The Cleveland Speedway sold at an auction after years of looking for a new buyer.
The property went for $800-thousand, and the equipment $1,700 Thursday night.
They were both sold to retired investor Al Chapman from Chickamauga.
Cleveland Speedway belonged to the Johnson family, but they've been trying to sell it for the past three years after filing for bankruptcy.
Heir to the speedway, David Johnson said the process had many bumps in the road.
"It's been really frustrating. We've had offers that were turned down, a lot of court time. A lot of trips to the courts downtown and in and out of attorney meetings. So, it's been difficult and then of course it was open for a little bit and closed," said Johnson.
Chapman said he's not sure yet which direction he'll take, but that keeping it open and operating is an option.