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REPORT AS TO SHEEPSHEAD BAY TRACK. New York, December 14. That tho historic Sheepshead Bay race track is to pass from tho control of the Coney Island Jockey Club was the statement made today by V. E. Schaumburg. secretary of the organization. Earlier in the day Mr. Schaumburg appeared before the tax commissioners in Brooklyn and asked that the assessment placed upon the property by them be reduced. The hearing brought out the fact that at a meeting of the Coney Island Jockey Club on Monday a syndicate of capitalists, headed by E. C. M. Fitzgerald and David Michel, two Brooklyn real estate brokers, were given an option on the property. The price is said to be 3.000,000. The. general opinion is that the tract will be converted into an athletic lield. especially adapted for autoniobiling, aviation and motor boating. The latter would be made possible by allowing Gerret-sons creek to How through the property. It Is further said that the prospective owners inteud to construct a two-mile course for automobiles so that all races or the- metropolitan circuit could Imj conducted there. In addition there arc to be salesrooms and an exhibition hall. It is possible that the property will be cut into building lots. The track contains about 430 acres in the heart of Sheepshead Ray. a condition that will make it valuable as a residential section. Mr. Michel refused to discuss the matter at all. Mr. Fitzgerald said: "It is true that Mr. Michel nnd I have an option on the track. At present everything connected with the matter is strictly confidential."
