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State Fairgrounds and SportsQuest sold at auctions

Aaron Kremer May 22, 2012 0

 

Two troubled properties are in new hands.

At 1:30 today, Shaw Industries took control of SportsQuest, the 120-acre turf field complex in Chesterfield County, by credit bidding at a foreclosure auction on the steps of the Circuit Court. (Pictured above). Shaw Industries financed the turf and was the biggest lien holder. A source close to SportsQuest said that there may be another deal in coming weeks.

Less than an hour later in Caroline County, Tennessee-based fair operator Universal Fairs paid $5.35 million for the State Fair of Virginia’s 330-acre fairgrounds and most of the intellectual property, such as the name.

BizSense previously reported that Universal wanted to run a fair in Richmond and was looking at the Richmond raceway complex as a possible location.

You can read more about both sales tomorrow at RichmondBizSense.com.

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