The Charles Town race track was sold yesterday to a group of 15 West Virginia and Maryland businessmen, track officials announced. No financial details were disclosed, but sources said the sales price was approximately $12 million.
Charles C. Marcus, 59, of Charles Town, owner of the Turf Motel, organized the coalition of investors that acquired the track, a spokesman for the track said. Other investors include Benjamin R. Lewis, Germantown plumbing contractor; Larry L. Moxley, Damascus banker; and Henry H. Woodfield, Rockville businessman.
The 15 investors will operate the track under a limited partnership called Charles Town Racing Ltd. with all 15 investors serving on the track's board of directors. Also sitting on the board as consulting director will be Robert G. Leavitt, retired general manager of Charles Town and Shenandoah Downs.
The track was sold by Rapid American Corp., which operated the facility through a subsidiary, Shenandoah Corp., which it acquired in 1977. The investors had been negotiating with Rapid American the last two years.
Included in the sale was approximately 365 acres of land, the grandstand, clubhouse and track, the Shenandoah Downs facility and its grandstand, clubhouse and track, barns at both locations with stables for 2,000 horses and a sewage treatment plant built in 1978 to serve both tracks.