A bankruptcy judge in Myrtle Beach, S.C., has approved the $25 million sale of what was briefly the world’s largest rock ’n’ roll theme park.
FPI MB Entertainment beat out a last-minute, $25.5 million competing bid for Hard Rock Park from Coastal Entertainment, which a judge said took too long to make its bid.
Nevertheless, the winning bid is still a far cry from the $400 million used to fund the park, which opened in April 2008 and featured attractions including roller coasters inspired by Led Zeppelin, Moody Blues and Eagles. The park closed in September after the original owner filed for bankruptcy.
In court filings at the time, Hard Rock International said the park had damaged its reputation and sought to void its licensing deal and force the park to return music memorabilia.
With the sale, it’s unclear exactly what direction FPI will take with the park, although the company said in court it is looking to hold on to the Hard Rock branding at the site, the Sun News reported. The previous owners paid $2.5 million for the brand licensing agreement.
Plans are in the works to reopen the park by Memorial Day with new attractions, rides and shows, and FPI has reportedly inked a deal with Baker Leisure Group to manage the Hard Rock site.