CORPUS CHRISTI – IBC Bank took over ownership of the Schlitterbahn Riverpark & Resort on North Padre Island at a foreclosure auction early May 2018 after a bankruptcy trustee failed to find another buyer.
The bank bid $20 million of the roughly $32 million it is owed by the previous owner of the park, resort and surrounding land.
As the park’s largest secured creditor, the bank made a “credit bid” against the debt on the property instead of putting up cash.
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