Kent Buescher, who arrived three years ago hoping to save Cypress Gardens, said Thursday that the venerable attraction is on the auction block.
Cypress Gardens and its sister amusement park, Wild Adventures Theme Park in Valdosta, Ga., will be sold as part of their parent company's pending Chapter 11 bankruptcy case.
The parks will be offered to bidders together or separately at a Sept. 25 auction conducted by the U.S. District Court in Valdosta, said Ward Stone, a bankruptcy lawyer for Valdosta-based Adventure Parks Group LLC.
Bids for Cypress Gardens will start at $17.4 million and at $38.85 million for the Georgia park. The court will choose the best offers Sept. 27.
Until recently, Buescher hoped he could avoid selling the parks, but Falcon Mezzanine Partners, one of the largest creditors for Adventures Parks Group LLC, remained opposed to Buescher's attempt at recovery.
"Most were for it," Buescher said of his creditors. "But you've got to get them all."
Buescher said both parks will remain open, that no employees will lose their jobs and annual passes will be honored.
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