Scarborough Downs

Robert F. Bukaty / Associated Press

Live harness racing at Scarborough Downs will come to an end one week from Saturday, on Nov. 28. And it will also mark the end of an era. The track first opened in 1950.

John Minchillo / AP Images

Mainers who want to bet on next weekend’s Kentucky Derby are out of luck. 

The sale of the struggling harness racetrack Scarborough Downs, and its 500 acres of land, is now complete. 

That's according to Crossroads Holdings - managed by two sets of local brothers, William, Marc and Rocco Risbara III, of Risbara Bros., and Peter and Richard Michaud, formerly of Michaud Distributors - which closed on the land and existing buildings last week for $6,700,000.

SCARBOROUGH, Maine - The potential new owners of Scarborough Downs in Maine envision a long-term redevelopment of the property that will turn it into a town center, alongside an active racetrack.
 
Scarborough-based Cross Roads Holdings went under contract to buy a large parcel of the struggling harness racetrack, and leasing the track to the current owners. The Portland Press Herald reports the management team envisions transforming the property into a town center with housing and shopping, which could take up to 30 years.