Spencer, N.C.-- Two hundred acres of North Carolina land purchased to be a race track will be sold at auction because the owners couldn't pay the mortgage.

The Salisbury Post reported the auction of the land on both sides of U.S. 29 and along the banks of the Yadkin River in Spencer were being sold Thursday at the Rowan County Courthouse. High Rock Properties didn't make the more than $1.5 million in payments owed on the property, leading to the auction.

The town annexed the former textile mill property in 2006 and hoped for a boom from the development of a track with a club and condos.

With the failure of the plan, officials must deal with a pile of rubble from the demolition of the textile mill.

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