High Rock Raceway. Just a $25,000 memory?

Yea. I was amazed at the people that bought in to that one.

 

sorry to hear that.

 

Thank god you're rich Woody! Maybe you can take a deduction. It seemed like a great idea, good location. Can you imagine racing and then chilling on the river? Maybe you can take it over and finish the project? On another note, sorry to hear about it. No no one likes to loose money....

 

Woody I would claim it as a "casualty loss" and write the whole thing off. I do that all the time on losses.

 

I assume you've contacted the people in this thread, right?

http://www.ferrarichat.com/forum/showthread.php?t=247286

 

I spoke to the people I know and all they could say was you are not going to get any updates... likely ever. It was a pipe dream to start and went up just like the smoke it was.

 

this was my position all along. sounded nice...but then again they always do.

 

Pete you may have been one of the guys I spoke to a few years back about it. As I recall, yes, we agreed that their "numbers" had to be crap.

 

Woody,
I didn't know you were an "investor" in this mess... I did the same thing, 25k and it's really been a bad deal for me... I'm NOT rich and damn sure didn't have 25k to just donate to Dave Risdon's "I want to live better with someone else's money" foundation... I would love to get my hands on that guy!!!
I wish we could get every investor together and file a lawsuit against them or at least put a lean on the property. The problem is, I don't have the money to hire the lawyer. I did this to "help" my business because I wanted to be able to have a Condo at the track to let clients take the cars they purchasedfrom me to the track... for free! It really blew up in my face and has caused a lot of stress in my marriage too... Let's come up with something to do... I'm ready to take some action instead of just letting them get away with it!!!

Hank

 

The last contact I had with anyone was with Frank Mcquire and he is supposed to be in charge of the project now... The last number I had for him was 704-640-2676

Let's get a group together and hire a good attorney!

Hank

 

At this point an attorney would be throwing good money after bad, imho.

 

I feel really bad about this whole deal as well, since I was taken by the idea too. A business partner and I went to the 'track' to see what they were doing relatively early on as we were looking to build a track and country club in the SE ourselves. High Rock had already been graded and Frank took us around and showed us everything there was to show. We decided that HR might be a better jumping in point since it was much further along than we were. Then the economy blew up and our investors pulled out so our endeavor never even got past the due diligence stage. I ended up doing a fair amount of race venue consultation on the project to Dave, Frank, and EFR.

On a couple of my visits/meetings, Dave broke out plans on the condos and retail side that went way beyond the pretty pictures; including bank notes, investor commitments, and other legal documents that made the whole thing look quite legit and well on its way. It was a very nice looking dream and apparently it was a bunch of manufactured BS info that was forged extraordinarily well to look legit. Dave showed me agreements for investments equaling $30M "guaranteed" all the way up to distribution dates and promissory paperwork. So I promoted property ownership to several people and wanted to get in myself but didn't have the liquidity to do so at the time (thankfully in hindsight.) I thought I was helping a keen project move forward and giving people I care about an opportunity to be a part of something nice on the front end. I even got BMW NA and GM involved, excited, and in several ways committed - and Dave sold them down the river (no pun intended) as well - hook line & sunk.

So I feel really bad about promoting the concept - especially to all those who invested. I feel like I let people down who trusted me. All because of the schmuck that is Dave Risdon and the fact that I allowed myself to be blinded by his wool as well. (If you know me personally, you likely know I don't talk bad about most anyone... this is one time where I feel it necessary. Dave needs to be hunted down and justice served.)

I had several personal meetings with Dave and Frank, until Dave ran off with everyone's money; and later Frank who on my last visit broke into tears - since he'd put everything he had/has into the project to have Dave run off with it. Plus Frank's daughter got taken for $500K in the bad deal with the only resolution being she was given Dave's worthless equity/ownership certificates. I believe Frank really wants/wanted the deal to work and he fully bought into the dream as well but I'm afraid it's too late at this point. He's broke and Spencer and other former allies don't seem to support him or the HR project anymore. I continue to follow the situation as best I can and still drop by on surprise visits but no one is ever there now when I do. Frank doesn't return my calls anymore either. From what I most recently heard, the town of Spencer has started both courting other potential owners to develop ANYTHING on the site and looking to file suit against the original project/Dave - if they can find him. Should it actually ever fly under any guise, it will most likely not be called High Rock and will not be the same company or entity. Not good.

What a friggin' shame... The track itself, in the layout that is rough graded and could be paved with relatively little work would be a, if not THE premier road course on this end of the country (including against VIR - who did hire people to do everything they could to stop the project.) Fantastic elevation changes and all different types of turns. At one time they even had a jump but that eventually got vetoed and grated down to just a rise. Anyway I digress...

I'd love to be a part of any lawsuit, even if only as an expert witness, etc. since I am not financially invested other than my time in consultation. What Dave did is wrong and deserves to be brought to justice. I also see Dale's point about throwing good money after bad. At what point does one call it and move on? Even though I'm not financially invested, I can't help but be emotionally so.

For those who saw it for what it is - more power to you, smart move.
For those whom I got involved, I am truly sorry.
For those who wonder what it would have been - I have been on the 'track' and walked the speculated condo and single family home sites. It would have been one helluva nice place.

Cheers & C U @ d'Track!!
C

Chuck Hawks,
Pro-Driver, Coach, Instructor & Facilitator
rEvolution Performance Driving System ©

 

At what point are you allowed to "write the loss off on your taxes"...? Does the project have to file for bankruptcy or can you just file it anytime...?
I don't know about this stuff and hopefully I'll never be in this situation ever again. I learned a very faluable lesson about "trusting people"...
Thanks for your help...

Hank

 

You get the deduction the secound you discover it. At most you may need to pay a lawyer $100 for a letter saying they believe this to be a loss due to theft, ect.

Look up "casualty loss."

http://en.wikipedia.org/wiki/Casualty_loss

http://www.law.cornell.edu/uscode/26/165.html

 

http://dockets.justia.com/docket/court-ncwdce/case_no-3:2007cv00048/case_id-47908/

http://www.associatedcontent.com/user/710659/david_risdon.html

http://www.salisburypost.com/News/042210-Protesters-at-nc-finishing-former-high-rock-raceway

From April 22, 2010 Salisbury Post Legal Notices:

No. 59811 AMENDED NOTICE OF SUBSTITUTE TRUSTEE'S SALE OF REAL ESTATE STATE OF NORTH CAROLINA - COUNTY OF ROWAN IN THE GENERAL COURT OF JUSTICE - BEFORE THE CLERK - 2009-SP-1069 IN RE: Foreclosure of Deed of Trust from High Rock Properties, LLC, Grantor, to Samuel S. Williams, Esquire, Trustee, recorded in Book 1103, Page 476 in the Rowan County, North Carolina Public Registry (as modified in Book 1130, Page 315 and Book 1132, Page 681 and Book 1135, Page 867) by David T. Simpson, Jr., Substitute Trustee, as recorded in Book 1153, Page 921 of the Rowan County Public Registry Under and by virtue of the power and authority contained in a certain Deed of Trust executed by High Rock Properties, LLC dated as of August 31, 2007 and recorded on September 4, 2007 in Book 1103 at Page 476 of the Rowan County Public Registry (as modified in Book 1130, Page 315 and Book 1132, Page 681 and Book 1135, Page 867) (the "Deed of Trust") and because of default in the payment of the indebtedness thereby secured and failure to carry out or perform the stipulations and agreements therein contained and pursuant to the demand of the owner and holder of indebtedness secured by said Deed of Trust, and pursuant to the Order of the Clerk of Superior Court for Rowan County, North Carolina, entered in this foreclosure proceeding, the undersigned, David T. Simpson, Jr., Substitute Trustee, will expose for sale at public auction on May 6, 2010 at 11:00 a.m. at the appropriate place for foreclosure sales at the Rowan County Courthouse, Salisbury, North Carolina, the real property (including any improvements thereon) which is more particularly described on Exhibit A attached hereto and incorporated herein. This sale shall not include any portion of the real property that has been released by recorded releases. The sale will be subject to any and all superior mortgages, deeds of trust and liens, including without limitation, the lien of unpaid taxes and assessments, easements, conditions, restrictions and matters of record, particularly your attention is directed to that Subordination Agreement recorded in Book 1103 at Page 814 of the Rowan County Public Registry. This sale will be further subject to the right, if any, of the United States of America to redeem the above-described property for a period of 120 days following confirmation of the sale. Description of Property: All that tract or parcel of land, lying and being in the Salisbury Township, Rowan County, North Carolina containing 201 acres, more or less, and being more particularly described as follows: Beginning at the N.C.G.S. Monument "Sign" having NAD 83 coordinates N; 718,945.20 and E: 1,586,373.38, said point being the POINT OF COMMENCEMENT; thence North 58 degrees 37 minutes 19 seconds West a distance of 1638.84 feet to a point marked by a ½ inch rebar on the northwest right of way line of U.S. Hwy. 29 which is the POINT OF BEGINNING; thence North 47 degrees 15 minutes 25 seconds West a distance of 261.27 feet to a point marked by a ½ inch rebar; thence South 36 degrees 28 minutes 07 seconds West a distance of 107.37 feet to a point marked by a ½ inch rebar; thence North 43 degrees 57 minutes 46 seconds West a distance of 45.28 feet to a point marked by a ½ inch rebar; thence South 46 degrees 54 minutes 30 seconds West a distance of 243.39 feet to a point marked by a 2 ½ inch galvanized iron pipe (g.i.p.) on the east right of way line of Peace Street; thence along the east right of way line of Peace Street North 34 degrees 46 minutes 35 seconds West a distance of 171.48 feet to a point marked by a ½ inch rebar which is the intersection of the east right of way line of Peace Street and the north right of way line of Zeb Street; thence along the north right of way line of Zeb Street South 76 degrees 35 minutes 48 seconds West a distance of 150.30 feet to a point; thence North 11 degrees 44 minutes 20 seconds West a distance of 155.16 feet to a point marked by a 2 ½ inch g.i.p.; thence North 76 degrees 40 minutes 45 seconds West a distance of 949.43 feet to a point marked by a 1/2" rebar; thence North 36 degrees 57 minutes 14 seconds East a distance of 799.67 feet to a point marked by a 2 1/2" g.i.p.; thence North 47 degrees 15 minutes 40 seconds East a distance of 712.77 feet to a point marked by a 2 1/2" g.i.p.; thence North 30 degrees 44 minutes 12 seconds East a distance of 246.07 feet to a point marked by a ½ inch rod; thence North 60 degrees 48 minutes 30 seconds East a distance of 353.02 feet to a point marked by a 2 ½ inch g.i.p.; thence North 77 degrees 37 minutes 07 seconds East a distance of 242.82 feet to a point marked by a railroad iron; thence North 01 degrees 20 minutes 39 seconds East a distance of 105.47 feet to a point marked by a ½ inch rebar set; thence North 86 degrees 12 minutes 15 seconds East a distance of 245.87 feet to a point marked by a ½ inch rebar; thence North 81 degrees 50 minutes 38 seconds East a distance of 97.98 feet to a point marked by a 2 ½ inch g.i.p.; thence south 74 degrees 54 minutes 29 seconds East a distance of 198.88 feet to a point marked by a ½ inch rebar; thence South 54 degrees 47 minutes 33 seconds East a distance of 495.59 feet to a point marked by a 1 ½ inch pipe; thence South 14 degrees 23 minutes 18 seconds East a distance of 326.22 feet to a point marked by a 2 ½ inch g.i.p.; thence South 06 degrees 01 minutes 09 seconds East a distance of 337.21 feet to a point marked by a PK nail in the north bound lane of U.S. Hwy. 29; thence South 16 degrees 04 minutes 51 seconds West a distance of 262.71 feet to a point marked by a ½ inch rebar set; thence South 50 degrees 19 minutes 37 seconds West distance of 115.31 feet to a point and marked by 4 ½ rebar; thence South 44 degrees 54 minutes 09 seconds East a distance of 278.29 feet to a point marked by a ½ inch rebar set; thence South 13 degrees 36 minutes 09 seconds East a distance of 247.00 feet to a point marked by a ½ inch rebar set; thence South 00 degrees 16 minutes 51 seconds West a distance of 443.00 feet to a point marked by a ½ inch rebar set; thence along the meandering contour line elevation 655 a distance of 2000 feet, more or less, to a point on the west right of way line of Interstate 85, said point being South 44 degrees 08 minutes 56 seconds East a distance of 314.30 feet from the previously described point; thence along a curve to the left in the west right of way line of Interstate 85, a chord bearing of South 25 degrees 24 minutes 09 seconds West a chord distance of 162.40 feet, an arc distance of 162.42 feet, and a radius of 3167.5 feet to a point; thence along a curve to the left in the west right of way line of Interstate 85 a chord bearing of South 20 degrees 31 minutes 09 seconds West, a chord distance of 377.30 feet, an arc distance of 377.52 feet and a radius of 3167.5 to a point; thence along the west right of way line of Interstate 85 South 16 degrees 43 minutes 27 seconds West, through a 2 ½ inch g.i.p. At a distance of 1186.71 feet, a total distance of 2617.86 to a point marked by a ½ inch rebar set on the west right of way line of Interstate 85 said point also being North 29 degrees 14 minutes 17 seconds West a distance of 54.30 feet from a 2 inch pipe within the right of way of Interstate 85; thence North 29 degrees 14 minutes 17 seconds West a distance of 526.83 feet to a point marked by a 2 ½ inch g.i.p.; thence North 59 degrees 12 minutes 52 seconds West through a point marked by a ½ inch rebar set on the east right of way line of the Southern Railroad right of way at a distance of 1936.28 feet, a total distance of 1993.13 feet to a point marked by a stone; thence North 32 degrees 09 minutes 28 seconds East a distance of 2182.57 feet to a point; thence North 45 degrees 10 minutes 35 seconds East a distance of 463.00 feet to a point; thence North 52 degrees 10 minutes 25 seconds West a distance of 15.50 feet to a point; thence North 42 degrees 42 minutes 35 seconds East a distance of 100.36 feet to a point marked by a ½ inch rebar found which is the POINT OF BEGINNING. Less and except the parcel of land containing 0.29 acre, more or less, belonging to Yadkin United Methodist Church which is more particularly described as follows: Beginning at the N.C.G.S. Monument "Sign" having NAD 83 coordinates N: 718,945.20 and E: 1,586,373.38, said point being the POINT OF COMMENCEMENT; thence North 58 degrees 37 minutes 19 seconds West a distance of 1638.84 feet to a point marked by a ½ inch rebar on the northwest right of way line of U.S. Hwy. 29; thence North 18 degrees 25 minutes 02 seconds East a distance of 534.79 feet to a point marked by a 2 ½ inch g.i.p. Said point being the POINT OF BEGINNING for this parcel; thence North 79 degrees 00 minutes 52 seconds West a distance of 170.01 feet to a point marked by a 2 ½ inch g.i.p.; thence North 10 degrees 39 minutes 51 seconds East a distance of 75.00 feet to a point; thence South 79 degrees 00 minutes 52 seconds East a distance of 170.01 feet to a point; thence South 10 degrees 39 minutes 51 seconds West a distance of 75.00 feet to a point, said point being the POINT OF BEGINNING. Also, less and except the parcel of land containing 1.79 acres, more or less, belonging to Southern Railroad which is more particularly described as follows: Beginning at the N.C.G.S. Monument "Sign" having NAD 83 coordinates N: 718,945.20 and E: 1,586,373.38, said point being the POINT OF COMMENCEMENT; thence North 58 degrees 37 minutes 19 seconds West a distance of 1638.84 feet to a point marked by a ½ inch rebar on the northwest right of way line of U.S. Hwy. 29; thence North 65 degrees 43 minutes 43 seconds East a distance of 1093.03 feet to a point marked by a ½ inch rebar set on the southeast right of way line of Southern Railroad, said point being the POINT OF BEGINNING; thence along the chord of a curve in the southeast right of way of Southern Railroad South 50 degrees 19 minutes 37 seconds West, passing through a ½ inch rebar set at 115.31 feet, a total distance of 1433.61 feet to a point on the southeast right of way of Southern Railroad; thence along a curve to the right in the southeast right of way line of Southern Railroad an arc distance of 1445.91 feet to a point marked by a ½ inch rebar set, said curve having a chord bearing of North 50 degrees 19 minutes 37 seconds East, a chord distance of 1433.61 feet, and a radius of 3194.98 feet, said point being the POINT OF BEGINNING. Less and except the parcel of land containing 2.807 acres, more or less, belonging to Aurora Motorsports and being more particularly described as follows: Beginning at a ½ inch rebar found on the northwest side of U.S. Highway 29, said point being North 58 degrees 37 minutes 20 seconds West a distance of 1638.95 feet from NC Grid Monument "Sign"; thence North 47 degrees 15 minutes 25 seconds West a distance of 261.27 feet to a point marked by a ½ inch rebar on the east right of way line of Hunter Street; thence along a curve to the left in the east right of way line of Hunter Street, an arc length of 54.25 feet to a point, said curve having the radius of 242.10 feet, a chord bearing of North 16 degrees 37 minutes 59 seconds East and a chord distance of 54.14 feet; thence continuing along the east right of way line of Hunter Street North 10 degrees 12 minutes 49 seconds East a distance of 131.70 feet to a point; thence continuing along a curve to the left in the east right of way line of Hunter Street an arc distance of 135.94 feet, said curve having a radius of 305.52 feet, a chord bearing of North 02 degrees 34 minutes 31 seconds West and a chord distance of 134.82 feet; thence continuing along the east right of way line of Hunter Street North 15 degrees 21 minutes 51 seconds West a distance of 29.49 feet to a point which marks the intersection of the east right of way line of Hunter Street and the south right of way line of Piedmont Avenue; thence along the south right of way line of Piedmont Avenue South 79 degrees 01 minutes 08 seconds East a distance of 332.74 feet to a point marked by a 2 inch pipe which is also the intersection of the south right of way line of Piedmont Avenue and the west right of way line of NC Finishing Lane; thence along the west right of way line of NC Finishing Lane; thence along the west right of way line of NC Finishing Lane South 10 degrees 41 minutes 24 seconds West a distance of 363.34 feet to a point on the north side of US Hwy. 29; thence along the north side of US Hwy. 29 South 42 degrees 18 minutes 40 seconds West a distance of 137.21 feet to a point marked by a ½ inch rebar, said point being the Point of Beginning. The above-described real property will be sold "AS IS, WHERE IS." Neither the Substitute Trustee nor the holder of the note secured by the Deed of Trust being foreclosed nor the officers, directors, attorneys, employees, agents or authorized representatives of either the Substitute Trustee or the holder of the note make any representation or warranty relating to the title or any physical, environmental, health or safety conditions existing in, on, at or relating to the real property being sold, and any and all responsibilities or liabilities arising out of or in any way relating to any such conditions expressly are disclaimed. An Order for Possession of the property may be issued pursuant to G.S. 45-21.29 in favor of the purchaser and against the party or parties in possession by the Clerk of Superior Court of the County in which the property is sold. Any person who occupies the property pursuant to a rental agreement entered into or renewed on or after October 1, 2007, may, after receiving the Notice of Sale, terminate the rental agreement upon ten (10) days written notice to the landlord. The notice shall also state that upon termination of a rental agreement, the tenants are liable for rent due under the rental agreement prorated to the effective date of the termination. The record owner of the above-described real property as reflected on the records of the Rowan County Register of Deeds not more than ten (10) days prior to the posting of this notice is High Rock Properties, LLC. Pursuant to North Carolina General Statute Section 45-21.10(b), any successful bidder may be required to deposit with the Substitute Trustee immediately upon conclusion of the sale a cash deposit of the greater of five percent (5%) of the last bid or $750.00. Any successful bidder shall be required to tender the full balance purchase price so bid in cash or certified check at the time the Substitute Trustee tenders to him a deed for the property or attempts to tender such deed, and should said successful bidder fail to pay the full balance purchase price so bid at that time, he shall remain liable on his bid as provided for in North Carolina General Statutes §45-21.30(d) and (e). The owner and holder of the indebtedness secured by the Deed of Trust may make a credit bid. This sale will be held open ten (10) days for upset bids as required by law. THIS the 31st day of March, 2010. David T. Simpson, Jr., Substitute Trustee, Gerdes, Mason & Simpson, LLP, 216 North McDowell Street, Suite 110, Post Office Box 30068, Charlotte, North Carolina 28230, Telephone: (704) 372-3180, Facsimile: (704) 343-2942
Published: 4/22/2010


And for those of you who think Frank McGuire and his daughter, Ellen McGuire Loncz, are broke and can't afford to pay people back:


http://site9664.wedshare.com/familyandfriends.html

Bet that wedding wasn't cheap.

 

How were they allowed to start construction without posting a bond to insure clean up of the site?

 

Man, that's a mess........sounds like LOTS of chemicals have been 'stored' around the property, with various levels of success......

They were trying to pave a potential Superfund Site!!!

They sold $3M in Memeberships, by my math...120 at $25K apiece....

 

It seems they 'didn't mention it" to the Mortgage group......

 

You can do that, depending on how the site is prepped. A lot of race courses and golf courses are on them. Same with sports stadiums.

 

Wow, I think these guys are lucky there is no more cowboy justice. I don't know how some people sleep at night.

 

WGHP has this story in the news right now. Land being sold at auction.

 

Just drove by coming back from Road Atlanta. What happened? Frank and his crew get it back unencumbered?

 

http://www.salisburypost.com/News/050410-High-Rock-back-wages-still-unpaid

http://www.salisburypost.com/News/050610-WEB-High-Rock-sale-called-off

http://www.myfox8.com/news/local/wghp-story-spencer-raceway-100507,0,2806764.story