On July 2, 2015 The USA International Raceway (aka USAIR) sold for $345,000.
Many expressed disbelief that such an outstanding property was sold for such an incredibly low amount.
SIST originally purchased the property in 2003 for $350K. Then in 2009, SIST had the property appraised and by then it was already valued at $8.7 million!
In 2010, SIST was forced off of the property, declared in a ‘technical default’ by the mortgage company, and promptly ordered into a receivership.
Five short years later, the property has depreciated to $345K!! A minus $5K from the original purchase price. What the … kind of property management do they think they are doing?!
Shawano Mayor Lorna Marquardt and all her cronies were cheering for SIST to lose. Yet, they themselves are absolutely useless in maintaining what could have been one of the most lucrative properties in the Shawano area.
Now supposedly the winning bid was made by a ‘racing industry insider’ who runs other racetracks. It will be interesting to see what they will make of USAIR, a facility that was becoming a world renown operation under the guidance of SIST ownership.