The famous Nurburgring race track in Germany has been purchased by Dusseldorf-based auto parts manufacturer Capricorn Group.
The lawyers managing the insolvency of former owner Nurburgring GmbH said the transaction valued the 379-hectare property – located roughly 120km northwest of Frankfurt in Germany’s west – at more than 100 million euro ($155 million).
“The creditor committee had two very good offers and in the end decided on the offer with the highest price and good prospects for the region," lawyer Jens Lieser said in a statement.
German newspaper Frankfurter Allgemeine Zeitung reported in November that domestic auto club ADAC bid about 100 million euro for the property, while Formula One Management president and CEO Bernie Ecclestone also submitted a bid, according to a report in the WirtschaftsWoche in January.
The sale includes the 20.8km North Loop – nicknamed ‘The Green Hell’ by racing legend Jackie Stewart after his 1968 German Grand Prix victory – and the newer 5.1km grand prix circuit.
The site was put on the market last year after Nurburgring GmbH failed to pay loans taken out to build a shopping centre, hotels and a rollercoaster.
Renowned for its varied and challenging conditions, the Nurburgring has become the home of high-speed testing for production car manufacturers from around the world, including supercar makers and more mainstream brands like Hyundai, which last year opened a 5.5 million euro ($8.5 million) test centre at the track.