Schlitterbahn Riverpark and Resort Corpus Christi has been sold to IBC Bank for $20 million.
Based on outstanding loans IBC had granted Schlitterbahn, it was up for auction for $30 million.
A representative for IBC made the bid, and says the bank will be coming out with a statement at a later date.
Another bank that granted loans to Schlitterbahn, Axys Capital, was at the auction to observe.
A legal representative for the city and several Padre Island land owners were also present.
This is a developing story and more information will be reported as it becomes available.
