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February 19, 2019...A Movieland Speedpark Lesson In Real Estate Transactions...
Today, as hundreds of you have already let me know, a sign was posted announcing the auction of the Chandler Raceway on March 20, 2019.
I CAN GUARANTEE THERE WILL BE NO AUCTION OF THE CHANDLER RACEWAY!!!
I own the property! When I bought the property, I also inherited the mechanics lien of approx 60K that was placed upon the property which is the reason for the auction announcement.
I have the funds sitting in escrow to pay off the mechanics lien AND other associated costs currently associated to the property.
AS A CONDITION OF RETIRING THE LIENS AGAINST THE PROPERTY, MY LENDER IS REQUIRING THAT I HAVE A CLEAN PHASE 1 ENVIRONMENTAL SITE ASSESSMENT (ESA) COMPLETED PRIOR TO RELEASE OF FUNDS TO RETIRE THE LIENS. THE ESA REPORT IS CURRENTLY BEING CONDUCTED.
The property, as a commercial motorsports facility, has probably had a gallon or two of motor oil and gasoline spilled on the grounds since it first opened 55 years ago. A contaminated property can cost millions of dollars in cleanup costs to a new buyer (me) IF an ESA is not completed prior to the final closing of a purchase.
Racing season will commence as I've stated.
THERE ARE NUMEROUS LEGAL WAYS TO CANCEL THIS SALE IF THE ESA FINDS PROBLEMS IN THE ENVIRONMENTAL STUDY.
It's full speed ahead for Movieland Speedpark! 1000%!!!
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