Spokane Raceway Park Sells for $8.2 Million at Auction

SPOKANE, WA – April 10, 2008 – After years of litigation and contentious debate, the 588-acre Spokane Raceway complex sold for $8.2 million Thursday, April 10, during a two and a half hour auction that attracted 19 registered bidders, with J.P. King Auction Company managing the sale.

Spokane County was the winning bidder of the racing facility, which includes the tracks, grandstands and support buildings. The raceway and three other parcels sold for $4.3 million.

Close to 300 people gathered in a standing-room only ballroom at the Doubletree Hotel in Spokane for the event, which featured live music, hors d’oeuvres, and numerous rounds of bidding, according to Craig King, president of J.P. King. All but one of the bidders was from Washington state. The remaining bidder was from The Bahamas.

“We sold 13 parcels that sold in multiple combinations to five different buyers, as bidders sought to obtain the best combinations for their needs,” said King. “I believe the investors got the maximum value that the market would bear.”

“I’m glad that we employed J.P. King,” said court-appointed receiver Barry W. Davidson. “From the initial interview through the execution of the auction, our entire group has been impressed with their knowledge of the business, due diligence and responsiveness. From my discussions with the investor and members of the media, we are absolutely confident that J.P. King was able to bring a group of diverse, qualified buyers on auction day and the results we achieved could not have been greater.”

All sales are subject to final court approval.

J.P. King, based in Gadsden, AL, is the nation’s leading auction marketing firm specializing in high-value properties such as land, superluxury homes, condominiums, ranches and developments. J. P. King markets upscale properties in 49 states and six countries. Upcoming auctions in May and June include properties in California, Florida, Texas, Montana and North Carolina, to name a few. For additional information about J.P. King, please call (800) 558-5464 or visit the company’s web site at

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