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Topic: Update On Huset's Speedway... Email this topic to a friend | Subscribe to this TopicReport this Topic to Moderator
Page 1 of 2   of  33 replies
z-man
July 08, 2018 at 02:27:30 PM
Joined: 11/21/2004
Posts: 569
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Taken from their website:

HERE IS THE UPDATED AND DETAILED AUCTION INFORMATION:

Praying that this gross abuse of power gets righted on or before the hearing on July 23rd, 2018, we will be re-scheduling the auction of the complete and turn-key Badlands Motor Speedway operation on Saturday, September 15th, 2018 at 3:00pm.

  • Qualified Bidders: Only qualified bidders and approved media will be permitted to attend this auction that will be held in the Turn 4 Luxury VIP tower at Badlands Motor Speedway on Saturday, September 15th, 2018. To obtain your "Qualified Bidder Number" you will need to post a $500,000 deposit into a temporary escrow account at the direction of our auction coordinators that will be returned to you via wire transfer from the escrow company immediately after the auction takes place if you are not the winning bid. This requirement is put in place to weed out the non-serious parties from bidding up the property and not being able to close. This deposit would need to be in place 48 hours prior to the auction to be included.
  • Deposit and 30 day close: If you have the winning bid you will need to be able to post a 20% deposit immediately (of which your $500,000 deposit can also be used) to secure that winning bid and to give you 30 days to fully fund and close on the property and assets. If you fail to produce the full price of the bid within the 30 day period, you will lose your full deposit and the facility will go to the #2 person in line from the original auction. If that person takes a pass, then the #3, person, etc...
  • Buy Now Pricing: If you would like to buy this entire turn-key operation prior to the auction, the pricing is a firm $9,450,000 which is less than half of what we have invested into the project since it's purchase and renovation. This offer will expire exactly 7 days to the hour prior to the auction taking place on Saturday, September 15th, 2018.
  • Minimum Bid: The starting/minimum bid for the auction will be $3,150,000. If for some reason that minimum bid would not be met, the property will not be sold at this auction.
  • Owner Financing: If the purchaser is interested, the current ownership group will finance any amount OVER $6,300,000 at an interest rate of 8.67% for a period of 5 years with interest only payments for those 5 years and a balloon payment of the principal balance due on or before 5 years being up with no pre-payment penalties. The entire facility would have to be used as collateral for this note if the owners wanted to take advantage of this owner financing option.. For example, if the facility sold for $7,500,000, you would be able to finance $1,200,000 of the purchase if you would like and would need to come up with $6,300,000 to close on the property.
  • Facility tours and walkthrough's: Serious interested parties may request a full walkthrough of this incredible and high tech facility at any time. We have staff on hand to give you a complete tour of the front end, back end and full operation. There is truly no racing facility like this in the US and it is a must see for any potential buyer to see first hand the infrastructure and inclusions. 24 hours notice is requested for these private, one on one tours. Although there will be a preview period of the facility on the day of the auction from 9am to 1pm, we strongly suggest all interested parties to completely tour the facility prior to the auction date and complete all of your required due diligence prior to the auction as all sales will be final.

To get a complete asset listing and all of the details and financial information for this property or to set up a site visit of Badlands Motor Speedway please contact our local auction coordinating partners:

Apparently, everytime they mow the grass in the parking lot, the value goes up $1,000,000. To that I say, "Quit mowing the grass!"




Murphy
July 08, 2018 at 03:18:17 PM
Joined: 05/26/2005
Posts: 3262
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I say good luck. I notice that the amount Chuck has invested in this has now risen from $10 million to $19,900,000.

egras
July 08, 2018 at 03:38:01 PM
Joined: 08/16/2009
Posts: 3913
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Reply to:
Posted By: Murphy on July 08 2018 at 03:18:17 PM
I say good luck. I notice that the amount Chuck has invested in this has now risen from $10 million to $19,900,000.


I love it when people think they should get what they invested in something vs. what it's actually worth.  If I have to bet, if the property sells, it will sell for the reserve bid or very close to it.  (and they will be lucky to get the reserve bid)

 

Maybe I will go out and buy a Ford Pinto and invest $60,000.  By that logic, I can easily get $60,000 right?  Oh wait, it's a Pinto.  




RHC
July 08, 2018 at 04:11:46 PM
Joined: 12/07/2004
Posts: 443
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Reply to:
Posted By: Murphy on July 08 2018 at 03:18:17 PM
I say good luck. I notice that the amount Chuck has invested in this has now risen from $10 million to $19,900,000.


I noticed that too Z-man & Murphy.

Amazing how Chucky has investment has gone from $10 million to $20 million without having 1 single race @ Husets Speedway in over 1 years time.

We'll find out more on July 23rd when the Minnehaha County Commission holds it's appeal hearing with the Badlands group.



kooks
July 08, 2018 at 04:15:03 PM
Joined: 02/27/2008
Posts: 702
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Reply to:
Posted By: egras on July 08 2018 at 03:38:01 PM

I love it when people think they should get what they invested in something vs. what it's actually worth.  If I have to bet, if the property sells, it will sell for the reserve bid or very close to it.  (and they will be lucky to get the reserve bid)

 

Maybe I will go out and buy a Ford Pinto and invest $60,000.  By that logic, I can easily get $60,000 right?  Oh wait, it's a Pinto.  



I'd give it a 90% chance that they won't get a bid.

 

Auctions that start with a high opening bid don't usually go very far.      And yes, $3 million+ is a high opening bid.

They'd be lucky to get up to a $3 million bid after starting at $1 million and raising it by $100k at a time.

 

What Chucky has "supposedly" invested in the facility does not matter concerning its real value.



oswald
July 08, 2018 at 05:32:55 PM
Joined: 11/30/2004
Posts: 1982
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I thought the prior post about the 1st auction date said there would be no reserve or maybe just a small one?

 

Chuck must have made ANOTHER  10 million in improvements since he decided to stop racing & self the place. Just keeps making himself look stupider. Only a total moron would spend $20 million on a dirt racetrack!

I would bet that if he can sell it for $3.5 million he will at least break even if not show a little profit.




rpmx
July 08, 2018 at 05:39:07 PM
Joined: 05/21/2007
Posts: 500
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Sounds like it all hinges on the July meeting.  If they reinstate the previous special use permit that he let expire, he will get a bid.  I hope...



Murphy
July 08, 2018 at 06:05:15 PM
Joined: 05/26/2005
Posts: 3262
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Reply to:
Posted By: egras on July 08 2018 at 03:38:01 PM

I love it when people think they should get what they invested in something vs. what it's actually worth.  If I have to bet, if the property sells, it will sell for the reserve bid or very close to it.  (and they will be lucky to get the reserve bid)

 

Maybe I will go out and buy a Ford Pinto and invest $60,000.  By that logic, I can easily get $60,000 right?  Oh wait, it's a Pinto.  



Wait a minute... Last month you said you had invested $30,000 in the Pinto and this month you say you invested $60,000. Keep that business up and people will question your integrity and whether they can trust anything you say.



3togo
July 08, 2018 at 07:45:44 PM
Joined: 06/14/2016
Posts: 492
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Easily a top five dirt track in the country, both for racing and facilities,  could race tomorrow... not sure what's that worth but I would think  3 million  is fair.




blazer00
July 09, 2018 at 12:07:05 AM
Joined: 06/10/2015
Posts: 2420
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Reply to:
Posted By: 3togo on July 08 2018 at 07:45:44 PM

Easily a top five dirt track in the country, both for racing and facilities,  could race tomorrow... not sure what's that worth but I would think  3 million  is fair.



Just what do you figure the rate of return on investment is? In other words, how long at 3mil does it take for the place to pay for itself?



shernernum
July 09, 2018 at 08:31:06 AM
Joined: 08/28/2014
Posts: 397
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This message was edited on July 09, 2018 at 08:31:59 AM by shernernum
Reply to:
Posted By: 3togo on July 08 2018 at 07:45:44 PM

Easily a top five dirt track in the country, both for racing and facilities,  could race tomorrow... not sure what's that worth but I would think  3 million  is fair.



Might be a top 5 facility and may even be high on the list for quality of racing...I can't make a comment on that since I've never been there, but that does not make it worth significantly more, except that there wouldn't be a lot of work needed to get the place race ready.

Location and potential for profitability are more important when it comes to what its worth (also the value of the ground it sits on).  For example: take Grandview Speedway in PA, which has good racing, but has become a dump of a facility: I bet it makes a ton of money on its big Thunder on the Hill shows, especially it PA Speedweek show.  That, combined with it's location in a growing area, probably make it worth more money as a race track or as property to be developed, than some of the nicer facilities in the same region....I bet it's worth more than the property Bridgeport in NJ sits on which is a much nicer facility with better infrastructure and more land, but sits on an undeveloped river plain next to a swamp, and has had trouble for years getting a consistent crowd.

Just an example......Maybe 3 mil fair for Huset's, but there are more significant factors than facility and price when it comes to what the ground is actually worth.



SDDTRF67
July 09, 2018 at 09:34:29 AM
Joined: 04/21/2015
Posts: 128
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This message was edited on July 09, 2018 at 09:36:33 AM by SDDTRF67
Reply to:
Posted By: 3togo on July 08 2018 at 07:45:44 PM

Easily a top five dirt track in the country, both for racing and facilities,  could race tomorrow... not sure what's that worth but I would think  3 million  is fair.



It was a good facility before CB ever bought it. With his improvements, some which I did not care for. Yes, it's a great facility. Top 5 in the country however, sorry but no way. #1 to be a top 5 facility you have to be able to race all types of dirt cars on it. While it is an outstanding track for sprint racing. It can not be used to put on an awesome late model show. Lates have a hard time getting even two wide in the corners. While it's not used for lates, it does have steets & stocks which there again have a hard time in the corners. Still, sprints are what make that track live & breathe so it really don't matter.

Just saying it's not one of the top 5 tracks in the country, no way.

 


"Gimme fuel, Gimme fire, Gimme that which I desire!"


Jack Black
July 09, 2018 at 01:35:40 PM
Joined: 11/20/2006
Posts: 297
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OK, so what are the top five? How do you judge? Most attended? Most races per year? Biggest races? Sprinr Car only?

Top three for sure, after these anybodys guess.  Knoxville, Eldora, Grove.

 

 

 

 



Green18
July 09, 2018 at 02:00:53 PM
Joined: 05/15/2016
Posts: 204
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Reply to:
Posted By: SDDTRF67 on July 09 2018 at 09:34:29 AM

It was a good facility before CB ever bought it. With his improvements, some which I did not care for. Yes, it's a great facility. Top 5 in the country however, sorry but no way. #1 to be a top 5 facility you have to be able to race all types of dirt cars on it. While it is an outstanding track for sprint racing. It can not be used to put on an awesome late model show. Lates have a hard time getting even two wide in the corners. While it's not used for lates, it does have steets & stocks which there again have a hard time in the corners. Still, sprints are what make that track live & breathe so it really don't matter.

Just saying it's not one of the top 5 tracks in the country, no way.

 



It is my opinion that you should preface your statement as your opinion.  

1. If a track doesn’t put on a good late model race than it’s not a top 5 track?  Knoxville can put on a great late model race, yet they only race late models once a year.  So are they a top 5 track because they are able to race late modes, but then not a top 5 track because they only race late models once a year??   I’m confused. 

2. Streets And stocks have a hard time in the corners??!?   Are we talking about the same track?   Those classes are 2 and 3 wide racing for position all the time!  I think Gary brown junior, and Marty barber, and ray Feldman JR and Dustin Gulbrandson and darrin korthals would all disagree with you.  

 

Im not arguing its a top 5 facility in the country. Although it is my opinion that it is definitely up there top 10 maybe top 5.  Depends how you look at it and what is your key objectives.   But I did feel I had to argue a bit on the couple points you made. 



egras
July 09, 2018 at 03:17:05 PM
Joined: 08/16/2009
Posts: 3913
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This message was edited on July 09, 2018 at 03:17:40 PM by egras
Reply to:
Posted By: Murphy on July 08 2018 at 06:05:15 PM

Wait a minute... Last month you said you had invested $30,000 in the Pinto and this month you say you invested $60,000. Keep that business up and people will question your integrity and whether they can trust anything you say.



Let's consider this may have happened:

 

Maybe I paid the shop $15,000 to do improvements to the Pinto.  Maybe the shop only did $10,000 worth of improvements and informed me they actually gave me $30,000 worth of improvements to my Pinto for the low price of $15,000.  THEN, maybe I inflated the $30,000 WORTH of improvements to $60,000 so I can seem like I'm giving someone a hell of a deal when I actually only get $15,000 out of it.  Then, when I only get $7500 for it, I'll remember that it is still a Pinto.

 

Smile

 

 




Murphy
July 13, 2018 at 11:41:05 AM
Joined: 05/26/2005
Posts: 3262
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Reply to:
Posted By: rpmx on July 08 2018 at 05:39:07 PM

Sounds like it all hinges on the July meeting.  If they reinstate the previous special use permit that he let expire, he will get a bid.  I hope...



     I doubt that you would see that happening. The county commisioners need to keep the voters that put them in there happy. I'd say it's more likely that the commision would set some conditional use requirements for continued use as a race track that deal with neighbor's complaints: noise, dust, traffic and late nights. For bonus points, I'd expect to see a ban on rock concerts there as well



3togo
July 13, 2018 at 12:29:06 PM
Joined: 06/14/2016
Posts: 492
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Reply to:
Posted By: Murphy on July 13 2018 at 11:41:05 AM

     I doubt that you would see that happening. The county commisioners need to keep the voters that put them in there happy. I'd say it's more likely that the commision would set some conditional use requirements for continued use as a race track that deal with neighbor's complaints: noise, dust, traffic and late nights. For bonus points, I'd expect to see a ban on rock concerts there as well



Is there documentation on all these complaints you talk of, because like anything someone is always unhappy with something however I've never heard of a lot complaints about the racetrack !



Murphy
July 13, 2018 at 01:01:10 PM
Joined: 05/26/2005
Posts: 3262
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Reply to:
Posted By: 3togo on July 13 2018 at 12:29:06 PM

Is there documentation on all these complaints you talk of, because like anything someone is always unhappy with something however I've never heard of a lot complaints about the racetrack !



     I'm not on the know on that so I have no idea. What I can tell you is that someone I know who lived in Brandon was displeased with the noise levels late at night. He constantly contacted the commisioners about it and encouraged his neighbors to do the same. I imagine we will hear who has a beef when they have a meeting about the zoning for the track.




SprintFan16
MyWebsite
July 13, 2018 at 01:13:33 PM
Joined: 05/03/2007
Posts: 1612
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Posted By: on at


As long as the seller knows exactly what they're getting and what they actually get is what they're expecting, I would hope not. I can buy a car or a house for a price, invest into it and sell it for even higher to make a profit, so I don't see why they wouldn't be able to. 

If I did the same thing and was deceptive on what is included, then by all means allow for legal action. I can't build an engine, slap badges on it for something high end and say it is that when it isn't. 



blazer00
July 13, 2018 at 01:15:55 PM
Joined: 06/10/2015
Posts: 2420
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Reply to:
Posted By: Murphy on July 13 2018 at 01:01:10 PM

     I'm not on the know on that so I have no idea. What I can tell you is that someone I know who lived in Brandon was displeased with the noise levels late at night. He constantly contacted the commisioners about it and encouraged his neighbors to do the same. I imagine we will hear who has a beef when they have a meeting about the zoning for the track.



If this person moved in to the area after the track was in operation (which goes way back)....then I say too damn bad! Shouldn't have moved there. Damn belly achers, anyway! 





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