A group of local investors bought Motorsport Park Hastings at auction Wednesday for $737,000.
Chad Dolan of Gibbon placed bids representing the group of investors up to the final hammer price of $670,000. Another 10% buyer’s premium was then added to determine the final sale price.
Dolan is the promoter for Dawson County Racing in Lexington but said his involvement with MPH won’t affect his operation of that raceway.
“I will continue to run the raceway in Dawson County,” he said.
He said he would like to see MPH marketed to the entire Tri-City area and let people know about the various ways the track can be used. He said they also will look at the possibility of adding other events, such as monster truck races or concerts.
“The hope is to get MPH back on the map,” he said. “The plan is to engage the community.”
Details of the new owner’s group will be solidified over the next 60 days before the sale closes.
Terry Klatt, spokesman for the 47 shareholders who sold the track and surrounding land, said the new owner’s group will include about five investors and the hope is to bring new energy into the facility.
“MPH has been a good economic boon to the city,” he said. “We want to see that continue.”
The auction included a 2.14-mile race track that is certified by the Sport Car Club of America; the clubhouse; and other vehicles and equipment used in conducting races and facility maintenance. Another 48 undeveloped lots around the track were also part of the sale.
Dolan said the undeveloped lots could be used to bring new businesses to the area, such as rental condos, mechanic’s shops or other racing-related businesses.
The auction was organized by Ruhter Auction and Realty in Hastings. Co-owner Ryan Samuelson gave the terms of the sale to a packed clubhouse.
“This is a special day,” he said. “You don’t get to see one of these every day at auction.”
Ruhter Auction partnered with RES Auction Services, a nationwide auction service with connections to the car world led by award-winning auctioneer Joseph Mast.
Mast served as auctioneer for the sale. He said the companies worked together on a three-month marketing campaign to attract national attention for the sale.
He said about 30 bidders registered online ranging from New Jersey to California, increasing the starting bid to $500,000 for the live auction.
“It’s a lot of fun to be a part of it,” he said. “I think it’s really exciting for the race track here. The people in town are excited about what could be out here.”