ROCK HILL, S.C. — Editor’s note: The attached video originally aired Sept. 14.
The city of Rock Hill and GT Real Estate, a company created by Carolina Panthers owner David Tepper, tentatively agreed to a $20 million settlement over the team’s failed headquarters and training facility in South Carolina, court documents show.
The settlement, which must be approved by a Delaware bankruptcy judge, requires Rock Hill and GT Real Estate to drop lawsuits against each other related to the project.
A confirmation hearing for the bankruptcy is scheduled for Wednesday. Rock Hill leaders must vote to approve the bankruptcy as part of the settlement, according to the filing. The latest filing does not include York County, which has also filed suit claiming to be owed more than $81 million. In June 2022, York County officials called the facility a “failed vanity project.”
Both parties publicly pointed the finger at each other over the project’s failure, with a Rock Hill lawsuit accusing GT Real Estate of fraud, saying “the circumstances surrounding [GT Real Estate’s] breach as described herein demonstrate that [GT Real Estate had fraudulent intent.”
A GT Real Estate spokesperson declined WCNC Charlotte’s request for comment on the settlement. Katie Quinn, a spokesperson for the city of Rock Hill issued a brief statement regarding the proposed settlement.
“The City of Rock Hill is confident this matter will be appropriately handled in the Court. Accordingly, at this time we will refrain from any discussion or comment pending plan confirmation.”
In September, Tepper’s company withdrew a proposal to sell the property with plans to give the city of Rock Hill at least $20 million and York County $21 million. GT Real Estate said at the time it set aside $60 million for contractors to make claims for their share in the bankruptcy settlement.
The 245-acre site, which sits just off I-77, was officially listed for sale in early October. It includes the nearly 6,000-square-foot building. It’s listed as a mixed-use development. Gov. Henry McMaster said there was interest from “major real estate companies” about the property.
“We have a new interchange being built there. The property is excellent for development. It’s in an absolutely perfect place,” McMaster said. “I think in the end we’re going to be just fine. We hate to have missed this opportunity, for whatever reason.”
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