With vacant Memphis Motorsports Park failing to produce a buyer after seven months on the market, the owner is putting the multi-track facility up for auction.
Dover Motorsports Inc., owner of the Millington racing facility, previously had MMP listed with Colliers International, a commercial real estate firm, for $6 million.
Although the property attracted several interested parties, there were no bids.
‘‘We just decided this auction process allows us to sell the property at market price on a specific date,’’ said Greg Camp, Dover director of communications.
‘‘We’re confident that the auction is going to bring whatever the market will bear. ... It’s not a distress sale. We received a lot of interest on the property in the last few weeks, and we’re just optimistic that the auction will allow us to discover who is willing to pay the highest bid on auction day.’‘
The live auction will be handled by Morris Auction, which owner Jeff Morris confirmed will take place Dec. 14 at 5500 Tay-For Road in Millington. The highest bidder will be required to pay a 10 percent bid deposit on the day of the auction, of which $100,000 must be a cashier’s check. The rest of the deposit must be made by a company check.
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