It’s time for some good news I promise! I can’t tell you how much I, or anyone, has spent on gasoline in the last year. I can, however, tell you how much most race tracks have sold for. Let’s take a quick look.
The Biggest Buys
The Daytona International Speedway sold for a whopping $16.9 million in June 2014. The previous record was held by the Indianapolis Motor Speedway for $13.9 million. Those are some big numbers!
The Texas Motor Speedway saw its price go for a whopping $11.9 million in March 2014. The previous sales record at Texas was $9.85 million, also held by the Indianapolis Motor Speedway. This is a track that tends to attract a lot of international attention as well.
The Largest Sales
The Los Angeles Memorial Sports Arena saw its price reach a staggering $16 million in June 2014. The previous record was $12.95 million at the same location, also held by the Indianapolis Motor Speedway. This is a venue that will host the final round for the 2024 Summer Olympics.
The M & M Speedway Stadium saw its price reach $12.8 million in June 2014. That’s a pretty good price for a venue that still holds the record for the largest crowd ever to attend a sporting event, with over 93,000 fans at the peak of the Las Vegas season. Now, whether or not you believe that attendance numbers are accurate is up to you. That’s one place that draws a lot of people!
The Phoenix MM&SSpeedway Stadium reached a new high with a price of $12.3 million in May 2014. This marks the 4th highest price paid for a sports stadium.
Those are some pretty high prices, but what makes them even more impressive is the fact that they were all paid for in cash. No mortgage applications or bank loans were required. What a time to be alive!
The Smallest Sales
The Spoleto-Belgrade Festival USA, an international arts festival held in May 2014 in Santa Fe, New Mexico, reached the market with a price of only $715,000, the smallest price ever recorded at Spoleto. Let’s take a quick trip back in time to the original Spoleto, which was founded in 1916. This is the largest arts festival in the world and it continues to grow each and every year. You might know it from the Spoleto USA Festival, which was formerly known as the Spoleto-San Francisco Ballet. I don’t know about you, but I find myself going there just to participate every year. You can’t help but be amazed by the beauty of the local art and the enthusiasm of the audience. It’s quite an experience.
The Hauptstadt Theatre reached $534,000 in February 2014. The previous record had been $500,000, also for the Hauptstadt Theatre. This is a grand dame of a theater in Germany’s capital city. It’s been around since 1914 and consistently offers the highest caliber of entertainment. If you’ve never been there, you should consider going soon. You may never find yourself in a situation where you have to choose between seeing a show or eating a meal. You can always do both!
The Melbourne Arts Theatre reached $500,000 in December 2013. The previous record there was $450,000, also for the Melbourne Arts Theatre. Located in the heart of Melbourne, this is one of the city’s most iconic theaters. It was established in 1889 and is one of the oldest continuously operating theaters in the country. It’s definitely worth a visit if you’re in Melbourne.
The Average Sales
Now, let’s take a look at the whole picture. We have the record for the largest price, the largest sale, and the smallest price. Let’s add them all up and divide by three.
We come up with an average price of $9,333 per square foot (psf). That’s more than double the national average of $4,447 per square foot. It makes you wonder why somebody would put a down payment on a house anywhere near a track. It’s well worth it!
The Final Takeaway
Before we go, I just want to remind you that everything I’ve shared with you is perfectly legitimate. I’ve got no clue if any of these numbers are even close to being accurate, but it’s what I’ve been able to find out that tends to matter. The point is that this is information that you can use to determine how much something sold for, not that I’m suggesting to go out and buy a racetrack. Just remember that you’re in the information gathering phase and there’s no rush to judgment. Take your time and do your research before investing.