The dirt track formerly known as Huset’s Speedway had a pending agreement to save the track from demolition which has now fallen through
Badlands Motor Speedway, formerly known at Huset’s Speedway is now back on the real estate market. The current owner has attempted to unload the race track for the last several years, to no avail.
Chuck Brennan is the current owner of the speedway. Steve Rubin is in the family of the former owner of the track. His father, Clarence Rubin first purchased the track in 1987.
In 2018, the two parties had a handshake deal on the track. Steve Rubin went into the process of gathering funds to complete the re-purchase.
A deadline was set for the funds to be collected. In December, they extended that deal allowing more time to gather funds.
It was mutually agreed upon from both parties that is financing fell through, the track would be demolished.
The deadline has now come and gone. Brennan hasn’t heard from the potential buyer.
“We just need to determine at this point what we’re going to do,” Brennan told the Argus Leader.
Why is Badlands Motor Speedway for sale?
Brennan purchased the track in 2015. He quickly pumped millions into the complex. The track was re-born at Badlands Motor Speedway and is was now a state of the the art racing facility.
Chuck Brennan is the owner of Las Vegas based Dollar Loan Center. The company also operated in the state of South Dakota until new laws were passed.
In November 2016, a bill was passed that limits short term loans to 36% APR. The Dollar Loan Center were under the impression that they were in compliance with the new law.
However, the South Dakota Division of Banking thought otherwise and in 2017 they revoked their lending licences throughout the state.
The Dollar Loan Center continues to operate in Navada, Utah and California. However, Brennan responded to the move by pulling all of his South Dakota business operations. He put up a full list of properties for sale from race tracks to radio stations.
The race track has sat dormant ever since.
Attempts to sell the dirt track formerly known as Huset’s Speedway
Brennan first attempted to offload the property via auction. He set the opening bid at $3.15 million but received no offers.
The track owner announced a new plan to scrap the track and amenities on the complex then flip the land. He initially intended to keep the track up for sale until December 2018. If it was not sold by then, he would demolish the track.
That’s when Rubin stepped in with a last minute offer to save the speedway. However, he didn’t have funds and would need financing to make it happen.
That deal was extended to allow time for financing. The new deadline was March 1, 2019. The new deadline has come and gone. Brennan is no longer in contact with the potential buyer.
“I do want to give ample time if somebody wants to step forward and buy it, they sure can,” Brennan said. “I’d much rather have it out there racing.”