quote:

Originally posted by DragRaceResults:
Don Hansen lives about 1 mile from West Palm and said his HOA was notified that the track property was sold to Walmart.

As far as Memphis goes, I have no clue and I'd imagine there is cheaper property in that area from what I can see.

SL... Just say'n

So let me get this straight. A multi-billion dollar publicly traded international company is in the process of completing a multi-million dollar real estate acquisition and before the deal is finalized, someone with full knowledge of the deal shoots an e-mail to the HOA down the street that has no jurisdiction, influence, or say in the transaction? Why? To get approval on what kind of palm trees they can plant and what shade of brown they can use on the building? Seriously? It may be true in the end, but I assure you no one from Wal Mart or PBIR contacted a worthless HOA about anything.

quote:

Originally posted by 67 Goat:

quote:

Originally posted by DragRaceResults:
Don Hansen lives about 1 mile from West Palm and said his HOA was notified that the track property was sold to Walmart.

As far as Memphis goes, I have no clue and I'd imagine there is cheaper property in that area from what I can see.

SL... Just say'n

So let me get this straight. A multi-billion dollar publicly traded international company is in the process of completing a multi-million dollar real estate acquisition and before the deal is finalized, someone with full knowledge of the deal shoots an e-mail to the HOA down the street that has no jurisdiction, influence, or say in the transaction? Why? To get approval on what kind of palm trees they can plant and what shade of brown they can use on the building? Seriously? It may be true in the end, but I assure you no one from Wal Mart or PBIR contacted a worthless HOA about anything.

Now that's funny right there!

This track hasn’t been run right since D1ck Moroso passed away plain and simple. The revolving door of important track staff says it all. It doesn’t matter if it’s the best dragstrip on the planet. You treat people like garbage and this is the end result. I for one hope it doesn’t close down. But only time will tell if any of the alleged rumors are true.

A picture of a local survey service team was taken Sat at PBIR. Hmmm?

Post the picture? BTW, just what is a 'local survey service team'?

Parcel next to the main gate has had a for sale sign on it for at least 3-4 months. No secret there. Sign said 12 acres with a Dezer Properties phone number. Maybe that was sold?

quote:

Originally posted by maliciousintent:
Post the picture? BTW, just what is a 'local survey service team'?

for what it's worth, a post on FB Saturday stated that the front of the property along 710 had surveyors doing their thing

quote:

Originally posted by BlackDog82:

quote:

Originally posted by maliciousintent:
Post the picture? BTW, just what is a 'local survey service team'?

for what it's worth, a post on FB Saturday stated that the front of the property along 710 had surveyors doing their thing

That would make total sense, that 12 acres is the parcel that is directly to the left of the main entrance that's mostly wooded and touches 710.

Looks like a confirmation of this issue. Hope the bidder that wants to refurbish it as a race track wins. We’ll see
https://www.palmbeachpost.com/...-jupiter/5569764001/

“ The owner of the 149-acre property is in talks to sell the complex to a developer who plans to tear it down and possibly build industrial warehouses, according to business and government leaders.
Although the deal isn’t yet done, the
See RACEWAY, Page 2A
Palm Beach International Raceway in Jupiter on Tuesday. The owner of the 149-acre property is in talks to sell the complex to a developer who plans to tear it down and possibly build industrial warehouses. GREG LOVETT/PALM BEACH POST”

I was just told and confirmed it that Jeff Miles, the track manager at Memphis will be taking over at PBIR on Nov. 1st...Jeff is a very experienced manager...he ran Carolina dragway for 17 years and ran Orlando and SGMP before going to Memphis...

This does not seem to square with the track being sold and redeveloped....hmmmmmm...

Nothing reported to date confirms any contract for sale to anyone...this is not to say it is not in the works but what we actually know does not support a sale at this point...

quote:

Originally posted by fuzzy dice:
I was just told and confirmed it that Jeff Miles, the track manager at Memphis will be taking over at PBIR on Nov. 1st...Jeff is a very experienced manager...he ran Carolina dragway for 17 years and ran Orlando and SGMP before going to Memphis...

This does not seem to square with the track being sold and redeveloped....hmmmmmm...

Nothing reported to date confirms any contract for sale to anyone...this is not to say it is not in the works but what we actually know does not support a sale at this point...

Sounds good!

They ran a article today in the palm beach post. track has been for sale since the beginning of the year. Highest bidder wants to flatten the track and build warehousing. The 2nd highest bidder which sounds to be more road race oriented wants to invest more in the track with restaurants and hotel. It comes down to what the county approves and i'm sure they take what tax revenue would be made into consideration among other things.

quote:

Originally posted by fuzzy dice:
I was just told and confirmed it that Jeff Miles, the track manager at Memphis will be taking over at PBIR on Nov. 1st...Jeff is a very experienced manager...he ran Carolina dragway for 17 years and ran Orlando and SGMP before going to Memphis...

This does not seem to square with the track being sold and redeveloped....hmmmmmm...

Nothing reported to date confirms any contract for sale to anyone...this is not to say it is not in the works but what we actually know does not support a sale at this point...

So what happens to Memphis?

IHRA is owned by an investment group, IRG I think, and as I remember they own 5 tracks, PBIR, Memphis, MIR, and 2 more I don't remember. Correct me if I am wrong. And investment groups historically only care about 1 thing -- profit! They will sell in a heartbeat for the right profit. This bunch could care less about racing unless it is making a profit

quote:

Originally posted by ferndaleflyer:
IHRA is owned by an investment group, IRG I think, and as I remember they own 5 tracks, PBIR, Memphis, MIR, and 2 more I don't remember. Correct me if I am wrong. And investment groups historically only care about 1 thing -- profit! They will sell in a heartbeat for the right profit. This bunch could care less about racing unless it is making a profit

Which explains why there are no longer National and Divisional events.

Dave

IRG may be playing the real estate profit game. Land value here in south Florida has skyrocket in the past few years. It could be they see this as a profit taking move.

In the past few days the Palm Beach Post has reported IRG, PBIR owner, put it up for sale at the beginning of the year...they got 6 offers...the top offer is from an industrial warehouse developer...the second best offer was from Formula One Corp. who wants to put a bunch of money into the facility...they offered $55 million btw...the county commissioner for this area says she prefers the warehouse offer...

Obviously the warehouse deal would wipe out the facility completely...curiously, the racing company offer does not mention keeping the drag strip...they are road racing folks by name...lastly, no one knows if any of the offers are acceptable to IRG...I am just passing along public info...

This message has been edited. Last edited by: fuzzy dice,

quote:

Originally posted by David Covey:

quote:

Originally posted by ferndaleflyer:
IHRA is owned by an investment group, IRG I think, and as I remember they own 5 tracks, PBIR, Memphis, MIR, and 2 more I don't remember. Correct me if I am wrong. And investment groups historically only care about 1 thing -- profit! They will sell in a heartbeat for the right profit. This bunch could care less about racing unless it is making a profit

Which explains why there are no longer National and Divisional events.

Dave

That’s actually one of the significant changes that tipped the cards in favor of me getting off the Mary-go-round. I absolutely looked forward to the ProAm and NitroJam races in Fla, like a major vacation. Add to that the end of the huge Bracket Final race in Jackson. I had hopped PBIR would go back to NHRA but that was fantastic considering IRG relocated IHRA as the downsized it to nothing. I was proud to be IHRA and never saw any of this coming. O well

quote:

Originally posted by ferndaleflyer:
IHRA is owned by an investment group, IRG I think, and as I remember they own 5 tracks, PBIR, Memphis, MIR, and 2 more I don't remember. Correct me if I am wrong. And investment groups historically only care about 1 thing -- profit! They will sell in a heartbeat for the right profit. This bunch could care less about racing unless it is making a profit

IRG is the holding company for IHRA,PBIR,Memphis,Cordova,MIR. The owner of record is Hong Kong based,Registered and Incorporated in Delaware. Look through Sunbiz and follow the trail. The original IRG group of merry thieves, along with the second group, borrowed more than 35 mil from TPC lending which was recently sold or merged with Sixth Street Financial. Money was borrowed a long time ago, they want it back. Every clown that stepped into IRG to "run" the operation failed, but took a substantial bit of money with them. PBIR became the red headed stepchild, anything of value went to the other facilities, and so went the money.