Astroworld finally sold

[Jew]

http://biz.yahoo.com/bizj/060511/1287046.html?.v=2

 

bizjournals.com

 

Local developer to acquire former Astroworld site

Thursday May 11, 1:40 pm ET

 

Angel McIver Co. is set to purchase the former site of Six Flags Astroworld in Houston for $77 million.

 

Mike McIver, president of Conroe-based Angel McIver, confirmed that his company has a contract buy the property. Angel McIver is the unnamed buyer mentioned in a May 10 Six Flags Inc. earnings release that outlines the transaction.

 

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New York-based Six Flags announced Wednesday that a buyer would pay $77 million for the 104-acre site, located on the 610 South Loop near Reliant Stadium. The deal is expected to be completed around June 1.

 

Angel McIver officials have not yet announced what they plan to do with the property. Real estate professionals say the tract could successfully be developed into a number of different uses -- including retail, medical, office, hotel and apartments -- based on its central location.

 

The land was initially estimated to sell for between $95 million and $142 million.

 

The Astroworld property -- which Six Flags opted to close last October -- was marketed by Cushman & Wakefield of Texas and The Staubach Co.

 

Published May 11, 2006 by the Houston Business Journal

[B.Toast]

The worst 77 million dollars EVAR!

[rollermonkey]

I was thinking that instead of 77 million 'made' from the sale, how much did they LOSE in future revenues?

[the_rock401]

Some will wonder if $77 million is the equivalent of thirty pieces of silver.

[kidcoaster]

That sucks

[YoshiFan]

With the demolition costs, I wonder how much they really made from the total sale. What a stupid decision to close the park

[haux]

Note that the land was estimated to sell for between $95 million and $142 million. It made $77 million. The market flucuates, but it sucks that it didn't make as much as the lowest estimate, and slightly more than half the highest estimate.

[Lord Kotowa]

So this money will now go torwards at Tatsu clone at a Six Flags park

[Swimace]

So Expedition Everest is officially worth more than an entire Six Flags park? Wow, if they're going to close an entire park they need to make sure they're going to get more than that

[MrMorgan]

Swimace, that's a great comparison!!!

[Johnny Upsidedown]

That is rediculously low. I thought the land was supposed to sell for more than $100 mil.

Does eveything SiX Flags do finacially turn out to be a lose for the company.

[Jon Sabo]

Correct me if I am wrong, but I believe the decision to close the park was done BEFORE Daniel Snyder and Red Zone took over as board members for Six Flags, Inc.

Assuming the board takeover did not happen sooner, the park could be in operation today (although financially may have been sold to another vendor). While it is a sad day for us enthusiasts, it should be noted that times have changed and perhaps the park may have closed anyway down the road considering the issues with parking (from the *($(@ across the street), state was going to increase the parks tax revenue, and other county issues.

I believe the (old board members) were really scrambling to reduce the company corporate debt, but should have taken a closer look at the situation before selling. In hindsight, this may have been the case, but it also seemed rather strange (with announcement) that the old management team hastily decided to sell the park right along the time it was in the midst of having a possible management takeover (from Red Zone).

Looking back now, I wonder if management decided this decision in response to reducing its debt, but did not look at the full impact of the deal. Hence, we have new management and the park still did not receive its full market value. Hmmm, a double-kick in the ass-Ouch!

[FLIPDUDE]

...are you kidding me? That's only about 3/4 the cost of expedition everest!