Chandler Speedway up for auction after foreclosure

Chandler Speedway up for auction after foreclosure

CHANDLER, IN (WFIE) - The Chandler Speedway will go up for auction next month. The race track here has been a staple in the Chandler community for decades. William Wilson Auction and Realty Principal auctioneer Andrew Wilson says his phone has been ringing off the hook.

“Yeah it is an important property. It is very unique, a lot of history there, a lot of emotion around racing and we have been receiving phone calls from all over the area of people that want it to remain a raceway and want to do the right thing for the town of Chandler,” said Wilson.

Unless owner Reno Fontana pays liens against the property and $12,000 worth of attorney fees before March 20th, the property will be sold. But Fontana tells 14 News that he will find the money.

“We are moving forward right now, this wont affect our racing season at all, but as I mentioned to you. We are waiting for the results of the phase 1 environment site assessment,” said Fontana.

Fontana says his lender wont give him anymore funding until an environmental assessment is complete. That assessment is currently underway to check for previous oil or gasoline spills.

“It’s just something that we had to go through to jump through the hoops for the lender, and that is what we are doing. As soon as it’s done, we will pay off these liens, the sale will be canceled and we move on to the 2019 racing season,” said Fontana.

But unless those transactions are made, Wilson says the property is still set to be sold.

“We have been ordered by the court to sell the property on March 20th. An absolute auction, and that is what we intend to do," said Wilson.

The auction is set for March 20 at 10 am. at the Chandler Community Center. The property is 131 acres and includes an 1/8 mile dragstrip and an oval track.

It’s zoned C-4 Commercial.

Inspection dates are set for Feb. 26 and March 6.

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