Nemechek selling estate by auction

Joe Nemechek has taken home trophies at dozens of NASCAR events over the past three decades, but selling his multi-million dollar Mooresville estate before the real estate market crashed was one race he couldn't win. Nemechek, the 1992 Busch series champion and owner of NEMCO Motorsports, is auctioning the 139-acre equestrian estate, Finncastle, after years of depressed real estate conditions made a traditional sale difficult. The five-week auction period began last week, said Sarena Irwin, project manager for Concierge Auctions. The entire property has been on the market since 2009. It was originally listed at $10.995 million, then reduced to $8.4 million. Nemechek decided to hold an auction because of the certainty of the property selling. "It's definitely time to move on to the next chapter of my life – the next project," he said, adding that this was his largest – and last – real estate project. Nemechek and his wife, Andrea, bought part of the estate, including a 8,900-square-foot home, from retired NASCAR driver Ernie Irvan about six years ago. The live auction will be Aug. 2 at the Mooresville estate, located off N.C. 152. The property will go to the highest bidder. There is a $100,000 fee to participate in the auction, but it is refundable. Charlotte Observer