McMinnville , OR — A buyer has emerged for property at the Evergreen Aviation & Space Museum in McMinnville that had been threatened by foreclosure and bankruptcy proceedings.
Utah businessman Steve Down is leading a group of investors who have agreed to purchase the space museum, the neighboring Wings & Waves Waterpark, a site where a hotel was once planned and other campus property, said the museum’s interim executive director, Ann Witsil. The sale potentially stabilizes the museum’s future after years of uncertainty following the collapse of its for-profit sister company, Evergreen International Aviation.
The deal is for $10.9 million, bankruptcy filings show, plus any additional accrued interest on debt owed by the nonprofit Michael King Smith Foundation, which owned the property. The foundation will be able to use the proceeds to pay off its creditors, including Portland-based Hoffman Construction Co. Hoffman was the primary creditor, Witsil said, and was owed more than $2.2 million for work it performed at the campus.
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