At least two Memphis newspapers have reported Memphis Motorsports Park was sold for just under  $1.9 million dollars to Joe Lubeck, managing partner of Jupiter, Fla.-based Palm Beach International Raceway, at a live auction conducted Tuesday morning. 

Bidding for the property, which included both a quarter-mile dragstrip and an oval short track, was reported to have started at $3 million with no takers. Lubeck held his dollars in check until Morris Auction Group, dropped the opening to under $2 million. The final winning bid, by Lubeck, was $1.875 million.

At least two Memphis newspapers have reported Memphis Motorsports Park was sold for just under  $1.9 million dollars to Joe Lubeck, managing partner of Jupiter, Fla.-based Palm Beach International Raceway, at a live auction conducted Tuesday morning. 

Bidding for the property, which included both a quarter-mile dragstrip and an oval short track, was reported to have started at $3 million with no takers. Lubeck held his dollars in check until Morris Auction Group, dropped the opening to under $2 million. The final winning bid, by Lubeck, was $1.875 million.

The Daily News reported Jeff Morris, of Morris Auction Group, told the group of assembled potential buyers, “Guys, we're really below value here.” 

The property was originally listed back in April for $6 million, which was advertised at the time as being “substantially below value” by Colliers International. 

Previous efforts to sell the property by Dover, Del.-based Dover Motorsports Inc.,  were unsuccessful. The park was closed in November 2009 after a sale to Gulf Coast Entertainment for an estimated $10 million fell through when that company couldn’t secure financing.

It has been rumored Lubeck's intentions are to return the facilities, both the dragstrip and the oval surfaces to national prominence.

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