Miller Motorsports Park

512 Acre Miller Motorsports Park

Miller Motorsports Park was a motorsports facility located in the unincorporated Erda area just outside Tooele, Utah. It operated from 2006 until October 2015. The old facility is now operated as Utah Motorsports Campus.[1]

Sale

Andrew Cartwright[2] Las Vegas Investor, Developer, Businessman and Real Estate Reality Show Co-star[3] was the highest bidder at $27.5 million for self made billionaire entrepreneur[4] Larry H Miller 512 acre track located in Tooele County Miller Motorsports Park. Larry H Miller leased the 512 acres of land from the County and invested an estimated $140 million in real estate and personal property that the county later assessed at $28 million in tax value. In a surprise chain of events the County of Tooele agreed to sell the track to a Chinese company for $20 million. Andrew Cartwright offered $22,500,000 cash plus $5 million in escrow for water line for the benefit of County of Tooele a total cash consideration of $27.5 million, offer also included future total investment of $140 million.[5]

October 13, 2015 County of Tooele announced the sale to Mitime Investments for $20 million.[6] Andrew Cartwright willing to pay up to $50 million[7] for land, real estate, and personal property sued the County of Tooele and Geely Group founded in 1986 Taizhou, China by Li Shufu solely own subsidiary Mitime Investments over their business practices.[8] Geely's Mitime Investments[9] was the lowest bidder at $20 million yet Tooele County sold the property Mitime Investments.[10] Andrew Cartwright sued Tooele County and Mitime Investments[11] (Utah Motorsports Campus).

Las Vegas developer Andrew Cartwright, argues the county must sell for fair market value which is the highest cash offer. He also argued that County can't consider future benefits when deciding whether to award a contract. The lawsuit asks a judge to stop the sale from going forward.[12]

Andrew Cartwright[13] overturns sale of Miller Motorsports Park to Mitime investments Judge sites sale was not for market value and was in bad faith.[14] A two day trial in 3rd District with Judge Robert Adkins ruled to enjoin, or set aside, the sale. Even after the Judge ruling the county Commission defend sell to Chinese company for less money.[15] In response Andrew Cartwright increases offered $28.1 million which is at least the tax value[16] assessed for only the personal property on site and not the including the value of the 512 acres of land that was leased[17] by Larry H Miller from the county for track.

References

  1. ↑ "Official site". Utah Motor Sports. Retrieved 5 March 2016. The staff of Utah Motorsports Campus has moved into the former Miller Motorsports Park facility to begin operations for the 2016 racing season.
  2. ↑ AARON, RICK. "Judge Halts Sale Of Miller Motorsports Park". GOOD4UTAH. Retrieved 2016-01-24.
  3. ↑ "Watch Dream House Full Episode - Flipping Vegas | A&E". aetv.com. Retrieved 2016-01-26.
  4. ↑ Dream House, 2011-07-30, retrieved 2016-01-24
  5. ↑ Group, Sinclair Broadcast. "Sources: Chinese company to buy Miller Motorsports Park". KUTV. Retrieved 2016-01-24.
  6. ↑ Group, Sinclair Broadcast. "Tooele Co. votes to sell Miller Motorsports Park to Chinese company". KUTV. Retrieved 2016-01-26.
  7. ↑ "Sale of Miller Motorsports Park finalized". fox13now.com. Retrieved 2016-01-24.
  8. ↑ "Sale of Miller Motorsports Park finalized". fox13now.com. Retrieved 2016-01-24.
  9. ↑ "China's Geely Steps In And Saves Miller Motorsports Park". Motor Authority. Retrieved 2016-01-26.
  10. ↑ Tribune, Steve Luhm The Salt Lake. "Chinese company buys Tooele's Miller Motorsports Park for $20 million". The Salt Lake Tribune. Retrieved 2016-01-24.
  11. ↑ Group, Sinclair Broadcast. "Losing bidder for Miller Motorsports Park sues Tooele County". KUTV. Retrieved 2016-01-24.
  12. ↑ Tribune, Steve Luhm The Salt Lake. "Company files suit challenging Miller Motorsports Park sale to Chinese company". The Salt Lake Tribune. Retrieved 2016-01-24.
  13. ↑ AARON, RICK. "Judge Halts Sale Of Miller Motorsports Park". GOOD4UTAH. Retrieved 2016-01-24.
  14. ↑ AARON, RICK. "Judge Halts Sale Of Miller Motorsports Park". GOOD4UTAH. Retrieved 2016-01-24.
  15. ↑ Lockhart, Ben. "Tooele County defends original sale of Miller Motorsports Park, says bidding will reopen". DeseretNews.com. Retrieved 2016-01-24.
  16. ↑ Schrader, Stef. "Judge Rules Sale Of Utah's Miller Motorsports Park Invalid". Black Flag. Retrieved 2016-01-24.
  17. ↑ "Tooele County sets deadline on bids for Miller Motorsports Park". GOOD4UTAH. Retrieved 2016-01-24.
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