IE Business Daily Business news for the Inland Empire.
NASCAR has sold land near the Auto Club Speedway in Fontana for a reported $544 million.
The organization that oversees U.S. stock car racing sold the property to Dallas-based Hillwood Development Co., which develops and invests in large commercial real estate projects, according to multiple reports.
The site itself is expected to be redeveloped, meaning Sunday’s Pala Casino likely was the last NASCAR race on the two-mile track.
Hillwood, is owned by Ross Perot Jr. The company took the former Norton Air Force Base and converted it into San Bernardino International Airport, a logistics facility that recently began offering commercial flights.
Three years ago, NASCAR – with an assist from Hillwood – began selling some of its U.S. properties, as it looked to maximize its real estate holdings and find other revenue sources, the sources reported.
