Schlitterbahn park sells for $20M at foreclosure auction
IBC Bank took over ownership of the Schlitterbahn Riverpark & Resort on North Padre Island at a foreclosure auction today after a bankruptcy trustee failed to find another buyer.
The bank bid $20 million of the roughly $32 million it’s owed by the previous owner of the park, resort and surrounding land, according to San Antonio lawyer Jon Lowe, who conducted the auction. No one else submitted a bid.
As the park’s largest secured creditor, the bank made a “credit bid” against the debt on the property instead of putting up cash. It’s not clear if there are personal guarantees the bank can pursue against the previous owner’s principals to make up the roughly $12 million difference between what the bank bid and what it’s owed.
IBC Bank CEO Dennis Nixon said the bank wants to quickly find a new owner.
Read more: https://www.beaumontenterprise.com/business/article/Schlitterbahn-park-at-sells-for-20M-foreclosure-12878445.php
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