Another bid for raceway
Published 12:00 am Monday, December 21, 2009
A Kannapolis attorney has submitted the latest upset bid for High Rock Properties, the 200-acre site of a proposed world-class race course.
Reggie Smith, an attorney for an undisclosed client, filed a bid of $3,050 before the 5 p.m. Monday deadline passed.
The previous high bid was $2,300 from Donald Rand, a principal in Spinnaker Grading Co. Rand’s company did grading on the site. Frank McGuire, whose family has controlling interest in High Rock Properties, has identified Rand as a partner in a new venture to build the track.
A Post report on Dec. 16 erroneously reported the bid had reached $3,100. It stood at $2,300 prior to the latest bid.
The current bid will stand if someone doesn’t put in a bid with a 5 percent increase by 5 p.m. on Dec. 28.
The sale is being conducted under court order. Anthony M. Flores, a Greensboro veterinarian who put down a $25,000 deposit on club membership and the right to purchase a townhouse at the track site, went to court and obtained a judgment when High Rock Properties refused to return his payment.
Whoever ends up with the winning bid will get 200 acres along the Yadkin River along with an estimated $4.5 million in liens and encumbrances.