Magna Entertainment Corp. has announced the termination of a purchase agreement to sell 489 acres of land near Ocala, Fla., it was announced Nov. 3.

The $16.5 million deal with Lincoln Property Co. and Orion Investment Properties was announced in August, and included property once designated for possible racetrack development near the Interstate 75 and U.S. 27 interchange. In a one-paragraph statement, MEC said the prospective purchasers terminated the deal, and the company would “re-initiate its marketing efforts.”

Proceeds from the deal were scheduled to go towards the pay-down of a bridge loan the company has with parent company MI Developments. MEC-affiliated entities purchased the property for about $8 million collectively in various transactions, according to local deed records.