Fort Worth Stadium Faces Foreclosure

: Chris Lee Law Firm

  Filed under: Foreclosures

LaGrave FieldLaGrave Field is a piece of Fort Worth history. Opened in 1926, the field  has been home to the Fort Worth Cats baseball team since it was rebuilt in 2001. Now, the team may lose their stadium to foreclosure after several failed attempts to resolve financial troubles.

A Strike Out

LaGrave Field’s current owner, Carl Bell, has been in a tight financial position for several years. After defaulting on a $30 million loan in February of 2010, the field was put in jeopardy of liquidation. Having used LaGrave Field as collateral on the loan, the bank has been pursuing foreclosure rights on the property to resolve the debt.  Bell also owes close to $200,000 in property taxes on the historic field.

Bell filed for Chapter 11 bankruptcy in January of this year, but has been unable to satisfy debts to creditors. Having tried all avenues for debt resolution, it appears as though Bell may be giving up hope for the field. After a long court-mediated battle, Bell is no longer trying to fight off foreclosure. However, there is still hope that a potential buyer at auction will preserve the field and allow it to be used by the Cats baseball team. There is also a possibility that league executives may attempt to buy the 13-acre field, which is estimated to be worth around $5 million.

 


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