A vacant 40-acre parcel in Kissimmee next to the proposed Orlando Motorsports Park (OMP) drew only two bidders Thursday at auction, eventually selling for $605,000.
"That's $550,000 for the land, plus a 10 percent premium," auctioneer Lamar Fisher told GrowthSpotter on Thursday. "Everybody has agreed to move forward with the sale."
But they had to be disappointed, especially since the same property had a $2 million purchase offer last year, according to bankruptcy court records.
The property had been tied up in U.S. Bankruptcy Court since 1999, and in that time the court had approved multiple sales. But none of the deals ever closed.
Fisher had expected a lot of interest in the auction, which was rescheduled due to Hurricane Irma. The property is landlocked, and almost entirely wetlands.
Ultimately, the underlying environmental and access concerns -- combined with the uncertainty of the noise impact from the motorsports park -- likely drove bidders away.
The 217 acres to the east is under contract to racing enthusiast Andy Bardar, who plans to build a motorsports-themed retail center and tourist attraction with a go-kart track, 1-mile test track and a private racing track for club members.
Bardar applied for a noise variance that would allow for sound levels up to 90 decibels at the property line. His case goes to the county's Board of Adjustment on Oct. 19.
"We had interest from the individual who has that 217 acres under contract," said Fisher, referring to Bardar. "But it was a contingency contract -- if he got his noise variance he would purchase it. The Bankruptcy Court doesn't deal with contingencies."
Fisher said the name of the winning bidder would be disclosed next week, after the court approves the sale.