Nürburgring Finally Sells for $139 Million
The Nürburgring, also known as the Green Hell, sold to auto parts maker, the Capricorn Group for $139 Million
by Jim Davis | 13 March 2014
The Nurburgring, known to many by its nickname, Green Hell, because of its demanding Formula One course, was just sold to Capricorn Group, an auto parts maker based in Dusseldorf.
The sale values the nearly 1,000 acre property with 12.9 mile track at roughly $139 million, the sale also includes around 35 million dollar to be spent further developing the site. The sale comes almost two years after it was initially put of for sale and after its owners failed to pay on loans that were taken out to build hotels and a rollercoaster. ”The creditor committee had two very good offers and in the end decided on the offer with the highest price and good prospects for the region,” insolvency lawyer Jens Lieser said in the statement.
The Nurburgring is not only Germany’s most famous race circuit but also among the most famous in the world. The track was built in 1927 and has played host to over 30 Formula One races.
Capricorn’s acquisition includes the 12.9 mile track as well as the newer 3.2 mile Grand Prix circuit.