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Magna Beings Sell-Off With US$16.5m Florida Property

Thursday, 14th August 2008

Magna Entertainment announced it has "reached an agreement to sell a 489-acre parcel of land once designated by founder Frank Stronach for racetrack development in Ocala in Florida for US$16.5 million," reported bloodhorse.com. While MEC "never formally announced plans for the property", in 2002 Stronach said he would "like to develop a US$60-70 million racetrack-entertainment complex there". Stronach includes among his vast thoroughbred holdings the Adena Springs South farm near Ocala; however plans for the Ocala-area racetrack "never really got beyond the talking stage, as the development was hampered by a variety of legal & legislative challenges". The Ocala property "is one of several listed for sale in MEC's debt-reduction plan".

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