There is a major change for the Schlitterbahn water park and resort: it is now in the hands of a new owner.
The property was sold at a courthouse auction this morning to IBC Bank.
"Going once, going twice, struck off to International Bank of Commerce for the sum $20 million dollars," the auctioneer said.
Schlitterbahn reps say the water park will be owned by a company called Diamond Beach Holdings.
"It closes one chapter and opens up another," City Councilman Greg Smith, District 4, said.
So what does that new chapter mean for people who love to splash around at the park?
It means Schlitterbahn is staying open.
Schlitterbahn reps announced in a statement, "The park will continue operating as a licensed Schlitterbahn Riverpark and Resort."
They say it will open for the 2018 season as planned, on Memorial Day weekend, and that tickets, resort reservations, and season passes will be honored.
The statement adds that the park will be open "for many years to come."
"I believe now that will give everybody a chance to move on," Mayor Joe McComb said.
Along with city leaders, this is something many Island developers wanted to see, telling KRIS 6 News the water park is a huge draw to Padre Island that spurs further development.
"When they did it and they did the incentives agreement, we really wanted it to be successful," Alex Harris, General Partner of BriteStar Construction said. "Hopefully the bank will take it, they’ll keep it open and take the dream we all had for that track and what it was going to become and take it to the next level."
There could be some financial liabilities that went along with the deal. Mayor McComb confirmed to us that Schlitterbahn owes the city more than $70,000 dollars in past due utility payments. It is unclear if that will transfer over to the new ownership.