SPENCER, N.C. -- A defunct racetrack planned for Rowan County could get a second chance.
On Friday the land sold at a foreclosure auction at the county courthouse.
The people of Rowan County and the city of Spencer were promised a racetrack -- more importantly an economic generator for their area. What they got instead was nothing.
The original project, called the High Rock Raceway, took in millions of dollars from investors. They thought they were purchasing townhomes around the future racetrack.
The track was supposed to host road course racing events several times a year. The mayor of Spencer, Jody Everhart, was hopeful nearly 10,000 people would attend those events.
He says it would be great for the area's economy because the town would "get tourists coming in whether they come in from out of county, out of state, the local people, they're still spending money in Rowan County.”
Everhart says the track also meant much needed jobs for a town and county hit hard by the recession.
"When you're at 13, 13.5 percent unemployment, everyday that somebody gets to work helps out," he said.
Over the years there were a number of problems at the site of the track once occupied by the North Carolina Finishing Plant. There were railway right-of-way issues and biohazard spills, to name a few.
Ultimately money problems halted construction. That led to lawsuits. The former project manager, David Risdon, eventually moved out of town. And now one of the original investors forced the land to be sold at auction.
The winning bidder was Frank McGuire, who was part of the original management team. After getting the land for $800 he didn't have much to say, but he remains hopeful the project's problems are a thing of the past.
"I'm sorry, I can't. No comment at this time," he said. "We look forward to going forward at this time though. Thank you very much."
McGuire and his partner Donald Rand also assumed more than $4 million in debt. Much of that money is owed to the nearly 100 investors from across the country.
Despite the obvious hurdles ahead, Everhart wants to believe in the project.
"I think if it's in the right hands, finding the financial aid and the assistance, that it can still be accomplished," he said.
The sale of the 200 acres won't be finalized for at least 10 days. But if it goes through, McGuire and his partner hope to have some good news to announce, not long after.
