Vogel: "Will Anyone Bid On It?"
According to a report, Mark Vogel, who has been trying to acquire Rosecroft Raceway for months, has stated that he is willing to take his chances on an auction for the
facility and property.
An article by The Daily Record explains that Vogel holds the first trust mortgage on the track. He bought it from (Rosecroft owner) Cloverleaf Enterprises' largest creditor, PNC Bank, last year. Therefore his lien has priority over all other liens against the property.
The report states that Vogel called the property “worthless,” saying he doubts anyone will bid higher than the mortgage value ($6.3 million). With just a two-lane access road, he said, the investment required for infrastructure alone would not appeal to a developer.
“So here’s the one question,” the article quoted Vogel as saying. “Will anybody bid on it? Really?”
Rosecroft begrudgingly shut its doors earlier this year and now faces a possible Chapter 7 liquidation
(With files from The Daily Record)
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