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Forum: HoseHeads Sprint Car General Forum (go)
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Topic: Husets Speedway Email this topic to a friend | Subscribe to this TopicReport this Topic to Moderator
Page 1 of 4   of  66 replies
rovanber
August 22, 2017 at 12:50:20 PM
Joined: 02/06/2010
Posts: 115
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Any new rumors circulating around about the future of Husets Speedway?




Jack Black
August 22, 2017 at 01:53:33 PM
Joined: 11/20/2006
Posts: 243
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no news, no rumors. nobody will buy it for the asking price. only hope he drops the price. Its worth 1.5 to 2 mil tops and chuck wants 7.5 may never re-open.

vande77
August 22, 2017 at 02:02:30 PM
Joined: 01/20/2005
Posts: 2079
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I'd say unless his other investors are willing to take a loss that it stays closed for quite some time.  If they are willing to take a loss and the asking price goes down to $1 - 1.5 mil it has a chance to sell.  Still be very difficult for someone to turn a profit at that asking price though.

Only way I see it selling is if someone really wants to own it and they have cash on hand which is too bad for everyone (fans, teams, drivers, the city of Brandon).



FORD97
August 22, 2017 at 02:51:34 PM
Joined: 11/30/2004
Posts: 1135
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I heard a lot of interesting stuff at the Nationals, but hardly a whisper about Huset's. I did hear a LOT about a pretty wild silly season in the coming months.

If Lil' Chucky is willing to lose millions to piss in the face of South Dakotans, I don't see anything happening there. He's asking more than anyone is going to pay. If he wants to be rid of it, he'll be lucky to walk away with 3 million.

 


IBRACN: "page hits are page hits..."

vande77
August 22, 2017 at 03:07:42 PM
Joined: 01/20/2005
Posts: 2079
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Reply to:
Posted By: FORD97 on August 22 2017 at 02:51:34 PM

I heard a lot of interesting stuff at the Nationals, but hardly a whisper about Huset's. I did hear a LOT about a pretty wild silly season in the coming months.

If Lil' Chucky is willing to lose millions to piss in the face of South Dakotans, I don't see anything happening there. He's asking more than anyone is going to pay. If he wants to be rid of it, he'll be lucky to walk away with 3 million.

 



If someone had to borrow the $$ to buy it they'd have payments of nearly $13000 a month for 30 years at 0% interest on the loan.   I don't see any model where that is even possible to do.  Only way I see it re-opening is a vastly reduced price of $1 mil or less or Chuck re-opens it.



paydirt28
August 22, 2017 at 03:51:14 PM
Joined: 01/26/2009
Posts: 774
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I sure hope Chuck finds it in his big, caring heart to allow us common folk the privilege of watching sprint cars at our home track. Please Mr. Chuck, please. 



Blaise
August 22, 2017 at 03:52:11 PM
Joined: 07/03/2009
Posts: 56
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The land alone is worth more than $1 or 1.5 million.....



sprinter11
MyWebsite
August 22, 2017 at 04:09:33 PM
Joined: 12/05/2004
Posts: 84
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Posted By: Blaise on August 22 2017 at 03:52:11 PM

The land alone is worth more than $1 or 1.5 million.....



Most flood plain is...



paydirt28
August 22, 2017 at 04:17:07 PM
Joined: 01/26/2009
Posts: 774
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Posted By: Blaise on August 22 2017 at 03:52:11 PM

The land alone is worth more than $1 or 1.5 million.....



As a cranberry bog



schristensen
August 22, 2017 at 04:25:50 PM
Joined: 02/10/2005
Posts: 100
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Posted By: Blaise on August 22 2017 at 03:52:11 PM

The land alone is worth more than $1 or 1.5 million.....



So at your 1.5 million for the land, that's 18,750 per acre.  What could a person do with this land?  



Runge28
August 22, 2017 at 04:46:51 PM
Joined: 12/10/2009
Posts: 227
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Rumor I heard was if it doesn't sell.  He will donate the land for a wildlife refuge. 

I'm no cpa. But that might be his best financial move? 



egras
August 22, 2017 at 09:59:35 PM
Joined: 08/16/2009
Posts: 1728
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Posted By: Blaise on August 22 2017 at 03:52:11 PM

The land alone is worth more than $1 or 1.5 million.....



The problem with that assessment is...............there is a gigantic racetrack built on it.  Therefore, the land has no value at all.  To use the land, the track would need to be torn down.  This makes the land worth nothing.  



newbeevur
August 22, 2017 at 10:32:24 PM
Joined: 12/03/2004
Posts: 217
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This message was edited on August 22, 2017 at 10:32:51 PM by newbeevur

Ironically I just received a text on this Subject today.

I heard there will be an announcement on Friday.

Not gonna get specific but the alleged new buyers are from South Dakota.

Rumor mill deluxe, but I can assure you this isnt from shake n bake.



Green18
August 22, 2017 at 10:39:03 PM
Joined: 05/15/2016
Posts: 169
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Reply to:
Posted By: FORD97 on August 22 2017 at 02:51:34 PM

I heard a lot of interesting stuff at the Nationals, but hardly a whisper about Huset's. I did hear a LOT about a pretty wild silly season in the coming months.

If Lil' Chucky is willing to lose millions to piss in the face of South Dakotans, I don't see anything happening there. He's asking more than anyone is going to pay. If he wants to be rid of it, he'll be lucky to walk away with 3 million.

 



Already turned down $5 million.  Fact.      Will be racing next year.   Fact.  



Murphy
August 22, 2017 at 10:42:18 PM
Joined: 05/26/2005
Posts: 673
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Reply to:
Posted By: Runge28 on August 22 2017 at 04:46:51 PM

Rumor I heard was if it doesn't sell.  He will donate the land for a wildlife refuge. 

I'm no cpa. But that might be his best financial move? 



      Good thing Chuck would have a CPA involved. Most peopel just don't understand tax write-offs and such. If you we give away a chunk of land to an approved non-profit organization or such, it would make no financial sense. Rememer- that guy is all about money.

    The financial incentive for him would be that he would get a tax credit on his income taxes based on his tax rate times the fair market value of the donation. That's all. A guy like him is probably paying in the 38% tax bracket. If he donates something worth $100, he saves $38. Would you give away a $100 item to save $38? Probably not.

     To get the tax credit, the fair market value would have to be determined. The fair market is basically, what someone is willing to pay for something. Saying it's worth Pick a number. If the fair market is $1,000,000 the tax credit is $380,000. Saying it is worth 10 or 7 million dollars means nothing. Let's say the fair market value is $1,000,000. Nobody in their right mind would donate it and take a $620,000 hit. They'd just sell it for the $1,000,000 and be done. What that means is that the talk of a wildlife refuge is just talk because nothing else is going on at the moment.

     When all is said and done, the property will sell when a buyer and the seller(s) can agree upon a price. Then, something may or may not happen involving a race track.



Murphy
August 22, 2017 at 10:44:42 PM
Joined: 05/26/2005
Posts: 673
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Posted By: egras on August 22 2017 at 09:59:35 PM

The problem with that assessment is...............there is a gigantic racetrack built on it.  Therefore, the land has no value at all.  To use the land, the track would need to be torn down.  This makes the land worth nothing.  



   I disagree. I believe you've been there? Put up a little bit of fencing and you have some alfalfa field and somehilly cattle pasture. Without a race track, that's it's highest potential use, due to it being in a flood plain.



Murphy
August 22, 2017 at 10:46:45 PM
Joined: 05/26/2005
Posts: 673
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Reply to:
Posted By: Green18 on August 22 2017 at 10:39:03 PM

Already turned down $5 million.  Fact.      Will be racing next year.   Fact.  



Just my observation- whenver anybody has to insert the word.  Fact, into a rumor, it's generally not true. Fact. 



Murphy
August 22, 2017 at 10:48:30 PM
Joined: 05/26/2005
Posts: 673
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Reply to:
Posted By: newbeevur on August 22 2017 at 10:32:24 PM

Ironically I just received a text on this Subject today.

I heard there will be an announcement on Friday.

Not gonna get specific but the alleged new buyers are from South Dakota.

Rumor mill deluxe, but I can assure you this isnt from shake n bake.



      Awe man, I thought that big announcement was set to come out last Friday.



FORD97
August 23, 2017 at 08:06:22 AM
Joined: 11/30/2004
Posts: 1135
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Posted By: vande77 on August 22 2017 at 03:07:42 PM

If someone had to borrow the $$ to buy it they'd have payments of nearly $13000 a month for 30 years at 0% interest on the loan.   I don't see any model where that is even possible to do.  Only way I see it re-opening is a vastly reduced price of $1 mil or less or Chuck re-opens it.



I don't envision one person purchasing the track, and I don't envision anyone using a loan to purchase it. 

I envision a group of 4-6 investors from the area getting together to buy it. I can think of several people around the track who have spent that kind of money on racing already.


IBRACN: "page hits are page hits..."

egras
August 23, 2017 at 10:33:44 AM
Joined: 08/16/2009
Posts: 1728
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Reply to:
Posted By: Murphy on August 22 2017 at 10:44:42 PM

   I disagree. I believe you've been there? Put up a little bit of fencing and you have some alfalfa field and somehilly cattle pasture. Without a race track, that's it's highest potential use, due to it being in a flood plain.



Ok....I'll retract my statement of "no value at all"

 

What I meant was, the land itself is not worth 1-1.5 million by itself---as someone earlier had said.  Not close. 





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