Famed Arizona racing school faces $245K back rent deadline
Feb 27, 2019, 12:13 PM | Updated: Mar 1, 2019, 12:05 pm
(Screenshot)
(Screenshot)
PHOENIX – Owners of the Phoenix-area Bob Bondurant racing school have until Thursday to come up with almost a quarter-million dollars or face losing the famed facility.
Court papers filed two weeks ago showed that the Bondurant School of High Performance Driving in Chandler owed landlord Sun Valley Marina Development $245,402 in back rent. Sun Valley’s parent company is the Gila River Indian Community.
ClassicCars Journal online reported potential buyers had until Feb. 28 to formally make purchase inquiries.
The school sought a loan that Sun Valley found objectionable because it didn’t cover the entirety of the money owed. But, “Provided that this deficiency is remedied, Sun Valley would support approval of the Financing Motion,” the company said in the paperwork.
Rent was due to jump to $61,350 a month in March, up $122.
Bondurant's landlord sa… by on Scribd
The school filed for bankruptcy protection in October and had closed briefly a month later after employees walked out, claiming a hostile environment and mismanagement, the auto news website wrote in December.
Bob and Pat Bondurant denied the claims.
A judge said if the payment wasn’t made, the “lease shall be deemed rejected, and the debtor shall surrender the premises,” the East Valley Tribune said.
Judge Brenda Martin also determined that Fiat Chrysler could repossess a fleet of cars at the track.
