Presidents Park to Close at Month's End

Monday, September 13, 2010

Ahead of its time? Perhaps, but Presidents Park will cede to economic pressures and close Sept. 30.

The 10-acre park had been up for sale since 2007, with an asking price of $4.5 million, but there were no takers. Founder and President Everette Newman and his investors spent nearly $10 million to commission the carvings by internationally renowned sculptor David Adickes and open the park in 2004.

"I'm really sad," Newman said Monday. "It's frustrating, because we don't receive public funding...and we turned a profit the past few years," just not enough of a profit to cover the mortgage, which meant investors had to continue to contribute money.

The economy hit the park in several ways, not just in lower ticket sales than expected, but also through affecting investors' other business dealings and putting a damper on fundraising for a new bust of current President Barack Obama which Newman thinks could have reinvigorated the park.

"I've been here before, when Water Country lost $1.5 million its first year," Newman said. He was able to sell that park for over $10 million.

The park will host a going-out-of-business sale, according to Newman, and he and his staff are currently working on cataloging the park's property. He's glad to take offers on anything, including individual sculptures, he says.

“We apologize to all who may be inconvenienced by our closing,” Newman said in a statement posted recently on the park's website. “We also apologize to the many children and adults who will miss this opportunity to visit this one-of-a-kind United States Presidential experience.”

He had hoped the park would be acquired by someone who would create a not-for-profit to keep the attraction going, which would make it eligible for tax breaks and potentially, government support. Wal-Mart had a contract to purchase the site at one point for $3.9 million, says Newman, but they backed out of the deal.