TOOELE — An order filed in 3rd District Court on Thursday vacated the sale of Miller Motorsports Park to a Chinese automotive firm, saying Tooele County shortchanged another bidder by unlawfully selling the property at a price significantly below fair market value.
In late July, the county awarded the sale of the sports park to Mitime Investment and Development Group, a subsidiary of Geely Group of Cos. Mitime Investment, for $20 million. A competing bidder, Wyoming-based Center Point Management, filed a lawsuit in September requesting a halt of the sale, saying that it offered more but that the county illegally turned them down after being lured by unverifiable promises from Mitime about the future development of the property.
Judge Robert Atkins said in his written ruling Thursday that, using its own data, Tooele County taxed Miller Motorsports Park at a rate that valued the property at about $28.1 million. Center Point also reportedly bid $22.5 million on the park prior to the sale. Atkins said those two factors show the county knowingly sold the property below market value, which is illegal in the sale of public property.
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