Guest JMT Posted August 11 Report Share Posted August 11 looks like theres still some life left in it after all.--------------------------------------------------------------Palm Beach entrepreneur buys Miami Arena, frees up money for Marlins stadiumSun-Sentinel.com Posted August 10 2004, 3:32 PM EDT MIAMI -- A Palm Beach County entrepreneur was the high bidder in a two-party competition Tuesday to buy the old Miami Arena, agreeing to pay slightly more than $28 million for the 16-year-old pink venue that he plans to continue operating as an arena.Palm Beach Polo owner Glenn Straub beat out parking magnate Hank Sopher in the 21-minute auction held on the arena's floor, agreeing to pay $28,010,000 for the 14,500-seat arena, which was built for the Miami Heat and also housed the Florida Panthers, until both moved into their own larger arenas with revenue-generating suites and club seats.The sale, which still must be approved by the Miami Sports and Exhibition Authority board, puts the 4.7 acre property back on Miami-Dade County tax rolls and frees up millions of hotel bed tax dollars that now pay off the building's debt and its maintenance will be put toward a proposed ballpark for the Marlins -- planned to be built next to the Orange Bowl. Other proceeds from the sale might also be put toward renovating the Orange Bowl football stadium.Straub said he envisions as many as 105 events a year could be held in the building, from horse shows to minor league sports to conventions that need more space than a hotel can provide. He said the arena would not compete with AmericanAirlines Arena."Tearing it down serves nobody's purpose," Straub said. "We're going to try the facility for what it's original intentions were. We feel there's a niche between large arena conventions and boat shows and things of that nature, which we wouldn't be trying to tackle that size of events, but we'd be doing things above weddings and bar mitzvahs, and things of that nature, it's too large of facility to handle that small event."The arena was built 16 years ago for $52 million. If the sale is approved, the purchase price and reserves will be used to pay off the remaining $32.8 million in construction debt. Quote Link to comment Share on other sites More sharing options...
Guest durrtylexx Posted August 11 Report Share Posted August 11 must be nice.. Quote Link to comment Share on other sites More sharing options...
BobbyTrendy Posted August 11 Report Share Posted August 11 I would buy it, tear it down and build a high rise of condo's....of course, if I HAD $28 million, I would probably be in Tahiti or Australia so I wouldn't give a shit anyways.. lol Quote Link to comment Share on other sites More sharing options...
Guest guyman1966 Posted August 11 Report Share Posted August 11 That place is a shit pit. He's going to get his ass handed to him?How do you make money on 2nd rate dog/horse/boat shows - let along minor league hockey that cost $5 a seat? Quote Link to comment Share on other sites More sharing options...
Guest miamimonk Posted August 11 Report Share Posted August 11 This guy probably knows what he is doing, you can't be that stupid if you can afford a $28 million arena. Quote Link to comment Share on other sites More sharing options...
ryan2772 Posted August 12 Report Share Posted August 12 minor league hockey that cost $5 a seat?hahaha you're so right. i went to one of these games, there's more concession workers than fans.i played hockey in high school, my crowning acheivement was playing during an intermission of a panthers game there ;D Quote Link to comment Share on other sites More sharing options...
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