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By Zinie Chen Sampson The Associated Press May 22, 2012 DOSWELL The owner of a Tennessee-based amusement company placed the winningbid today for the State Fair of Virginia, buying both the150-year-old fair and the event site, which includes where TripleCrown winner Secretariat was born. Mark Lovell, owner of Cordova, Tenn.-based Universal Fairs,successfully bid $5.35 million at an auction for the State Fair ofVirginia's intellectual property as well as its real estate. He'salso paying an additional $320,000 for the auction house's fees,bringing the total cost to $5.67 million. Lovell said at a news conference that he has already contracted formidway rides and vendors and that he plans to stage the fair Sept.28 through Oct. 7. He said he's "excited about the opportunity that's been givento us" but added he would have been glad to pay less for theproperty. State Fair of Virginia Inc. acquired the Meadow Farm property in2003 for $5.3 million and moved the annual fair from Richmond,where it had been held since 1854. The nonprofit defaulted on about$80 million in financing from a group of creditors and was forcedto liquidate, casting uncertainty on this year's event. Today's live auction featured Meadow Event Park's real estate,including a 12,900-square-foot manor house, a 76,000-square-footexhibition hall, a 9,700-square-foot pavilion and an extensiveequestrian facility. The package also includes the State Fair ofVirginia trademark, website and social media accounts. Secretariat's preserved foaling shed and yearling barn also is onthe property. Secretariat won the Triple Crown in 1973 and died in 1989. After the site underwent nearly $100 million in constructionprojects, the fair debuted in Caroline County in September 2009.Attendance hit a record 250,000 last year, but the group was unableto make money after the fair left Richmond. The organization took on massive debt for the project, even as theeconomy worsened and the stock-market slump shrank its investmentportfolio. It also failed to curb spending, with State Fairpresident Curry A. Roberts and a handful of officers continuing todraw outsized salaries, according to documents in the bankruptcycase as well as SFVA's own filings with the Internal RevenueService. The group filed for bankruptcy protection in December and proposedto buy out the bondholders to settle the debt. The creditorsdeclined, saying the offered amount wasn't near what they wereowed. SFVA subsequently liquidated its assets. Several groups had expressed interest in buying the property andstaging this year's fair in September, as regularly scheduled.Lovell was one of nearly a dozen bidders at the auction, whichwrapped up in about half an hour. SFVA Inc. sued Universal Fairs for trademark infringement andunfair competition in 2009, alleging that its affiliates wereimproperly using "State" in the name of a planned rivalevent that year at the Richmond International Raceway complex— the longtime home of the fair before it moved to CarolineCounty. Universal Fairs agreed to stop using "State" andthe sides settled the lawsuit. The event wasn't held at theraceway. I am an expert from wellmedlab.com, while we provides the quality product, such as Medical Respirators , Urinary Bag Manufacturer, Medical Respirators,and more.
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