NORTH LAKE, TX-A 175-acre farm has sold for more than $2.7 million to two couples after the City of North Lake in Northeast Tarrant County retreated on a plan to turn the land into a mixed-use town center.

The city had the Denton County farm near the Texas Motor Speedway under contract for some time, Robert D. Aiello of Dallas-based Wells Asset Management Inc. tells He said the city was nearing the closing table when the deal fell out. “It was too much for them,” he said, adding that even the design work was under way when the city retreated on the plan.

The Fort Worth couples got the farm, main house, Churchill Downs oval track and mineral rights leading to one of the largest gas veins in Texas. Aiello says five wells will be drilled to generate about $20,000 per month for the landowners. The more elaborate plan is to return the property to its original use as a thoroughbred horse farm.

Aiello and Mike Wells represented the seller, AIG Parkway Ltd. TNF Realty LP, led Dr. Joe Bailey of Plano, was the buyer. The buyers financed $2.4 million through Worth National Bank in Fort Worth, according to Aiello. The buyers, who also own a Fort Worth office building, were under contract for another farm, saw the “for sale” sign go back up on the Carter-Walsh Thoroughbred Farm and took what turned out to be the closing offer to the brokers.

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