The world-famous Nurburgring track in Germany has been sold to the highest bidder.  The 379-hectare property was initially valued at 100 million euros but Nurburgring GmbH, the former owner, gave it up to the top bid of 77 million euros.

New owner Capricorn group, an auto parts manufacturer, has promised to invest 25 million euros for upgrades to the Nurburgring as soon as it takes over starting January 1, 2015.

Capricorn says it will remain open to the public and to automakers for vehicle high-speed testing while they work on packages to attract more business to Nurburgring.