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Staff photo by Jim CruzKen SheltonNews fife photoWilliam CherryDevelopersCont[nti0dfrom1~Aforeclosure on Nov. 10,1986, and a day later Marine Investors, a group of financial backers, also filed for foreclosure.The park was reopened in the first week of December 1986, after the former owners, Jack Dismukes and Henry Ramsey, trustees representing Sea-Arama Marineworld Liquidating Trust, bought it back for an undisclosed amount.The park was sold to Shelton and Cherry in 1985 for an estimated $5.5 million.According to Dismukes the pair had defaulted on the first annual pay ment of $635,000.The pair owned land adjacent to the park and in 1986 announced plans to develop a hotel and entertainment complex in conjunction with Sea-Arama.Last Dec. 23 it was rumored Shelton and Cherry were planning to apply to build a greyhound racing track in the area, but Cherry said he was not a part of efforts by his brother, F.W. “Bing” Cherry, to develop the track.On Jan. l, Shelton asked City Council for support and help with a plan to locate a track near Sea-Arama.He said he had interest in a small portion of property in the area and a group of investors had options to purchase 36 additional acres.Under Shelton’s plan this acreage would be supplemented with approximately 100 acres of Scholes Field land to be leased from the city north of Stewart Road.
Newspaper Details
Galveston Daily News
Galveston, Texas, US
Wed, Apr 20, 1988
Page 18
Full Page
Clipped by
Rosenberg L.
TX, USA 08 Sep 2023
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