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Land around Schlitterbahn Corpus Christi auctioned off

An overview of Schlitterbahn Riverpark and Resort in Corpus Christi. The park could be auctioned off in foreclosure proceedings in February if a $28 million lien is not paid by Jan. 31, 2018. Courtesy photo

Schlitterbahn Riverpark and Resort will resolve its ownership issues and continue to operate in Corpus Christi, according to a statement from Winter Prosapio, corporate director of Communications and Government Relations for Schlitterbahn Waterparks and Resorts. The statement came after news broke that the park could be up for auction in February if an agreement between partners and IBC Bank is not worked out by Jan. 31, 2018. The bank has a $28 million lien against the park, which was used to secure a loan for that amount.

On Tuesday, Dec. 5, 270 acres surrounding the park was put up for auction in Nueces County. Lien holder Axys Capital Credit Fund took over ownership of the property when no one else bid on it. Upper Padre Island Partners borrowed $18 million from Axys Capital Credit, using the land as collateral. Axys gained the property for $9 million.

Upper Padre Island Partners, the company that owns both the land and the waterpark and resort, had planned to develop the property around Schlitterbahn into an area similar to the San Antonio River Walk. Plans included canals, a boardwalk, commercial and residential properties as well as a marina.

With the undeveloped land now sold, those plans might never come to fruition. The waterpark, however, will not be affected, according to Schlitterbahn’s official statement.

“We are confident in the trustee and in the value of the park and resort,” said Prosapio in the statement, referring to a trustee appointed by a U.S. bankruptcy judge in San Antonio to oversee negotiations. “Schlitterbahn, as the operating group, plans on delivering outstanding events, honoring reservations, and operating a full waterpark season in Corpus Christi.”

The statement further lauds the “talented team, great community and devoted fans in Corpus Christi” for their continued support of the park.

“We appreciate everyone’s dedication and will do our utmost to be deserving of your continued confidence,” she said.

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