Schlitterbahn Corpus Christi bought at auction by IBC Bank for $20 million

Schlitterbahn sold, waterpark

Schlitterbahn Corpus Christi has a new owner and management company.

At about 10 a.m. May 1, International Bank of Commerce was the purchaser at the water park’s foreclosure sale at the Nueces County Courthouse.

The San Antonio-based company bid $20 million. There were no counter bids, said Jon Lowe, attorney with Martin & Drought, PC, a law firm in San Antonio.

“It’s gone from a bank lender to a real estate-owned situation,” Lowe told the Caller-Times. “The bank owns the property, so it has to do everything the owner would have to do: pay the bills, deal with insurance, etc.”

The park will continue to operate as a licensed Schlitterbahn Riverpark & Resort, according to a news release. There should be no changes for those who have purchased tickets, resort reservations and season passes.

The water park will open Memorial Day Weekend on May 26. The Veranda Restaurant will also be open. Existing reservations and pricing at the resort should not change, according to a news release from Schlitterbahn.

Previously, IBC was the lien holder on the Schlitterbahn property and took over when Upper Padre Partners, LP, the original developers of the project on North Padre Island, failed to make payments of $16 million on a 2015 loan, according to Nueces County court documents.

Lowe filed two deeds in the Nueces County district clerk’s office. One deed is for the foreclosure sale to IBC. A second deed transferred ownership and management of the property to Diamond Beach Holdings, an affiliate company of IBC.

“We are pleased to be able to work with Schlitterbahn to keep the waterpark operating for the benefit of our customers and the community,” said Jennifer Hoff, an officer with Diamond Beach Holdings, in a news release.

Mayor Joe McComb said he was reassured by IBC’s purchase of the water park, calling the company a good bank.

“Hopefully it will begin to clear the air and move forward,” McComb said. “Any time you can get a business that has an owner that has the financial wherewithal to make it happen, it’s always a good thing.”

McComb said he’s looking forward to what the financial institution has in store for the water park and hopes everyone has a good time this summer.

“And hopefully we’ll get our water bill paid once all this gets settled down, too,” he said.

Source: Caller Times

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