Badlands Motor Speedway Back on the Market
Badlands Motor Speedway is back on the market, once again for sale. The asking price is $9.45 million. The question that you probably have is, what's it worth? Let's see if we can answer that in a moment.
First, there are many more questions that really deserve some kind of answers. What about all the news about tearing the place down if it didn't sell by the end of 2018?
There was a clock counting down for the deadline. Also, there was demolition equipment placed on display at the track.
Then there was breaking news of the previous owner attempting to raise the money to buy the track back for around $6 million. That was the biggest ray of hope for everyone, including me, that wished for the track to reopen.
The official word just two months ago was, the previous owner and the current owner had reached an agreement to allow 30-60 days to raise the necessary funds. And if the funds weren't raised, the track would be removed permanently.
Well, the time period has passed, and now the track is back up for sale for over $9 million. I don't know about everybody else, but I'm getting a little confused as to where the truth ends and the fairy tales begin.
Before we go any further trying to figure all this out, let's determine what the place is really worth. It's really easy to do. This race track is no different than any other piece of property on the planet. It's worth exactly what anyone will pay for it.
Anyone who would be interested in buying it is aware that it's for sale due to all the wild publicity. The whole racing world knows about the track is up for sale.
So now that we've established the potential buyers have been alerted they can own it, let's get to the money part. Nobody was willing to pay $6 million, therefore, I have a hunch that no one will be paying the over $9 million.
So what's it really worth? We have to go back to the "what someone will pay for it thing." Remember the public auction that was held to sell the track?
Two people showed up and made the requested deposit to be a bidder. That tells us that two people were interested in paying something. That means the track is worth more than zero dollars. The opening bid was $3 million and neither person made a bid. So that means it's worth less than $3 million.
Again, it's worth exactly what someone will be willing to pay for it. The numbers and facts don't lie, we can clearly agree that it's worth somewhere between zero and $3 million.
The time has come to either sell it for what it's worth to the person who can put it back into operation and establish racing back into the community or remove it permanently and move on with life. Setting deadlines that have no meaning and news that bounces all over the place and changes from one story to the next has run its course.