CHANDLER, Ind. (WFIE) - The second auction for Movieland Speedpark has been canceled.
The property was set to be auctioned off Tuesday morning, but the auction was canceled after the owner filed for bankruptcy at the last minute.
The property was up for auction in March, but it was also canceled after the owner filed for bankruptcy.
The race track has been a staple in the Chandler community for decades. The property is 131 acres and includes an 1/8 mile dragstrip.
Many people like Austin Osterle left the Chandler Community Center frustrated after the cancellation.
“This is the second time the auction has been canceled and now people are losing interest in the place. The money was in this building today, what hurt today is when they allowed him to come in here,” said Osterle, a bidder.
Reno Fontana, the track owner, says he wanted a two-week extension to give his lender time to pay off property liens to Southeast Grinding and Grooving. After that was not granted, Fontana says filing bankruptcy was his only option.
“I don’t know why it’s gotten this far," Fontana said. “It shouldn’t, I just want to go to work and make that property the place it should be, and that’s been my goal from day one."
As for the community’s interest in the property, Fontana was shocked.
“I was surprised by the size of the crowd. This must be the biggest thing going on in Chandler. I have no clue but we’ll make the crowds even bigger at the racetrack next year. I can promise you that,” Fontana said.
After speaking with one of the auctioneers Tuesday morning, they believe that if the racetrack were to be put up for auction again, the earliest that would happen would be in late October.