Freestyle Music Park mortgage holder buys park out of foreclosure, wants to open it next year

Posted Thursday, August 4, 2011 12:19 PM | Contributed by KEVINM80

FPI US LLC, the mortgage holder of the former Freestyle Music park, which has been closed for two years, bought the property out of foreclosure this week with a goal of reopening the theme park in Fantasy Harbour in time for next summer, its attorneys said Wednesday.

Read more from The Sun News.

Related parks

Thursday, August 4, 2011 12:26 PM
Lord Gonchar's avatar

Ummm...

Third time's a charm?


+0
Thursday, August 4, 2011 12:40 PM

Failed at $400 million. Failed at $25 million. Maybe a $7 million capital structure will allow it to work. Some businesses can't work with a $0 capital structure. These folks aren't that far off at this point (particularly looking at where they started).

+0
Thursday, August 4, 2011 12:40 PM
birdhombre's avatar

I'm so lost on what the difference is between FPI US and FPI MB. But then, I was ever since Freestyle took over anyway. Wasn't one of the original Hard Rock Park developers involved in one of those companies? So is he still around this time too?

+0
Thursday, August 4, 2011 1:02 PM
Jason Hammond's avatar

There's still a lot of "ifs" here. I'll believe it when I see it.


843 Coasters, 34 States, 7 Countries
http://www.rollercoasterfreak.com My YouTube

+0
Thursday, August 4, 2011 1:10 PM

Like if they should have the going out of business deals advertised on opening day?

+0
Thursday, August 4, 2011 3:09 PM
James Whitmore's avatar

I'm thinking of an actual ad I once saw... "Going out of buisness sale - ever bigger than last year".


jameswhitmore.net

+0
Friday, August 5, 2011 12:54 AM
rollergator's avatar

Myrtle is no less dead than Francisco Franco. I doubt the placce will ever re-open, but at $7M, they should be able to make a profit on the fire-sale of rides...or at least break even.

+0
Friday, August 5, 2011 1:09 AM

They won't break even unless they sell the rides for $34 million which is the amount of the loan.

+0
Friday, August 5, 2011 2:23 AM

Huh? Say what? Didn't see this one coming!

+0
Saturday, August 6, 2011 12:13 PM
coasterqueenTRN's avatar

I think they should just give it up already. It's never going to prosper if it's not by the beach. That's the sad truth. On the other hand, if someone can do something with it I am all for it. I highly doubt it will happen, but what do I know? ;)

It had it's glory when it was Hard Rock Park. There's a few of us (literally) out there that miss the hell out of that park. ;) At this point I would move the coasters (or most of them) to the vacant lot that used to be the Pavilion. Throw in a few flats and open it up. It would do a LOT better financially.

-Tina

<---who is thinking out loud again. :)

+0
Sunday, August 7, 2011 12:06 AM
LostKause's avatar

I remember when we were all trying to figure out how to make the park successful a year or so ago. I really like the idea of opening the park up with a free admission pricing structure. Charge for ride tickets, offer free semi-popular entertainment, and create some unique shopping opportunities. Make it the happening place to be during after dark hours.

If people visit for the entertainment, a lot of them will pay to ride, pay to eat, and pay to buy souvenirs.

I'm thinking hours like from 4pm to midnight, for example.

I'm thinking entertainment like 70s, 80s, and 90s has-been acts.

Put on big events like a New Years Eve party with more popular artists, and maybe do a Halloween theme park event like so many other parks do.

They have to do something to get people to want to go there.

None of this would be happening if Pavilion was still around. I'm still bitter that it was removed from existence.


+0
Sunday, August 7, 2011 12:28 AM

I know when we visited Medieval Times last month we really wished that we could've taken a few laps on those coasters. It is a bit out of the way, but if Medieval Times is making it work why can't someone make that work? I don't really get it. It was also our first visit to Myrtle Beach. We had a great week and really enjoyed what we did do. Family Kingdom was packed when we visited. That's a fun little park, and we really like the dark/shooting ride. Good fun.

+0
Tuesday, August 9, 2011 12:04 AM

Even if they tried to re-open the park, who's going to want to do business with them? So many vendors and suppliers got screwed big time with the two previous failures and recovered nothing in the bankruptcy proceedings. The idea that the new owner's name is so similar to the previous owner's name doesn't help matters.

+0
Tuesday, August 9, 2011 2:31 AM

I find it interesting that there is still some people working there and that an engineer still runs the rides!?

I wish they would do that with Screechn' Eagle or Big Dipper to keep them in shape.

Last edited by RollerCoasterGod, Tuesday, August 9, 2011 2:32 AM
+0

You must be logged in to post

POP Forums - ©2018, POP World Media, LLC
Loading...