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Racetrack land is up for auction again

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More than 900 acres of land in Norfolk and Brasher once proposed for a racetrack and entertainment complex will go on the auction block for a second time at 11 a.m. Aug. 1 at Holiday Inn Hotel, Plainview.

The land was foreclosed earlier this year on a complaint filed by Kenneth P. Silverman, the bankruptcy trustee of Agape World, which financed the $2.1 million mortgage for Northway Island Associates. The land is an asset of Agape World, whose owner, Nicholas Cosmos, pleaded guilty to mail and wire fraud charges in 2010 and was sentenced to 25 years in prison for stealing more than $125 million from thousands of investors over the course of a five-year Ponzi scheme.

A representative of the bankruptcy trustee bid in the property at an auction in Canton on April 30.

The property’s 15 individual lots range in size from one to more than 150 acres.

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