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Chris L
Joined: May 2001
Posts: 7367
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$77 million? That's it? Is it me or does it seem like that property should have fetched for a lot more?
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| 5/12/2006 4:27 AM |
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Pcw
Joined: Apr 2003
Posts: 1801
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Might be the condition of the land that will cost them some to get cleaned up for their retail stuff.
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| 5/12/2006 7:26 AM |
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CHILLERLC1
Joined: May 2001
Posts: 8039
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This blows. I will continue to sulk for Astroworld's demise for quite awhile.
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| 5/12/2006 8:19 AM |
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Wes
Joined: Sep 2001
Posts: 11182
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To me that is such a waste. Surely they would have made $77MM in profits over the coming years.
No use complaining about it thouhg, what's done is done.
I just can't believe that a city as huge as Houston doesn't have a park now.
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| 5/12/2006 10:49 AM |
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Sir Willow
Joined: May 2001
Posts: 3550
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Weren't they expecting something like twice that amount? If their purpose was to put a dent into their debt, that's not going to cut it. Seems like they're losing a heck of a lot more than they gained by closing the park.
Sad to see it lost, especially when so little was gained from it.
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| 5/12/2006 12:35 PM |
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Chip
Joined: Jun 2001
Posts: 7314
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The article says it was expected to sell for between $95 million and $142 million. They got half that, so it seems it got shafted a bit. Too bad.
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| 5/12/2006 1:48 PM |
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VekomahangNbang
Joined: Sep 2005
Posts: 1461
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They shouldn't have closed Astroworld in the first place. Then they wouldn't have had to sell the land for a crappy price.
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| 5/12/2006 5:00 PM |
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PANTSFREE
Joined: Dec 2003
Posts: 1380
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Jeeez thats a crime right there... How pathetic that they closed a park for that much money.
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| 5/12/2006 6:51 PM |
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Nitro Luvr
Joined: Aug 2004
Posts: 425
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Folks need to keep in mind it's the land that is for sale, not the park, which is now, nonexistent. 77 million for 104 acres is actually a lot of money. If they expected much more, they had high hopes for no reason. Astroworld was a poorly positioned park with NO room for expansion in the largest city in Tx. You simply can not operate a Six Flags chain when the last first run coaster was built there over 15 years ago. Fans grow tired of the same things, they want something new and when you don't have the room to put something new there, well the best case scenario is to close it before it becomes a financial burden on you. Have to look at the big picture. Sure they want to please people in Houston, but not at the expense of millions of dollars.
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| 5/13/2006 1:09 AM |
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James R
Joined: Oct 2001
Posts: 1303
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Cushman & Wakefield did an EXCELLENT job on estimating the land's value. "$95 million and $145 million" is what they estimated for the land.
As another poster on another board put it, "so they were only 20 to 77 million off..."
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| 5/13/2006 9:35 PM |
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More about News
May. 12th, 2006 -- Angel McIver Co., a real-estate company, is planning on buying the land Six Flags AstroWorld sat on for $77 million.