Wrather Corp., the Beverly Hills-based operator of the Disneyland Hotel, Queen Mary and the Spruce Goose, said Wednesday that it has signed a letter of intent to acquire Auto World, a Flint, Mich., theme park that has been closed since 1985.
The company will acquire the park, a year-round indoor entertainment complex based on the automobile, from the Downtown Redevelopment Authority of Flint. The purchase price includes an $8-million note and up to $2 million of any profits to be shared with the city authority after Wrather recoups its investment, according to Joseph F. Prevratil, president of Wrather Port Properties Ltd., which overseas the Wrather theme parks.
He said the deal is contingent upon both a formal contract being signed and the arranging of $2.5 million in additional financing by the end of the year. The money is to be used to add new entertainment features at Auto World, which opened in 1984 but closed less than a year later.
To Reopen in June
Prevratil added that it was premature at this point to discuss what new features might be added. He did say, however, that automobile-themed attractions will be just part of the park when it reopens next June, rather than the only theme, as they were originally.