The Schilitterbahn Riverpark and Resort on Padre Island could be sold at auction next week.
KRIS 6 News has confirmed that after months of financial troubles for the owners, the waterpark and hotel properties are now in foreclosure.
The local resort will continue to operate with plans to open the waterpark for the season on April 28th, said Winter Prosapio, spokeswoman for Schlitterbahn.
"At this point and time Schlitterbahn continues to work with the (court-appointed) trustee and the lender, and looks forward to operate the waterpark, resort, and golf course in Corpus Christi," according to a written statement sent by Prosapio. "We at Schlitterbahn continue to have confidence in the park and operating team in Corpus Christi - we have top people in place and we continue to plan for a successful 2018 season in Corpus Christi."
The foreclosure is linked to a bankruptcy case filed last summer.
The case involves the local Schlitterbahn waterpark, which is owned by a group known as Upper Padre Partners.
The partners include the Henry family, which owns Schlitterbahn waterparks and developer Paul Schexnailder.
According to court records, the partners borrowed more than $30 million from International Bank of Commerce to build the waterpark and hotel, but then missed several payments on that loan.
Now the bank has foreclosed on that land, and a public auction is set for February 6.
KRIS 6 News will be providing more information throughout the day as this story develops.
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