• 77°

Schlitterbahn sells New Braunfels, Galveston water parks

Madison Iszler via Associated Press

Schlitterbahn Waterparks and Resorts — which has dealt with a gruesome death, indictments and financial troubles — is selling the bulk of its holdings.

Ohio-based Cedar Fair has an agreement with the owners of Schlitterbahn to purchase the company’s New Braunfels park and resort property as well as their Galveston park.

“It’s important to know that Cedar Fair values Schlitterbahn’s character and brand promise,” the Henry family — Schlitterbahn’s owner — said in a statement. “They have committed to not only keeping Schlitterbahn awesome but helping us grow!”

RELATED: Schlitterbahn is celebrating 40 years this summer with freebies and other special deals

The sale agreement comes as a Schlitterbahn entity was required to pay off a $186.4 million note by June 1 to Kansas City Real Estate Investment Trust. The maturity date on the loan had been extended a month.

The Henry family decided to sell the properties last year and has been working to identify a buyer to take over, according to the statement.

The company will continue to operate its South Padre waterpark and resort, which will be rebranded eventually. Corpus Christi is a Diamond Beach property.

Ticket and season pass prices as well as reservations will not change, the company said. Events will continue as scheduled.

madison.iszler@express-news.net