Cash-strapped Spanish theme park Terra Mitica will auction off 2.3 million square feet of land in sealed bids for construction of a hotel and apartment complexes for tourists.
Opened in 2000, Terra Mitica has yet to enchant shareholders or the public. With debts of over $270 million from $150 million in cost overruns and disappointing revenues, Terra Mitica suspended payments in May 2004.
The park shed ties with its former management company, Viacom subsid Paramount Parks, at the end of last year. General manager John Fitzgerald says the auction should bring in at least $50 million.