passage in House

Nation/World

Lady Gaga’s dogs recovered safely

Coronavirus

Advisers OK single-shot COVID-19 vaccine from J&J

Local

Post wins 18 N.C. Press Association Awards

Education

Cooper vetoes bill that would force K-12 schools to reopen

Local

Lanning named Spencer’s fire chief

Crime

Blotter: Feb. 26

Crime

Salisbury, Kannapolis men charged with soliciting sexual acts

News

Racial bias ‘deeply entrenched’ in report critical of Apex Police Department

Nation/World

US bombs facilities in Syria used by Iran-backed militia

Elections

City council again dismisses idea of adding new member, focus now on recommendation to delay elections

Business

‘Let’s make some money:’ Loosened restrictions praised by bar owners, baseball team

High School

Salisbury High bucks historical trend in dominant shutout of West Rowan

Enochville

Garage declared total loss after Enochville fire

Crime

Cooper, N.C. prison officials agree to release 3,500 inmates

Coronavirus

Two more COVID-19 deaths reported in Rowan, six for the week

Crime

Blotter: Man brandishes AR-15, runs over motorcycle at Rockwell-area gas station

Crime

Salisbury man charged with exploitation of minor

Crime

Road rage incident results in assault charges

Local

Dukeville lead testing results trickle in, more participation needed