Magna Entertainment gets $5.75 million bid for Ocala, Fla., property

By Alice Popovici

New York, Aug. 5 - Magna Entertainment Corp. requested court approval to sell approximately 490 acres of undeveloped property in Ocala, Fla., originally intended as a racetrack or horse training facility, for a proposed $5.75 million, according to a Tuesday filing with the U.S. Bankruptcy Court for the District of Delaware.

The motion asks to name as the stalking horse bidder Ocala Meadows Lands, LLC, a newly formed company set up by an investment vehicle of Frank Stronach, chairman of Magna Entertainment's board of directors.

In an effort to solicit further bids, Magna proposes to hold an auction Aug. 26. If the company selects another offer, it will pay Ocala Meadows Lands an expense reimbursement of up to $50,000.

Magna, an Aurora, Ont.-based owner and operator of horse racetracks, filed for bankruptcy on March 5. Its Chapter 11 case number is 09-10720.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.