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GregVanG
Posts:899
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| 09/25/2007 11:09 PM |
 Alert
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AP Alert - Georgia
Copyright 2007 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
September 26, 2007
Cypress Gardens, Wild Adventure theme parks auctioned for $51.3 million at bankruptcy hearing
VALDOSTA, Ga._A lawyer for the parks' parent company says that Wild Adventure Theme Park and its sister amusement park in Winter Haven, Florida, were sold today at a private auction as part of a pending Chapter Eleven bankruptcy case.
Ward Stone, a bankruptcy lawyer for Valdosta-based Adventure Parks Group L-L-C told The Ledger newspaper in Lakeland, Florida, says that Cypress Gardens Adventure Park, the oldest theme park in Florida, was sold in Macon, Georgia, for 16-point-eight (m) million dollars
Stone said there were NO additional bids at the hearing. Miami-based millionaire William Beach, a former skier at Cypress Gardens, pulled out of the auction at the last minute.
The Middle District Court in Georgia is expected to approve the sale tomorrow.
Stone said that Wild Adventure Theme Park in Valdosta was sold to Herschend Family Entertainment of Missouri for 34-point-five (m) million dollars.
Kent Buescher bought the park for seven (m) millino dollars with help from the state of Georgia and Polk County in 2004.
Adventure Parks Group L-L-C filed for Chapter Eleven bankruptcy protection in Georgia federal court last year, citing 25 (m) million dollars in debts incurred after Cypress Gardens was hit by three hurricanes in 2004 and unable to reach a settlement agreement with its insurance company.
Cypress Gardens opened in 1936 and was a hit for decades, but closed in 2003 after it was unable to compete with sophisticated attractions at nearby Walt Disney World, Universal Studios and Busch Gardens. Buescher invested millions in roller coasters and new attractions, seeking a niche in central Florida's crowded tourism market.
In Georgia, Herschend operates Atlanta's Stone Mountain Park in partnership with the state of Georgia. |
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