Schlitterbahn development auctioned for $9M - KRISTV.com | Continuous News Coverage | Corpus Christi

Schlitterbahn development auctioned for $9M

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A pair of parcels closely tied to the ailing Schlitterbahn Waterpark & Resort development on North Padre Island fetched a combined $9 million during an auction Tuesday afternoon at the Nueces County Courthouse.

Austin-based Axys Capital Credit, the company that provided the initial financing for the land, ended up with it. No other bids were received.

Both parcels have been in foreclosure since May and, until today, belonged to the now-bankrupt Upper Padres Partners, LP. 

That partnership is made up of the brothers Jeff and Greg Henry - who own the Schlitterbahn concept - and Padre Island developer Paul Schexnailder.

The land is divided into two parts: The first, a 40-acre parcel fronting Park Road 22 between Commodore Drive and Whitecap Drive. The second, a 230-acre parcel on the west side of the waterpark.

The 40-acre parcel sold for $3 million, today. The 230-acre parcel, for $6 million.

It may not be the last foreclosure auction involving the Schlitterbahn project. The International Bank of Commerce asked a bankruptcy judge for permission to foreclose on the waterpark and resort, last month. Other news outlets are reporting that a judge approved that plan, yesterday. We have not yet independently confirmed those details.

In a statement today, a Schlitterbahn spokesperson said:

We anticipate full resolution of ownership issues of the Schlitterbahn resort, waterpark and country club in Corpus Christi; we are confident in the trustee and in the value of the park and resort.  Schlitterbahn, as the operating group, plan on delivering outstanding events, honoring reservations, and operating a full waterpark season in Corpus Christi. 

We are blessed with a talented team, a great community, and devoted fans in Corpus Christi. We appreciate everyone's dedication and will do our utmost to be deserving of your continued confidence.

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