DESOTO Speedway Auction

To clarify:

A court ordered foreclosure sale of property known as Desoto Speedway has been scheduled.

A Circuit Court Judge in Manatee County, Florida has entered a Uniform Final Judgment of Mortgage Foreclosure, along with an Order Granting Foreclosure Final Judgment Pursuant to Florida Statute 702.10 (these documents being called the ?Foreclosure Documents?), and has ordered the property subject to the mortgage and the Foreclosure Documents to be sold at a foreclosure auction. This includes the race facility and property forward of the race facility towards SR64. Consult your own independent professionals to learn more about the exact dimensions of the real property being auctioned, and what is being sold with the real property.

The Foreclosure Documents are matters of public record, which can be obtained by a search at the following link:

http://www.manateeclerk.org/PublicRecords/CourtRecordsSearch/tabid/57/st/1/Default.aspx

If you are seriously interested in bidding on the property at the auction, and you are appropriately funded with readily available money and are prepared to demonstrate that in advance, you can contact me and I will send you a copy of the Foreclosure Documents. While I will not act as anyone?s lawyer in this transaction other than for Sarppricone Land Development, Inc., the Plaintiff, I can provide a basic overview of the auction process so that you can register to bid, and understand what will be expected of you. Please do not contact me unless you have real interest and are funded. Dreaming about owing land and a race track may be fun and interesting, but you are going to need approximately $1,170,000.00 ± if you are to be the successful purchaser at the foreclosure auction.

The foreclosure auction will occur online on March 27, 2018 at 11:00 a.m. More details on how to register and bid, including deposit requirements and timelines to complete the sale, can be found at www.manatee.realforeclose.com, or you can consult an appropriate professional to guide you through the process.

Until the foreclosure sale has concluded and an appropriate certificate issued, the property is still legally owned by Desoto Speedway, LLC, and nothing contained in this notice changes that. If you were in negotiations with Desoto Speedway, LLC to purchase the property, you may (and are encouraged to) continue those negotiations as long as Desoto Speedway, LLC owns the property. The purpose of this notice is to attempt to generate interest in the property, so that the auction process brings the highest possible price.

============================================

Respectfully written and theoretically to clarify for potential investors…

As I currently understand it, Sarppraicone Land Development (essentially John Sarppraicone) has provided an owner held mortgage to Full Throttle Speedway.

Who currently owes $1.12M and who has ceased to make payments, thereby defaulting on the mortgage.

It appears that the matter is up for resolution at a “foreclosure auction”, in which Full Throttle can pay in full to acquire ownership or other investors could theoretically bid to “buy out” Full Throttle and purchase the Sarppraicone held mortgage, apparently at the minimum of $1.17M, including fees and so forth.

As I further understand it, if no bidders come forward, when one defaults on such a mortgage, the property returns, in full, to Mr. Sarppraicone. That is, even if it is worth $2M, Full Throttle is entitled to nothing.

Therefore, I think that the $1.17M is largely a paper loss to Mr Sarppraicone (perhaps excluding his actual legal costs in the amount of $50K). That is, he gets his property & track back in full, and the actual value of Desoto is not tied per se to that figure. It may be worth more, it may be worth much less (typically the amount is determined via appraisal). And after the foreclosure proceedings play out, he is actually owed nothing.

Furthermore, then, the cost of the next mortgage or purchase price to the next owner is not legally tied to the $1.17M figure, unless Mr. Sarppriacone deems it so as he feels he is “owed” that amount of money.

That is, John Sarppriacone could sell it to the next owner for a dollar, if he so chooses.

Doubt that will happen, but after all this plays out he may be interested in an offer that makes business sense to the next investor/promoter.

I think.

I’m not sure if I am interpreting that notice correctly but is the back payment figured on a principal rate of 25 percent or the entire loan structured at 25 percent interest? If the entire loan is I don’t think there will be a long line waiting to sign up for that deal.

“Due to unforeseen circumstances, hot and rainy weather conditions, minor repairs, updating a schedule that works for Desoto, the speedway will be closed till September 9th.”--Rick Anges (6/25/2017)

As noted in post 2, “from 9/10/17 @25% --150 days at $688.02 per diem [latin for ‘per day’] =$104,579.04 [is owed, in interest]”.

04, my edjumacated guess is that Full Throttle had promised to restructure and resume in September. That did not happen, “regular” mortgage payments ceased, and what appear to be late charges started accruing after that date.

If so, Full Throttle no doubt was aware of the late charges and they were named in their original mortgage document with SLD.

[I]HOWEVER, unless the “long line waiting to show up for that deal” is at the final judgement listed above, I believe it applies ONLY to Full Throttle (which apparently does not have the cash to pay the charges), NOT to the next owner.

[/I]For instance, someone like Robert Yoho, who simply brings a big pile-o-cash to the table (later) to buy the place outright. Then there is no Sarppriacone-held mortgage with potential late charges. Even if the next owner has a Sarppraicone-held mortgage, Full Throttle’s late charges should not apply to them. But clearly they probably will have their own contractually obligated late charges if they too fall behind.

Incidentally, I do not begrudge SLD the late charges. Full Throttle agreed to them. If they had been successful and made their regular payments (the amount of which is currently unknown), late charges would not be applicable.

>>General Lesson: Read the fine print, especially when dealing with large sums of money.

And by all means, don’t sign the damn thing if you do not like what you read.

“The foreclosure auction will occur online on March 27, 2018 at 11:00 a.m.”--X90

Any good news for Desoto…?

Tony Stewart bought it, and pledges to operate it into perpetuity. The paving crews have already begun arriving, and so is 100 loads of GA clay for the infield kart & bike oval.

I wish…

Fingers crossed.

auction

[QUOTE=Boneman;176517]Tony Stewart bought it, and pledges to operate it into perpetuity. The paving crews have already begun arriving, and so is 100 loads of GA clay for the infield kart & bike oval.

I wish…

Fingers crossed.[/QUOTE]

Boneman , April is 4 day’s away. would have been a good April 1 fool

I said good news.

Y’all think Yoho is rough to deal with…

I have heard high bid was only $500,100 from John Sarppraicone himself. There were only 2 other bidders besides himself. So basically on paper, he bought his own track back.

I can’t honestly say I am shocked. A few years ago, one of the most successful and popular short tracks up here, the New London Waterford Speedbowl, went for 1.3m at auction. The Speedbowl always brings great fields of cars, packed grandstands and does not directly compete with other race tracks that share divisions and rules in the area because we run our tracks on separate nights to avoid conflicts.

What is this “sharing of rules” of which you speak?

Next you will be telling us they stay the same for a season or two.

[QUOTE=OldSchool+;176523]What is this “sharing of rules” of which you speak?

Next you will be telling us they stay the same for a season or two.[/QUOTE]

Lol! I know, right?

[QUOTE=OldSchool+;176523]What is this “sharing of rules” of which you speak?

Next you will be telling us they stay the same for a season or two.[/QUOTE]

The vast majority of major asphalt race tracks in the Northeast have NASCAR sanctions. NASCAR establishes the basic rules for the various divisions that run at NASCAR sanctioned tracks. They also monitor these tracks so that tracks within close proximity of each other do not run on the same night. NASCAR tracks in the Northeast run on Thursdays, Fridays, Saturdays and Sundays. The mentality that the only night to race is Saturday that exists here in Florida doesn’t happen in the Northeast.

I’ve said it before and I’ll say it again that if tracks in Florida got NASCAR sanctioning things would be far better for racing in this state. If it works so well in the Northeast and other parts of the country it will work out just as well here.

NASCAR sanctioning gives drivers more point fund money than any independent track could provide and $1,000,000 of insurance coverage for all NASCAR members.

The 50+ NASCAR member tracks utilize standard rules in their area. This makes it possible for car owners and drivers to compete at any NASCAR “Home Tracks” track without making changes to their cars: a great $$$ savings measure.

I could be wrong (it happened once - many many years ago), but hasn’t that poor horse been beat to death and most likely already been buried. These southern tracks couldn’t work together even if they were super glued together at the hip…Been there-done that…at least they say they tried. OSF

[QUOTE=John Berti;176528]The vast majority of major asphalt race tracks in the Northeast have NASCAR sanctions. NASCAR establishes the basic rules for the various divisions that run at NASCAR sanctioned tracks. They also monitor these tracks so that tracks within close proximity of each other do not run on the same night. NASCAR tracks in the Northeast run on Thursdays, Fridays, Saturdays and Sundays. The mentality that the only night to race is Saturday that exists here in Florida doesn’t happen in the Northeast.

I’ve said it before and I’ll say it again that if tracks in Florida got NASCAR sanctioning things would be far better for racing in this state. If it works so well in the Northeast and other parts of the country it will work out just as well here.

NASCAR sanctioning gives drivers more point fund money than any independent track could provide and $1,000,000 of insurance coverage for all NASCAR members.

The 50+ NASCAR member tracks utilize standard rules in their area. This makes it possible for car owners and drivers to compete at any NASCAR “Home Tracks” track without making changes to their cars: a great $$$ savings measure.[/QUOTE]

Actually your info isn’t 100% accurate. Regarding the rules per division its a free for all. The only reason tracks here share same rules is by working together. Thompson and Waterford are the only 2 tracks sharing identical rules. Thompson is NASCAR, Waterford is not. Stafford is also a NASCAR track but only shares identical rules with the SK and SK Lite mod divisions. Stafford’s Late Model, Limited Late Model and Street Stock can not race at any other track. Seekonk, another Nascar track, only shares LM rules with Thompson and Waterford as they all run ACT LM rules. Additionally Seekonk Stafford Thompson and Waterford are all within 1-1/2 hour of each other. Stafford runs every Friday, Seekonk and Waterford (only 45 minutes apart) both run every Saturday and Thompson only hosts a 7 race special event schedule which alternates between Wed Sat and Sun.

What makes things work so well here he not NASCAR, its the fact that the tracks despite their differences, communicate, do not conflict on big events, and work together. The mentality here is for the racers and for the community not to fight each other and step on each others toes.

I will say that NASCAR is a great thing. My last full season in 2016 I got a check for $2000 from nascar for carrying all of their contingency decals on my car for my 5th place finish in points.

Tracks need to realize we are all in this together and alienating certain groups and battling with each other is not a key to success, its a recipe for inevitable failure.