Land records filed Monday in connection with the sale of Iowa Speedway to NASCAR indicate the race car sanctioning body paid $10 million for the property.
The warrant deed filed in connection with the sale indicates a revenue tax amount of $15,999.20, an amount that rounds to $10 million using an Iowa real estate transfer tax calculator.
In 2011, the Clement family assumed majority ownership of the Newton race track from the Manatt family in a transaction valued at just more than $19 million. Track designer and racing champion Rusty Wallace retained his 8.43 percent stake in the track at that time, but has now sold his interest.
In addition to the warranty deed filing, documents pertaining to lease arrangements on approximately 20 acres of property owned by Stan Clement and his Metro East Corporate Park limited liability company, along with the Clement family's Raceway Acres site, were extended to NASCAR.
The lease allows NASCAR to use the property for event parking and incidental uses for a period running from Jan. 1, 2014 to Dec. 31, 2023. NASCAR has also been given first right of refusal to purchase the property.
A similar memorandum of lease and right of first refusal agreement on a 14.84 tract of land owned by the Newton Development Corporation was also entered into as part of the transaction.
You can download all the documents below.