Surfers Paradise Raceway has been sold and its future as a motor racing venue looks in extreme doubt, according to previous owner, Westmark Corporation Ltd., spokesman Brian Burman. The sale was made to a foreign purchaser for a rumoured $8.5 million, and the site is likely to be converted for use by the hospitality industry.

News of the sale was broached on major television news programs around Australia on Wednesday, July 9 and featured as front page articles on both Brisbane morning dailies the following day.

The identity of the new owner is unknown, but it is believed to be a Japanese concern. It has been confirmed that the Daikyo Group, which already has interests in the area and was rumoured to be the purchaser, was not the new owner. The sale is subject to Foreign Investment Review Board approval.

Surfers Paradise Raceway was sold to the Perth-based Westmark Corporation Ltd., only ten months ago for a believed $2.9 million. Recent articles in the financial papers have indicated that Westmark has been revaluing the property by the issue of bonus share issues which had raised the paper value of the property to at least $7 million. It is believed that there were several parties interested in purchasing the property at that stage. Property values in the Nerang area had been soaring recently.

In the short term it appears that the existing site will continue for at least the next 18 months to two years, which will guarantee the running of the 1987 Nationals, which has been scheduled for the Gold Coast track for November.

Surfers Paradise manager David Harding told DRAGSTER: "I am not a part of the negotiations to continue the use of the track but it would make no sense for the place to cease operations immediately. Any speculation that the Nationals won't be staged at Surfers Paradise in November would be incorrect."

Surfers Paradise Raceway first opened to competition, with a drag race meeting, in April 1965, and it remains as the longest running strip in Australia. The track has gone through a number of owners' hands in recent years, a situation of instability which spurred South Queensland racers to commence work on the construction of the Willowbank strip as an insurance against the Gold Coast strip's possible demise.