The Rock is off the block.
Rockingham Speedway, located in Rockingham, North Carolina, has been sold at auction to a Florida-based holding company, according to the Richmond County Daily Journal.
A credit bid of $3 million submitted at a May 5 public auction by BK Rock Holdings, a limited liability company managed by Billy Silas, was accepted when no additional “upset” bids were received by Monday, according to the Daily Journal.
Proceeds from the winning bid will be credited to pay off outstanding debt that the Speedway had incurred over the years.
According to the Daily Journal, former driver Andy Hillenburg purchased the Speedway in 2008 for $4.2 million. The loan Hillenburg took out was to be paid in full by Oct. 16, 2013.
When that did not happen, Farmers and Merchants Bank began foreclosure proceedings in 2014, according to the Daily Journal. With principal and accrued interest still outstanding, nearly $5 million was still owed on the property, not including attorney’s fees and costs, according to the newspaper.
The NASCAR Sprint Cup Series ran 78 races at Rockingham from 1965 until 2004, while the Xfinity Series ran from 1982 through 2004. The Camping World Truck Series ran two races at the revived Rockingham in 2012 and 2013.
There’s been no word from Silas or his attorney on future plans for the track – which opened in 1965 – to resume racing or if the venerable facility has indeed hosted its last race ever.
