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Yavapai Downs sells for $3.25 million

Yavapai Downs sells for $3.25 million

CREATED Apr 4, 2012

Web Producer: Alexandra Sutter

PRESCOTT VALLEY, Ariz. (AP) - The bankrupt Yavapai Downs fetched $3.25 million during a bankruptcy auction. The Daily Courier (http://bit.ly/HkLbj8) reports the winning bidder appears to be Gary Miller, until recently the president of the Arizona Horseman's Benevolent & Protective Association.
   
Miller said following the Tuesday auction he believes the Prescott Valley horse track can be resurrected and can actually make money
   
Now the U.S. Department of Agriculture has until Friday to accept or reject the bid. The USDA has final say because it still holds $14.7 million in loans on the track.
   
The asking price for the 125-acre site was $12.7 million. The sale price includes a one-mile horse racetrack, the 93,000-square-foot grandstands, at least 862 horse stalls and a neighboring car racetrack.
   
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Information from: The Daily Courier, http://www.dcourier.com

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